Common use of Contribution Requirements Clause in Contracts

Contribution Requirements. All contributions are payable at the Company's Home Office. The initial contribution will be credited to an IRA Account as of the date that both the properly completed application for the IRA Account and the initial payment are received by the Company at its Home Office. If the application is incomplete, or does not specify how payments are to be allocated, the initial contribution will be returned within five business days. After an IRA Account has been established, additional payments intended to be allocated to the General Account must be received by the Company no later than 1:00 p.m. Eastern time in order to be credited to the IRA Account on the date of receipt. Additional payments received after that time intended to be allocated to the General Account will be credited to the IRA Account the next business day. Additional payments intended to be allocated to a Separate Account Sub-Account will be credited to an IRA Account at the unit value computed as of the Valuation Date that the payment is received at the Company's Home Office. Each contribution shall be accompanied by a form provided by or satisfactory to the Company which shall indicate the type of contribution being made, the taxable year for which the contribution is intended (if applicable) and investment allocation instructions. Contributions described in Section 3.02(b) or (d) must be received by the Company by April 15 of the year following the calendar year to which the contributions are attributable.

Contribution Requirements. All contributions are payable at the Company's Home Office. The initial contribution will be credited to an IRA Account as of the date that both the properly completed application for the IRA Account and the initial payment are received by the Company at its Home Office. If the application is incomplete, or does not specify how payments are to be allocated, the initial contribution will be returned within five business days. After an IRA Account has been established, additional payments intended to be allocated to the General Account must be received by the Company no later than 1:00 p.m. Eastern time in order to be credited to the an IRA Account on the date of receipt. Additional payments received after that time intended to be allocated to the General Account will be credited to the IRA Account the next business day. Additional payments intended to be allocated to a Separate Account Sub-Account will be credited to an IRA Account at the unit value computed as of the Valuation Date that the payment is received at the Company's Home Office. Each contribution shall be accompanied by a form provided by or satisfactory to the Company which shall indicate the type of contribution being made, the taxable year for which the contribution is intended (if applicable) and investment allocation instructions. Contributions described in Section 3.02(b) or (d) must be received by the Company by April 15 of the year immediately following the calendar year to which the contributions are attributable.