Common use of Baltimore time Clause in Contracts

Baltimore time. If the net asset value is materially incorrect through no fault of the Company, the Company on behalf of each Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct net asset value in accordance with Fund procedures. The Company shall offset any Contract owner gains with Contract owner losses to determine a net gain or loss. If any Contract owner has redeemed his or her account subsequent to an incorrect net asset value and such owner has a gain, the Company and the Fund or its designee will consult as to what reasonable efforts may be taken to recover the money from the Contract Owner. In such circumstances, the Company shall not be responsible for such losses, but the Fund or its designee may be subrogated to rights of the Company to recover such money, provided that the Company consents to the subrogation after consultation by the Fund or its designee and the Company. Any material error in the net asset value shall be reported to the Company promptly upon discovery. Any administrative or other costs or losses incurred for correcting underlying Contract owner accounts shall be at Company's expense.