SUBSTITUTION OF FUND SHARES Sample Clauses

SUBSTITUTION OF FUND SHARES. The Company may not change the fund shares of a series except in accordance with the Act. The separate account may buy other securities for other series or contracts or, if requested by the participant, convert units from one series or contract to another.
Sample 1
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SUBSTITUTION OF FUND SHARES. If Fund shares are not available, or if, in the judgment of VALIC, such shares are no longer appropriate in view of the purposes of the Separate Account, shares of another open-end investment company or a portfolio of same may be substituted for Fund shares held in the Separate Account or to be purchased by future Purchase Payments or transfers under this Contract. In the event any substitution occurs, VALIC will notify the Contract Owner within five days and will issue an endorsement to the Contract reflecting such changes.
Sample 1
SUBSTITUTION OF FUND SHARES. If shares of a Fund should not be available for purchase for allocation to a particular Separate Account Division, or if, in the judgment of VALIC, further investment in such shares is no longer appropriate in view of the purposes of the Separate Account, shares of another registered, open-end investment company may be substituted for Fund shares held in the Separate Account or to be purchased by future Purchase Payments or transfers under this Contract. If deemed by VALIC to be in the best interest of persons having voting rights under Contracts having interest in the Separate Account, the Separate Account may be operated as a management company under the Investment Company Act or it may be deregistered under such Act in the event such registration is no longer required. In the event any substitution or change occurs, VALIC will notify the Contract Owner within five days and will issue an endorsement to the Contract reflecting such changes. The Variable Annuity Life Insurance Company 2929 Xxxxx Xxxxxxx [VALIC LOGO] Houston, Texas 77019 ----------------------------- * An American General Company INDIVIDUAL FIXED AND VARIABLE ANNUITY CONTRACT NON-PARTICIPATING ANNUITY PAYMENTS AND SURRENDER VALUES PROVIDED BY THIS CONTRACT WHEN BASED ON INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.
Sample 1
SUBSTITUTION OF FUND SHARES. The separate account may not change the fund shares of a series unless approved by a vote of a majority of the units entitled to vote and as provided by the Act. The separate account may buy other securities for other series or contract, or convert units from one series or contract to another, if requested by a participant. PARTICIPANT'S ACCOUNT PROVISIONS PURCHASE PAYMENTS This is a group flexible payment deferred annuity contract. A certificate will be issued upon approval of each completed enrollment form. Any form required under the plan must be submitted to the company. Purchase payments for any participant must be at least $20 each and $240 annually. TRANSFER PAYMENTS The company will provide evidence of the guaranteed benefits provided by each transfer payment. PARTICIPANT'S ACCOUNT The company will establish a participant's account for each person who becomes a participant. A participant's account consists of accumulation units provided by purchase payments and transfer payments made for the participant. The value of a participant's account is the sum of the values of those accumulation units. CREDITING ACCUMULATION UNITS Each purchase payment or transfer payment will be applied to provide accumulation units in the general account. The number of general account accumulation units is determined by dividing the payment, less any premium taxes deducted, by the general account accumulation unit value on the day the company receives the payment. ACCUMULATION UNITS General account accumulation unit values will be determined using interest rates not less than the minimum rates shown in the participant's certificate The separate account accumulation unit value for each series was first set at $5. This value is determined each business day. It is equal to the value of the prior day multiplied by a net investment factor. The net investment factor is: (a) the net asset value of a fund share at the close of business plus the per share amount of any fund distributions less taxes (per share), divided by (b) the net asset value of a share at the close of the prior business day. less (c) the actuarial risk fee factor of 0.0000244 for each calendar day from the prior business day to the current business day. SPLITTING UNITS The company may split the value of any units in the best interest of the owner, participants, annuitants and the company. If split, strict equity will be preserves. Such split will have no major effect upon the benefits or provisions of this con...
Sample 1
SUBSTITUTION OF FUND SHARES. If the shares of any Underlying Mutual Fund should no longer be available for investment by the Variable Account or, if in the judgment of the Company's management, further investment in such Underlying Mutual Fund shares should become inappropriate in view of the purposes of the Contract, the Company may substitute shares of another Underlying Mutual Fund for Underlying Mutual Fund shares already purchased or to be purchased in the future by Purchase Payments under the Contract. No substitution of securities in any Sub-Accounts may take place without prior approval of the Securities and Exchange Commission, and under such requirements as it may impose.
Sample 1
SUBSTITUTION OF FUND SHARES. The separate account may not change the fund shares of a series unless approved by a vote of a majority of the units entitled to vote and as provided by the Act. The separate account may buy other securities for other series or contracts, or convert units from one series or contract to another, if requested by an owner.
Sample 1

Related to SUBSTITUTION OF FUND SHARES

  • Sale of Fund Shares 1.1 The Underwriter agrees to sell to the Company those shares of the Designated Portfolios which the Account orders, executing such orders on a daily basis at the net asset value next computed after receipt by the Fund or its designee of the order for the shares of the Designated Portfolios.

  • Exchange of Fund Shares On receipt of instructions to exchange the shares of the Fund for the shares of another American Express(R) Fund or other American Express Financial Corporation product in accordance with the terms of the prospectus, the Transfer Agent will process the exchange in the same manner as a redemption and sale of shares.

  • Redemption of Fund Shares On receipt of instructions to redeem shares in accordance with the terms of the Fund's prospectus, the Transfer Agent will record the redemption of shares of the Fund, prepare and present the necessary report to the Custodian and pay the proceeds of the redemption to the shareholder, an authorized agent or legal representative upon the receipt of the monies from the Custodian.

  • Sales of Fund Shares You may offer and sell shares of each Fund and class of each Fund only at the public offering price which shall be applicable to, and in effect at the time of, each transaction. The procedures relating to all orders and the handling of them shall be subject to the terms of the applicable then current prospectus and statement of additional information (hereafter, the “Prospectus”) and new account application, including amendments, for each such Fund and each class of such Fund, and our written instructions from time to time. This Agreement is not exclusive, and either party may enter into similar agreements with third parties.

  • Purchase and Redemption of Fund Shares 1.1. The Fund and the Underwriter agree to make available for purchase by the Company shares of the Portfolios and shall execute orders placed for each Account on a daily basis at the net asset value next computed after receipt by the Fund or its designee of such order. For purposes of this Section 1.1, the Company shall be the designee of the Fund and the Underwriter for receipt of such orders from each Account and receipt by such designee shall constitute receipt by the Fund; provided that the Fund receives notice of such order by 10:00 a.m. Eastern time on the next following Business Day. "

  • SUBSTITUTION OF PURCHASER Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

  • Restrictions on Sales of Fund Shares Insurer agrees that the Fund will be permitted (subject to the other terms of this Agreement) to make its shares available to separate accounts of other life insurance companies.

  • VOTING OF FUND SHARES 7.1 Fund shall provide Insurance Company with copies at no cost to Insurance Company, of the Fund's proxy material, reports to shareholders and other communications to shareholders in such quantity as Insurance Company shall reasonably require for distributing to Contractholders or Participants. Insurance Company shall:

  • Substitution of ADRs The Depositary shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

  • Issue and Redemption of Fund Shares All expenses incurred in connection with the issue, redemption, and transfer of the Fund’s shares, including the expense of confirming all share transactions;

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