For the purposes. of Sections 1.1 and 1.2, the Trust hereby appoints the Company as its agent for the limited purpose of receiving and accepting purchase and redemption orders resulting from investment in and payments and other transactions under the Contracts that are not within the Company's discretion. Receipt by the Company shall constitute receipt by the Trust provided that (i) such orders are received by the Company in good order prior to the time the net asset value of each Portfolio is priced in accordance with its prospectus and (ii) the Trust receives notice of such orders by 11:00 a.m. New York time on the next following Business Day. "Business Day" shall mean any day on which the New York Stock Exchange is open for trading and on which the Trust calculates its net asset value pursuant to the rules of the Securities and Exchange Commission.
Appears in 3 contracts
Sources: Participation Agreement (Metropolitan Life Separate Account Ul), Fund Participation Agreement (Hancock John Variable Life Account S), Fund Participation Agreement (Hancock John Mutual Variable Life Insurance Account Uv)