ING U Clause Samples
ING U. S. actively monitors fund transfer and reallocation activity within its variable insurance and retirement products to identify Excessive Trading. ING U.S. currently defines Excessive Trading as:
a. More than one purchase and sale of the same fund (including money market funds) within a 60 calendar day period (hereinafter, a purchase and sale of the same fund is referred to as a “roundtrip”). This means two or more round-trips involving the same fund within a 60 calendar day period would meet ING U.S.’s definition of Excessive Trading; or
b. Six round-trips within a twelve month period. The following transactions are excluded when determining whether trading activity is excessive:
a. Purchases or sales of shares related to non-fund transfers (for example, new purchase payments, withdrawals and loans);
b. Transfers associated with scheduled dollar cost averaging, scheduled rebalancing or scheduled asset allocation programs;
c. Purchases and sales of fund shares in the amount of $5,000 or less;
d. Purchases and sales of funds that affirmatively permit short-term trading in their fund shares, and movement between such funds and a money market fund; and
e. Transactions initiated by a member of the ING U.S. family of insurance companies.
ING U. S. reserves the right to limit fund trading or reallocation privileges with respect to any individual, with or without prior notice, if ING U.S. determines that the individual’s trading activity is disruptive, regardless of whether the individual’s trading activity falls within the definition of Excessive Trading set forth above. Also, ING U.S.’s failure to send or an individual’s failure to receive any warning letter or other notice contemplated under this Policy will not prevent ING U.S. from suspending that individual’s Electronic Trading Privileges or taking any other action provided for in this Policy.
ING U. S. shall not and shall cause its Subsidiaries not to purport to, or represent that it may, bind or do business as Group or any of its Affiliates.
ING U. S.), as withdrawing Agent, shall have executed and delivered to Foothill that certain Resignation Letter, dated as of the date hereof.
ING U. S. agrees to defend, indemnify and keep indemnified and hold Group and any of its Affiliates and their respective directors, officers, employees, shareholders, agents, attorneys, representatives, successors and assigns, harmless from and against any and all Losses (without limitation or cap of any kind) suffered or incurred by Group or any of its Affiliates in connection with any action or claim by any third party made relating to or arising out of or in connection (i) any actual or alleged breach of any term or condition of the Joinder Agreement based on any act or omission of ING U.S. or its Affiliates after the Closing, (ii) any claim or liability incurred by Group or its Affiliates arising under the Co-Existence Agreements based on any act or omission of ING U.S. or its Affiliates after the Closing; (iii) any action or claim by any third party against Group or its Affiliates relating to or arising out of or in connection with any breach of this Agreement by ING U.S. and/or its Affiliates; or (iv) any action or claim by any third party against Group or its Affiliates on the basis that ING U.S. and/or its Affiliates have acted on behalf of Group or its Affiliates or have the authority to bind Group or its Affiliates.