Common use of Authorization of Agent Clause in Contracts

Authorization of Agent. Subject to any and all limitations set forth in this Agreement, Vanguard, as transfer agent for the Vanguard Funds, hereby appoints the Agent as the limited agent of Vanguard, and the Agent hereby accepts such appointment, for the purpose of treating transaction instructions received by the Agent from Policy owners (to the extent such instructions would result in the purchase, redemption or exchange of VVIF Portfolio shares by an Account) (“Instructions”) as receipt by Vanguard of purchase, redemption and exchange orders for shares of the VVIF Portfolios. A VVIF Portfolio will be deemed to have received a purchase, redemption or exchange order when the Agent accepts the Instructions in accordance with this Agreement. A Policy owner will receive the unit price corresponding to the share price next computed by the VVIF Portfolio after the time at which such Policy owner provides its Instructions to the Agent, provided all of the requirements and obligations of the Agent with respect to acceptance and transmission of orders set forth in this Agreement are satisfied.