Misdirected Payments. In the event that Premiums or loan repayments are sent to the General Agent or Broker-Dealer, rather than to the appropriate Equitable Life Company, the General Agent and Broker-Dealer shall promptly (and in any event, within two business days) remit such Premiums to the appropriate Equitable Life Company at the address indicated in the rules and procedures of the Equitable Life Companies. The General Agent and Broker-Dealer acknowledge that if any Premium or other payment is held at any time by either of them, such Premium or other payment shall be held on behalf of the client, and the General Agent or Broker-Dealer shall segregate such Premium or other payment from their own funds and promptly (and in any event, within two business days) remit such Premium or other payment to the Equitable Life Company issuing the Contract pursuant to which such amounts have been paid.
Appears in 5 contracts
Samples: Broker Dealer and General Agent (Separate Account Fp of Equitable Variable Life Insurance Co), Broker Dealer and General Agent (Separate Account Fp of Equitable Variable Life Insurance Co), Sales Agreement (Separate Account No 45 of Equitable Life Assur Society of Us)
Misdirected Payments. In the event that Premiums or loan repayments are sent to the General Agent or Broker-Dealer, rather than to the appropriate Equitable Life Company, the General Agent and Broker-Dealer shall promptly (and in any event, within two business days) remit such Premiums to the appropriate Equitable Life Company at the address indicated in the rules and procedures of the Equitable Life Companies. The General Agent and Broker-Dealer acknowledge that if any Premium or other payment is held at any time by either of them, such Premium or other payment shall be held on behalf of the client, and the General Agent or Broker-Dealer shall segregate such Premium or other payment from their own funds and promptly (and in any event, within two business days) remit such Premium or other payment to the Equitable Life Company issuing the Contract pursuant to which such amounts have been paid.
Appears in 2 contracts
Samples: Broker Dealer and General Agent (Equitable Financial Life Insurance Co of America), Broker Dealer and General Agent (Equitable America Variable Account No.70A)
