TIMELY PRICING AND ORDERS. The Adviser or its designated agent will provide closing net asset value, dividend and capital gain information for each Portfolio to Insurer at the close of trading on each day (a "Business Day") on which (a) the New York Stock Exchange is open for regular trading, (b) the Fund calculates the Portfolio's net asset value and (c) Insurer is open for business. The Fund or its designated agent will use its best efforts to provide this information by 6:00 p.m., Eastern time. Insurer will use these data to calculate unit values, which in turn will be used to process transactions that receive that same Business Day's Separate Account Division's unit values. Such Separate Account processing will be done the same evening, and corresponding orders with respect to Fund shares will be placed the morning of the following Business Day. Insurer will use its best efforts to place such orders with the Fund by 10:00 a.m., Eastern time. In the event that Fund is unable to meet the 6:00 p.m. time stated herein it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which Fund takes to make the net asset value available to the Insurer. If Fund provides the Insurer with materially incorrect share net asset value information through no fault of the Insurer, the Insurer on behalf of the Separate Accounts, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. Any material error in the calculation of net asset value per share, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the error.
Appears in 2 contracts
Samples: Participation Agreement (Cova Variable Annuity Account Five), Participation Agreement (Cova Variable Annuity Account One)
TIMELY PRICING AND ORDERS. The Adviser (a) AVIF or its designated agent will use its best efforts to provide closing Prudential with the net asset value, dividend and capital gain information value per Share for each Portfolio to Insurer at the close of trading Fund by 5:30 p.m. Central Time on each day (a Business Day. As used herein, "Business Day") " shall mean any day on which (ai) the New York Stock Exchange is open for regular trading, and (ii) AVIF calculates the Fund's net asset value.
(b) the Fund calculates the Portfolio's net asset value and (c) Insurer is open for business. The Fund or its designated agent Prudential will use its best efforts the data provided by AVIF each Business Day pursuant to provide this information by 6:00 p.m., Eastern time. Insurer will use these data paragraph (a) immediately above to calculate Account unit values, which in turn will be used values and to process transactions that receive that same Business Day's Separate Account Division's unit values. Such Separate Prudential will perform such Account processing will be done the same eveningBusiness Day, and will place corresponding orders to purchase or redeem Shares with respect to Fund shares will be placed the morning of AVIF by 9:00 a.m. Central Time the following Business Day. Insurer will use its best efforts ; provided, however, that AVIF shall provide additional time to place such orders with the Fund by 10:00 a.m., Eastern time. In Prudential in the event that Fund AVIF is unable to meet the 6:00 5:30 p.m. time stated herein it shall provide additional time for the Insurer to place orders for the purchase and redemption of sharesin paragraph (a) immediately above. Such additional time shall be equal to the additional time which Fund that AVIF takes to make the net asset value values available to Prudential.
(c) Each order to purchase or redeem Shares will separately describe the Insureramount of Shares of each Fund to be purchased, redeemed or exchanged and will not be netted; provided, however, with respect to payment of the purchase price by Prudential and of redemption proceeds by AVIF, Prudential and AVIF shall net purchase and redemption orders with respect to each Fund and shall transmit one (1) net payment per Fund in accordance with Section 2.2, below. Each order to purchase or redeem Shares shall also specify whether the order results from purchase payments, surrenders, partial withdrawals, routine withdrawals of charges, or requests for other transactions under Policies (collectively, "Policy transactions").
(d) If Fund AVIF provides the Insurer with materially incorrect share Share net asset value information through no fault of the Insurerinformation, the Insurer on behalf of the Separate Accounts, Prudential shall be entitled to an adjustment to the number of shares Shares purchased or redeemed to reflect the correct share net asset valuevalue per Share. Any material error in the calculation or reporting of net asset value per shareShare, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the errorPrudential.
Appears in 1 contract
Samples: Participation Agreement (Pruco Life of New Jersey Variable Appreciable Account)
TIMELY PRICING AND ORDERS. The Fund shall make Class B shares of the Portfolios available to the Insurer at the net asset value next computed after receipt of such purchase order by the Fund (or its agent), as established in accordance with the provisions of the then current prospectus of the Fund. Shares of a particular Portfolio of the Fund shall be ordered in such quantities and at such times as determined by the Insurer to be necessary to meet the requirements of the Contracts. The Fund will redeem any full or fractional shares of any Portfolio when requested by the Insurer at the net asset value next computed after receipt by the Fund (or its agent) of the request for redemption in good order in accordance with the provisions of the then current prospectus of the Fund. The Adviser or its designated agent will provide closing net asset value, dividend and capital gain information for each Portfolio to Insurer at the close of trading on each day (a "“Business Day"”) on which (a) the New York Stock Exchange is open for regular trading, (b) the Fund calculates the Portfolio's ’s net asset value and (c) Insurer is open for business. The Fund or its designated agent will use its best efforts to provide this information by 6:00 p.m., Eastern time, and in any event as soon as is reasonably practicable. In the event the Fund or its designated agent is unable to make the 6:00 p.m. Eastern time deadline, it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time that the Fund takes to make the closing net asset value, dividend and capital gain information available to the Insurer. Insurer will use these data to calculate unit values, which in turn will be used to process transactions that receive that same Business Day's ’s Separate Account Division's ’s unit values. Such Separate Account processing will be done the same evening, and corresponding orders with respect to Fund shares will be placed the morning of the following Business Day. Insurer will use its best efforts to place such orders with the Fund by 10:00 11:00 a.m., Eastern time. In the event that Fund is unable to meet the 6:00 p.m. time stated herein it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which Fund takes to make the net asset value available to the Insurer. If Fund provides the Insurer with materially incorrect share net asset value information through no fault of the Insurer, the Insurer on behalf of the Separate Accounts, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. Any material error in the calculation of net asset value per share, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the error.
