Common use of Contribution Units Clause in Contracts

Contribution Units. Each of the Sub-Funds will be notionally divided into units of equal value (each a “ Contribution Unit”). The Insurer acknowledges and agrees, without prejudice to the generality of Clause 2.2, that the unitisation of a Sub-Fund is notional only for the limited purpose of determining benefits due under the Reinsurance Agreement and any references in the Reinsurance Agreement to a “Contribution Unit” and/or the “allocation” and/or “cancellation” thereof, or the “investment” in Contribution Units shall be construed accordingly. The time fo r allocation or cancellation of a Contribution Unit is the time specified in the entry made in relation to the allocation or cancellation on the records of MPF. MPF must allocate or cancel Contribution Units in accordance with Clauses 8or 9 and shall not allocate or cancel Contribution Units otherwise under the Reinsurance Agreement.

Contribution Units. Each of the Sub-Funds will be notionally divided into units of equal value (each a “ “Contribution Unit”). The Insurer acknowledges and agrees, without prejudice to the generality of Clause 2.2, that the unitisation of a Sub-Fund is notional only for the limited purpose of determining benefits due under the Reinsurance Agreement and any references in the Reinsurance Agreement to a “Contribution Unit” and/or the “allocation” and/or “cancellation” thereof, or the “investment” in Contribution Units shall be construed accordingly. The time fo r for allocation or cancellation of a Contribution Unit is the time specified in the entry made in relation to the allocation or cancellation on the records of MPF. MPF must allocate or cancel Contribution Units in accordance with Clauses 8or 9 and shall not allocate or cancel Contribution Units otherwise under the Reinsurance Agreement.