Sub-Accounts. 5.1. If you operate Sub Accounts and opposite Positions are opened on different Sub Accounts, the Positions will not cancel each other out. You acknowledge that unless each Position is closed manually, all open Positions may be rolled over on a continuous basis and thereby continue to pay or receive the applicable Swap Charge on each Position.
Sub-Accounts. The Separate Account has several Sub-Accounts. Each Sub-Account will buy shares of an investment fund. Each investment fund represents a separate investment portfolio. If, in our judgment, an investment fund no longer suits the investment goals of the policy, or tax or marketing conditions so warrant, we may substitute shares of another investment fund or shares of another investment company. If the Owner has an interest in the Sub-Account affected, we will notify the Owner before doing so and, to the extent required by law, we will get prior approval from the Securities and Exchange Commission. We also will secure any other required approvals. If this policy has Accumulated Value in a Sub-Account affected by any such change, and if the Owner wishes, we will transfer that value at the Owner's written direction from that Sub-Account, without charge, to the General Account or another Sub-Account. We may also eliminate, combine, or substitute Sub-Accounts and establish new Sub-Accounts if in our judgment marketing needs, tax considerations, or investment conditions warrant. Any new Sub-Accounts may be made available to existing policies on a basis to be determined by us. We also may transfer assets from a Sub-Account to another Sub-Account or separate account if the transfer in our judgment would best serve the interests of the owners of policies such as this one or would be appropriate in carrying out the purposes of such policies, but only if permitted by applicable laws or regulations. If any of these changes is made, we will receive all necessary prior approvals and we may by appropriate endorsement change the policy to reflect the change. If the Owner has Accumulated Value in a Sub-Account that will be eliminated, we will notify the Owner at least 30 days before the elimination, and will request that the Owner designate the account(s) to which the Accumulated Value in the Sub-Account to be eliminated should be transferred. Upon the elimination of such a Sub-Account, the Accumulated Value in that Sub-Account will be transferred to the General Account and/or Sub-Account(s) in accordance with the designation received by us from the Owner or, if such a designation is not received prior to the liquidation date, to the Money Market Fund Sub-Account. A transfer charge will not be imposed for transfers made upon elimination of a Sub-Account. Income and realized and unrealized gains or losses from the assets of each Sub-Account of the Separate Account are credite...
Sub-Accounts. In order to accommodate our internal accounting and regulatory reporting, we may establish sub-accounts within certain accounts maintained by you with us. This will not affect your account number, balance requirements, transaction limits, monthly statement, your use of your account or the way you earn interest and will not be reflected on your statement.
Sub-Accounts. The Variable Account is divided into Sub-Accounts, some of which are available under the contract. Each Sub-Account that is available under this contract invests in shares of a Fund. Funds initially available are set forth on the Contract Data Page(s). Shares of a Fund will be purchased and redeemed for a Sub-Account at their net asset value. We will reinvest the net asset value of the income, dividends, and gains distributed from shares of a Fund in additional shares of that Fund. The Fund prospectuses define the net asset value and describe the Funds. The dollar amounts of values and benefits of this contract provided by the Variable Account depend on the investment performance of the selected Sub-Accounts are invested. We do not the investment performance of the Funds. You bear the full investment risk for amounts applied to the selected Sub-Accounts.
Sub-Accounts. For regulatory accounting purposes, we may classify checking accounts as two sub-accounts: a checking sub account and a savings sub-account. For interest-bearing checking accounts, we calculate and pay interest at the same rate and in the same way on both sub-accounts. For non-interest bearing checking accounts, we do not pay interest on either sub-account. We may transfer funds between these sub-accounts. We record the sub-accounts and any transfers between them on our internal accounting records only. Otherwise, the sub-accounts are subject to the same terms as the checking and savings accounts described in this Agreement. Unclaimed Property – Accounts Presumed Abandoned or Inactive State and federal law and our policy govern when accounts are considered abandoned. Your account is usually considered abandoned if you have not performed at least one of the following activities for the period of time specified in the appropriate state’s unclaimed property law: made a deposit or withdrawal, written to us about the account, or otherwise shown an interest in the account, such as asking us to keep the account active. You usually need to perform or initiate the activity. Therefore, bank charges, interest payments, automatic deposits, and withdrawals are usually not considered activity. We are required by the unclaimed property laws to turn over accounts considered abandoned to the appropriate state. We will use the state of the last known U.S. address to determine an account’s inactive and / or abandoned status. In the event that a U.S. address is not provided, Texas inactive and abandoned laws will apply. Before we turn over an abandoned account, we may send a notice to the address we currently show for the account statement. We may not send this notice if mail we previously sent to this address was returned. Unless prohibited by the applicable state law, we may charge the account our costs and expenses of any notice, advertisement, payment, and delivery of the account to the applicable state agency. After we turn the funds over to the state, we have no further liability to you for the funds and you must apply to the appropriate state agency to reclaim your funds. If we consider your account inactive, then (unless prohibited by federal law or the appropriate state law) we may: • charge dormant account fees on the account in addition to regular monthly maintenance and other fees, • stop sending statements, • if the account received interest, stop paying interest...
Sub-Accounts. We may establish two “sub-accounts” on our books for certain deposit accounts. If we elect to establish the sub-accounts, it will not affect the other terms and conditions of your account or this Agreement, the Federal Deposit Insurance protection afforded on your account, the interest (if any) paid on your account, the service charges imposed in connection with your account, or the Truth in Savings disclosure given to you. Both of the sub-accounts will remain your accounts, but will be used by us internally to manage your funds. The first sub-account will qualify as and be treated as a “savings deposit account” for the purposes of Federal Reserve Board regulations. You authorize us to transfer funds between the two sub-accounts consistent with Federal Reserve Board regulations. As such, we must advise you that the regulations require that we reserve the right to require at least seven days’ written notice prior to the withdrawal or transfer of funds from the savings sub-account. We do not currently exercise that right with respect to these savings sub-accounts. In the event we determine to exercise that right, we will close the savings sub-account and transfer all funds back to your current account and cease the sub-account agreement. Your deposit and withdrawal capabilities are not affected by our election to establish the sub-account.
Sub-Accounts. During the Accumulation Period, the Owner may transfer all or a portion of this Contract's value in its Sub-Accounts to other Sub-Accounts or the Fixed Account. We reserve the right to charge a $10 fee for each transfer after the first twelve transfers during any one contract year. This charge will be deducted from the funds transferred. We must be notified in a manner satisfactory to us. The transfer ordinarily will take effect on the first Valuation Date on or following the date notice is received at our Office.
Sub-Accounts. The Separate Account has various Sub-Accounts. Each Sub-Account invests exclusively in shares of one of the portfolios of an underlying Series Fund. Assets invested after the Maturity Date may be invested in different Sub-Accounts than assets invested during the Accumulation Period. We reserve the right to add or remove any Sub-Account of the Separate Account. Income and realized and unrealized gains and losses from assets in each Sub-Account are credited to, or charged against, that Sub-Account without regard to income, gains, or losses in other Sub-Accounts. Any amount charged against the contract value for federal or state income taxes will be deducted from that Sub-Account.
Sub-Accounts. Within any or all of the Collateral Accounts, Custodian shall establish such sub-accounts as Custodian deems necessary to reflect the beneficial ownership by each Borrower (each, a “Beneficial Owner”) of any Collateral held therein.
Sub-Accounts. All checking accounts consist of a checking sub account and a savings sub account. The Bank may periodically transfer funds between these two sub accounts. If your Account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub account will be non-interest bearing. The savings sub account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you may earn, FDIC insurance protection, or your monthly statement.
