Timely Payments. Company will wire payment in federal funds for net purchases to a custodial account designated by Fund by 1:00 p.m. Central Time on the same day as the order for Shares is placed, to the extent practicable. FAIP will wire payment for net redemptions in federal funds to an account designated by Company by 1:00 p.m. Central Time on the same day as the order is placed. Notwithstanding the foregoing, if the payment of redemption proceeds would require the Fund to dispose of portfolio securities or otherwise incur substantial additional costs, and if the Fund has determined to settle redemption transactions for all shareholders on a delayed basis, proceeds in federal funds shall be wired after the date the order is placed, but in any event within three (3) calendar days after the date the order is placed in order to enable Company to pay redemption proceeds within the time specified in Section 22(e) of the 1940 Act or such shorter period of time as may be required by law.
Appears in 9 contracts
Samples: Participation Agreement (First American Insurance Portfolios Inc), Participation Agreement (First American Insurance Portfolios Inc), Participation Agreement (Separate Account Va I)
Timely Payments. Company will wire payment in federal funds for net purchases to a custodial account designated by Fund by 1:00 2:00 p.m. Central Time on the same day as the order for Shares is placed, to the extent practicable. FAIP will wire payment for net redemptions in federal funds to an account designated by Company by 1:00 2:00 p.m. Central Time on the same day as the order is placed. Notwithstanding the foregoing, if the payment of redemption proceeds would require the Fund to dispose of portfolio securities or otherwise incur substantial additional costs, and if the Fund has determined to settle redemption transactions for all shareholders on a delayed basis, proceeds in federal funds shall be wired after the date the order is placed, but in any event within three (3) calendar days after the date the order is placed in order to enable Company to pay redemption proceeds within the time specified in Section 22(e) of the 1940 Act or such shorter period of time as may be required by law.
Appears in 3 contracts
Samples: Participation Agreement (Conseco Variable Annuity Account C), Participation Agreement (Great American Reserve Insurance Co), Participation Agreement (First American Insurance Portfolios Inc)
