Automatic Processing Clause Samples

The Automatic Processing clause defines the conditions under which certain actions or data handling occur without the need for manual intervention. Typically, this clause applies to the automated collection, storage, or analysis of information, such as when a system processes user data to provide services or improve functionality. Its core practical function is to clarify when and how automation is used, ensuring transparency and compliance with relevant regulations while streamlining operations that would otherwise require human oversight.
Automatic Processing. If the requirements for Automatic Reinsurance are met for a life except for the requirement stated above in Section A.6, but the total amount of risk on that life to be reinsured in the Automatic Pool and under any other individual life reinsurance agreement with any reinsurer does not exceed the Automatic Processing Limit for that life shown in Exhibit II, then the Ceding Company may submit to the Lead Reinsurer (designated in Schedule B) all information relating to the insurability of that life. For Last Survivor policies where one life is deemed uninsurable, only the information for the other life needs to be submitted. The Lead Reinsurer shall review the submitted information to determine if the life should be reinsured by the Automatic Pool and, if so, on what basis. The Lead Reinsurer shall endeavor to provide the Ceding Company with a response within 72 hours of receipt of such information. Approval by the Lead Reinsurer shall be binding on all other current Automatic Pool reinsurers. This process shall be known as Automatic Processing and shall be subject to Exhibit II. Hereinafter, all references to Automatic Reinsurance, coverage automatically reinsured, and the Automatic Pool will include coverage reinsured through Automatic Processing.
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Automatic Processing. Automatic Processing under this Agreement is available only for Excess Risks that meet the other requirements of this Section B. If the requirements for Automatic Reinsurance are met for a life except for the requirement stated above in Section A.6, but the total amount of risk on that life to be reinsured in the Automatic Pool and under any other individual life reinsurance agreement with any reinsurer does not exceed the Automatic Processing Limit for that life shown in Exhibit II, then the Ceding Company may submit to the Lead Reinsurer (designated in Schedule B) all information relating to the insurability of that life. For Last Survivor policies where one life is deemed uninsurable, only the information for the other life needs to be submitted. The Lead Reinsurer shall review the submitted information to determine if the life should be reinsured by the Automatic Pool and, if so, on what basis. The Lead Reinsurer shall endeavor to provide the Ceding Company with a response within 72 hours of receipt of such information. Approval by the Lead Reinsurer shall be binding on all other current Automatic Pool reinsurers. This process shall be known as Automatic Processing and shall be subject to Exhibit II. Hereinafter, all references to Automatic Reinsurance, coverage automatically reinsured, and the Automatic Pool will include coverage reinsured through Automatic Processing.
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Automatic Processing. Firm Exits that satisfy each of the following conditions will be accepted and processed by Vanguard: (i) The Original Order was incorrect as a result of the Intermediary’s error; (ii) The Firm Exit identifies the Original Order to which it relates; (iii) The amount of the Firm Exit is less than the Large Transaction Amount for the relevant Vanguard Fund; and (iv) The Firm Exit is received by Vanguard prior to NSCC settlement of the Original Order. Any Firm Exit transmitted by the Intermediary after NSCC settlement of the Original Order shall be rejected by the NSCC.
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Automatic Processing. As-of Orders that satisfy each of the following conditions will be accepted and processed by Vanguard as of the Indicated Trade Date on the As-of Order: (A) The As-of Order corresponds to Instructions that were received by the Intermediary on the Indicated Trade Date in accordance with all applicable requirements under this Agreement; (B) The amount of the As-of Order does not exceed the lesser of (1) $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) The Indicated Trade Date is not more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) The Intermediary transmits the As-of Order with one of the following NSCC As-Of Reason Codes (“As-of Reason Codes”): (01) Incorrect Firm/Fund Account Number; (02) Incorrect Share Quantity/Dollar Quantity; (03) Incorrect Security Issue ID; (05) Incorrect Sales Charge Breakpoint; (07) Blue Sky Violation; (09) Delay in Firm Trade Transmission; (13) Distribution Reversal (only when applied in connection with an Additional Purchase or a Partial Liquidation); or (14) Prospectus Violation (only when applied in connection with a Firm Exit).
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Automatic Processing. As-of Orders that satisfy each of the following conditions will be accepted and processed by Vanguard as of the Indicated Trade Date on the As-of Order: (A) The As-of Order corresponds to Instructions that were received by the Company on the Indicated Trade Date in accordance with all applicable requirements under this Agreement; (B) The amount of the As-of Order does not exceed the lesser of (1) $25,000 and (2) the Large Transaction Amount for the relevant Vanguard Fund; (C) The Indicated Trade Date is not more than one Business Day prior to the Business Day on which the As-of Order is received by Vanguard; and (D) The Company transmits the As-of Order with one of the following NSCC As-Of Reason Codes (“As-of Reason Codes”): (01) Incorrect Firm/Fund Account Number; (02) Incorrect Share Quantity/Dollar Quantity; (03) Incorrect Security Issue ID; (05) Incorrect Sales Charge 0241320 0.8 DCC&S VA INSURANCE PRODUCT
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Automatic Processing. Post-Settlement Firm Exits that satisfy each of the following conditions will be accepted and processed by Vanguard: (A) The Post-Settlement FE Original Order was incorrect as a result of the Intermediary’s error; (B) The Post-Settlement Firm Exit identifies the Post-Settlement FE Original Order to which it relates; (C) The amount of the Post-Settlement Firm Exit is less than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant VVIF Portfolio; (D) The trade date of the Post-Settlement FE Original Order is not more than 180 days prior to the Business Day on which Vanguard receives the Post-Settlement Correction; and (E) The Intermediary transmits the Post-Settlement Firm Exit with one of the following NSCC reason codes (“Post-Settlement Firm Exit Reason Codes”): (01) Incorrect Firm/Fund Account Number; (02) Incorrect Share Quantity/Dollar Quantity; (03) Incorrect Security Issue ID; (05) Incorrect
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Automatic Processing. Post-Settlement Corrections that satisfy each of the following conditions will be accepted and processed by Vanguard: (A) The PSC Original Order was incorrect as a result of the Intermediary’s error; (B) The Post-Settlement Correction identifies the PSC Original Order to which it relates; (C) The amount of each of the PSC Original Order and the PSC Corrected Order is less than the lesser of (1) $1,000,000 and (2) the Large Transaction Amount for the relevant VVIF Portfolio; (D) The Post-Settlement Correction is received by Vanguard after NSCC settlement of the PSC Original Order; (E) The trade date of the PSC Original Order and the PSC Corrected Order is not more than 180 days prior to the Business Day on which Vanguard receives the Post-Settlement Correction; and (F) The Intermediary transmits the Post-Settlement Correction with one of the following NSCC reason codes (“Post-Settlement Correction Reason Codes”): (01) Incorrect Firm/Fund Account Number; (02) Incorrect Share Quantity/Dollar Quantity; (03) Incorrect Security Issue ID; (05) Incorrect Sales Charge Breakpoint; (07) Blue Sky Violation; (09) Delay in Firm Trade Transmission; or (14)
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Automatic Processing. Pre-Settlement Firm Exits that satisfy each of the following conditions will be accepted and processed by Vanguard: (A) The Pre-Settlement FE Original Order was incorrect as a result of the Intermediary’s error; (B) The Pre-Settlement Firm Exit identifies the Pre-Settlement FE Original Order to which it relates; and a (C) The amount of the Pre-Settlement Firm Exit is less than the Large Transaction Amount for the relevant VVIF Portfolio.
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Related to Automatic Processing

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