Cross-Reinvestment Program Sample Clauses

Cross-Reinvestment Program. With this feature, dividends and distributions from eligible securities in my account that I select (“owned securities”) may be automatically reinvested into shares of an eligible mutual fund of my choosing (“cross- reinvestment security”) for which I have received a current prospectus. On the business day prior to a distribution payment date of an owned security, ▇▇▇▇▇▇ ▇▇▇▇▇ will enter an order on my behalf for the purchase of the cross- reinvestment security. On the distribution payment date, ▇▇▇▇▇▇ ▇▇▇▇▇ will invest the funds received on my behalf into shares of the cross-reinvestment security, and such purchase of the cross-reinvestment security will settle on the following business day. In the event the distribution payment amount on an owned security is not known in advance of the distribution payment date, the order will be entered as soon thereafter as the amount of the distribution payment can be calculated with certainty, including currency conversions, if necessary. The price paid for such cross-reinvestment security will be the public offering price of the security as determined in its prospectus. The cross-reinvestment of distributions from one mutual fund to another mutual fund are generally only permitted among affiliated funds and may otherwise be limited by the terms of the funds’ prospectuses.

Cross-Reinvestment Program. During the lifetime of the Annuitant, the Owner may elect a cross reinvestment program by filing a written request, in a form acceptable to LL&A, at its Servicing Office. A cross reinvestment program is the transferring, at a designated frequency (monthly, quarterly, semi-annually or annually), of a Sub- account value that exceeds a designated baseline amount selected by the Owner, from the Fixed Account or any of the Variable Subaccounts ("originating Sub- account") to other investment options within the Contract. If a cross reinvestment program is elected, the following provisions apply: . Only one cross reinvestment program may exist at any time. . Cross reinvestment is not available to those currently participating in: Dollar cost averaging. Automatic withdrawal service. Automatic bank draft deposit. Automatic clearinghouse deposit. . The minimum baseline amount in the originating Sub-account is $10,000. . The minimum amount that can be transferred is $50. . At the selected frequency, any Sub-account Value that exceeds the baseline amount by $50 or more will automatically be transferred to one or more specified Sub-accounts. . Transfers will occur on the 20th of the month. If the stock market is closed on that day, the transfer will occur on the next business day. In order to be effective by the 20th, a request to establish, change or terminate a cross reinvestment program must be received by LL&A at its Servicing Office by the 15th of the month. . Statements will be sent to the Owner confirming each transaction. . The cross reinvestment program will continue until the Owner authorizes LL&A to terminate the program. . The Owner may establish, change or terminate the cross reinvestment program by sending written notice, in a form acceptable to LL&A, to its Servicing Office. . The baseline amount selected will be increased by any additional Purchase Payments or transfers into the specified originating Sub-account.