Appears in 1 contract
Samples: Participation Agreement (Annuity Investors Variable Account C)
TIMELY PRICING AND ORDERS. The Adviser (a) AVIF or its designated agent will use its best efforts to provide closing Prudential with the net asset value, dividend and capital gain information value per Share for each Portfolio to Insurer at the close of trading Fund by 5:30 p.m. Central Time on each day (a Business Day. As used herein, "Business Day") " shall mean any day on which (ai) the New York Stock Exchange is open for regular trading, and (ii) AVIF calculates the Fund's net asset value.
(b) the Fund calculates the Portfolio's net asset value and (c) Insurer is open for business. The Fund or its designated agent Prudential will use its best efforts the data provided by AVIF each Business Day pursuant to provide this information by 6:00 p.m., Eastern time. Insurer will use these data paragraph (a) immediately above to calculate Account unit values, which in turn will be used values and to process transactions that receive that same Business Day's Separate Account Division's unit values. Such Separate Prudential will perform such Account processing will be done the same eveningBusiness Day, and will place corresponding orders to purchase or redeem Shares with respect to Fund shares will be placed the morning of AVIF by 9:00 a.m. Central Time the following Business Day. Insurer will use its best efforts ; provided , however, that AVIF shall provide additional time to place such orders with the Fund by 10:00 a.m., Eastern time. In Prudential in the event that Fund AVIF is unable to meet the 6:00 5:30 p.m. time stated herein it shall provide additional time for the Insurer to place orders for the purchase and redemption of sharesin paragraph (a) immediately above. Such additional time shall be equal to the additional time which Fund that AVIF takes to make the net asset value values available to Prudential.
(c) Each order to purchase or redeem Shares will separately describe the Insureramount of Shares of each Fund to be purchased, redeemed or exchanged and will not be netted; provided , however, with respect to payment of the purchase price by Prudential and of redemption proceeds by AVIF, Prudential and AVIF shall net purchase and redemption orders with respect to each Fund and shall transmit one (I) net payment per Fund in accordance with Section 2.2, below. Each order to purchase or redeem Shares shall also specify whether the order results from purchase payments, surrenders, partial withdrawals, routine withdrawals of charges, or requests for other transactions under Policies (collectively, "Policy transactions").
(d) If Fund AVIF provides the Insurer with materially incorrect share Share net asset value information through no fault of the Insurerinformation, the Insurer on behalf of the Separate Accounts, Prudential shall be entitled to an adjustment to the number of shares Shares purchased or redeemed to reflect the correct share net asset valuevalue per Share. Any material error in the calculation or reporting of net asset value per shareShare, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the errorPrudential.
Appears in 1 contract
Samples: Participation Agreement (Pruco Life Variable Universal Account)
TIMELY PRICING AND ORDERS. (a) The Adviser or its designated agent will provide closing net asset value, dividend and capital gain information for each Portfolio to Insurer at the close of trading on each day (a "Business Day") on which (a) the New York Stock Exchange is open for regular trading, (b) the Fund calculates the Portfolio's net asset value and (c) Insurer is open for business. The Fund or its designated agent will use its best efforts to provide this information by 6:00 p.m., Eastern time. Insurer will use these this data to calculate unit values, which in turn will be used to process transactions that receive that same Business Day's Separate Account Division's unit values. Such Separate Account processing will be done the same evening, and corresponding orders with respect to Fund shares will be placed the morning of the following Business Day. Insurer will use its best efforts to place such orders with the Fund by 10:00 a.m., Eastern time. In .
(b) If the event that Fund is unable to meet the 6:00 p.m. time stated herein it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which Fund takes to make the net asset value available to the Insurer. If Fund Distributor or its designated agent provides the Insurer with materially incorrect share net asset value information through no fault of the Insurer, the Insurer on behalf of the Separate Accounts, Accounts shall be entitled to an adjustment with respect to the number of Fund shares purchased or redeemed to reflect the correct share net asset value. value per share.
