Common use of Processing Adjustments Clause in Contracts

Processing Adjustments. Each business day the Company and the Transfer Agent will reconcile their records so that an appropriate number of shares of each Fund is credited to the Accounts invested in the Fund. (i) In the event of any error (other than a Pricing Error, as hereinafter defined) or delay with respect to the procedures outlined in this Section 3 which is caused by the Transfer Agent, the Transfer Agent shall make any adjustments on its accounting system necessary to correct such error or delay and shall reimburse the Accounts for any material losses incurred directly as a result of the error or delay. (ii) In the event of any error or delay with respect to the procedures outlined in this Section 3 which is caused by the Company, the Company shall adjust its records accordingly in order to correct such error or delay. The Company will notify the Transfer Agent of the error and required correction and shall reimburse the Transfer Agent for any material losses incurred as a result of the error or delay. In the event of an error or delay caused by the Company, the Transfer Agent will process any adjustment with the trade date of the day such error or delay is identified by the Company to the Transfer Agent. (iii) The Company and Transfer Agent, respectively, each agree to provide the other prompt notice of any errors or delays of the type referred to in this Section 3and to use reasonable efforts to take such action as may be appropriate to avoid or mitigate any such costs or losses.