Examples of VVIF Portfolio in a sentence
A VVIF Portfolio will be deemed to have received a purchase, redemption or exchange order when the Intermediary or a Designated UI accepts the Instructions in accordance with this Agreement.
The parties acknowledge and agree that the availability of shares of any VVIF Portfolio shall be subject to the VVI Fund’s then-current prospectus and SAI (as applicable), applicable federal and state laws, and applicable rules and regulations of the SEC and FINRA.
This Agreement does not grant the Intermediary or any Underlying Intermediary any right to purchase shares of any VVIF Portfolio (although it does not preclude the Intermediary or an Underlying Intermediary from purchasing any such shares), nor does it constitute the Intermediary or any Underlying Intermediary an agent of Vanguard or the VVI Fund for purposes of selling shares of any VVIF Portfolio to any dealer or the public.
The parties acknowledge and agree that the availability of shares of any VVIF Portfolio shall be subject to the VVI Fund’s then-current prospectus and statement of additional information, applicable federal and state laws, and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority, Inc.
Vanguard shall advise the Intermediary promptly (i) if any such qualification of shares is terminated, (ii) if VVIF Portfolio shares are not qualified, that any applicable exemption from such qualification is terminated, or (iii) if it wishes the Intermediary not to place purchase orders for a VVIF Portfolio on behalf of Policy owners whose account addresses are in a particular state or other U.S. jurisdiction.
Notwithstanding the foregoing, if a Separate Account or Policy owner has received cash in excess of that to which he, she or it is entitled, the Intermediary will, when requested by Vanguard, and to the extent practicable and permitted by law, debit or cause to be debited from the Separate Account’s account the amount of such excess, but only to the extent of any cash in the account, and repay it to the affected VVIF Portfolio.
The Intermediary will only place purchase Orders for shares of a VVIF Portfolio on behalf of a Policy owner whose account address recorded on the Intermediary’s books is in a state or other U.S. jurisdiction in which Vanguard has advised the Intermediary that, under applicable law, such VVIF Portfolio’s shares are either qualified for sale in that state or other U.S. jurisdiction or exempt from such qualification.
For these purposes, an “Extraordinary Event” shall mean an event outside the normal operation of an Account such as an entire Account moving into or out of a VVIF Portfolio or an asset transfer or merger arising from a merger, acquisition or divestiture.
To the extent the Intermediary or any Underlying Intermediary is involved directly or indirectly in the purchase of shares of any VVIF Portfolio under this Agreement, other than with respect to the acceptance of Instructions as described in Section 6(a), such involvement will be on its own behalf or as an agent of Separate Accounts only.
For these purposes, an “Extraordinary Event” shall mean an event outside the normal operation of a Separate Account such as an entire Separate Account moving into or out of a VVIF Portfolio or an asset transfer or merger arising from a merger, acquisition or divestiture.