(c) Any material error in the calculation or reporting of net asset value per share, dividend or capital gain information shall be reported promptly to Insurer upon discovery discovery.
(d) The Distributor shall indemnify and hold harmless Insurer against any amount Insurer is legally required to pay annuity or life insurance contract owners that have selected a Portfolio as an investment option ("Contract owners"), and which amount is due to the Insurer. If a Separate Account due to such error has received amounts in excess Distributor's or its agents' material miscalculation and/or incorrect reporting of the amounts of which it is entitleddaily net asset value, dividend rate or capital gains distribution rate.
(e) Should a material miscalculation by the Distributor or its agents result in a gain to Insurer, when requested by Fund, shall make adjustments subject to the Separate Account to reflect immediately following sentence, Insurer shall immediately reimburse the change in Distributor for any material losses incurred by the values Distributor as a result of the shares incorrect calculation. Should a material miscalculation by the Distributor or its agents result in a gain for Contract owners, Insurer will consult with the Distributor or its designee as reflected in to what reasonable efforts shall be made to recover the unit values money and repay the Distributor. Insurer shall then make such reasonable effort, at the expense of the affected Distributor, to recover the money and repay the Distributor; provided, however, Insurer shall not be obligated to initiate or otherwise pursue any legal action against Contract owners who still have values for any such reimbursements.
(f) The Distributor shall reimburse Insurer for any and all costs and expenses that result from the Distributor providing a materially incorrect share net asset value per share, dividend or capital gain, including any administrative costs incurred by Insurer in resolving the Portfolioerror. No adjustment Insurer shall submit an invoice to the Distributor or its agents for an error such losses incurred as a result of the above which shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution payable within sixty (60) days of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the errorreceipt.
Appears in 1 contract
Samples: Participation Agreement (Forethought Life Insurance Co Separate Account A)
TIMELY PRICING AND ORDERS. The Adviser or its designated agent will provide closing net asset value, dividend and capital gain information for each Portfolio to Insurer at the close of trading on each day (a "“Business Day"”) on which (a) the New York Stock Exchange is open for regular trading, (b) the Fund calculates the Portfolio's ’s net asset value and (c) Insurer is open for business. The Fund or its designated agent will use its best efforts to provide this information by 6:00 p.m., Eastern time. Insurer will use these data to calculate unit values, which in turn will be used to process transactions that receive that same Business Day's ’s Separate Account Division's ’s unit values. Such Separate Account processing will be done the same evening, and corresponding orders with respect to Fund shares will be placed the morning of the following Business Day. Insurer will use its best efforts to place such orders with the Fund by 10:00 a.m., Eastern time. In the event that Fund is unable to meet the 6:00 p.m. time stated herein herein, it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which Fund takes to make the net asset value available to the Insurer. If Fund provides the Insurer with materially incorrect share net asset value information through no fault of the Insurer, the Insurer on behalf of the Separate Accounts, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. Any material error in the calculation of net asset value per share, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the error.
Appears in 1 contract
Samples: Participation Agreement (Metlife Investors Variable Annuity Account Five)
TIMELY PRICING AND ORDERS. The Adviser or its designated agent will provide closing net asset value, dividend and capital gain information for each Portfolio to Insurer at the close of trading on each day (a "Business Day") on which (a) the New York Stock Exchange is open for regular trading, (b) the Fund calculates the Portfolio's net asset value and (c) Insurer is open for business. , The Fund or its designated agent will use its best efforts to provide this information by 6:00 p.m., Eastern time. Insurer will use these data to calculate unit values, which in turn will be used to process transactions that receive that same Business Day's Separate Account Division's unit values. Such Separate Account processing will be done the same evening, and corresponding orders with respect to Fund shares will be placed the morning of the following Business Day. Insurer will use its best efforts to place such orders with the Fund by 10:00 a.m., Eastern time. , In the event that the Fund is unable to meet the 6:00 p.m. P.M. time stated herein herein, it shall provide additional time for the Insurer to place orders for the purchase and redemption of shares. Such additional time shall be equal to the additional time which the Fund takes to make the net asset value available to the Insurer. If the Fund provides the Insurer with materially incorrect share net asset value information through no fault of the Insurer, the Insurer on behalf of the Separate Accounts, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. , Any material error in the calculation of the net asset value per share, dividend or capital gain information shall be reported promptly upon discovery to the Insurer. If a Separate Account due to such error has received amounts in excess of the amounts of which it is entitled, the Insurer, when requested by Fund, shall make adjustments to the Separate Account to reflect the change in the values of the shares as reflected in the unit values of the affected Contract owners who still have values in the Portfolio. No adjustment for an error shall be taken in any Separate Account until such time as the parties hereto have agreed to a resolution of the error, but the parties shall use all reasonable efforts to reach such agreement within two business days after the discovery of the error.
Appears in 1 contract
Samples: Participation Agreement (Valley Forge Life Insurance Co Variable Annuity Separate Acc)