Pricing Error Corrections Sample Clauses
Pricing Error Corrections. If an adjustment is to be made to correct an error which has caused an Account to receive an amount different from that to which it is entitled, the Portfolio shall make all necessary adjustments to Shares owned in the Account. In the event that any such material error is the result of negligence of the Fund, the Underwriter shall be liable for the Company’s out-of-pocket expenses and other direct costs or losses related to adjustments made as a result of a pricing error in an amount not to exceed $1,000 per day and not to exceed $5,000 per occurrence.
Pricing Error Corrections. If an adjustment is to be made to correct an error which has caused an Account to receive an amount different from that to which it is entitled, Ivy Funds VIP, or its agent, shall make all necessary adjustments to Shares owned in the Account. In the event that any such material error is the result of negligence of Ivy Funds VIP, W&R shall be liable for the Company’s out-of-pocket expenses and other direct costs or losses related to adjustments made as a result of a pricing error in an amount not to exceed $1,000 per day and not to exceed $5,000 per occurrence. W&R and Ivy Funds VIP shall not be responsible for payment of any costs of reprocessing transactions in units issued by an Account under the Contracts arising out of an error in the calculation of a Portfolio’s net asset value, dividends or capital gains distributions if such error is discovered and corrected within five (5) Business Days; however, in the event that the error causes the Company to incur any direct costs for reprocessing transactions on Contract owner accounts, such as preparing and mailing revised statements, W&R and/or Ivy Funds VIP shall reimburse Company for all such reasonable costs. The Company agrees to use its best efforts to minimize any costs incurred under this paragraph and shall provide W&R with acceptable documentation of any such costs incurred.
Pricing Error Corrections. If an adjustment is to be made to correct a material error (as determined under SEC guidelines) which has caused an Account to receive an amount different from that to which it is entitled, the Portfolio shall make all necessary adjustments to Shares owned in the Account. In the event that any such material error is the result of negligence of the Fund, the Underwriter shall be liable for the Company’s out-of-pocket expenses and other direct costs or losses related to adjustments made as a result of a pricing error in an amount not to exceed $1,000 per day and not to exceed $5,000 per occurrence.