Common use of Price Errors Clause in Contracts

Price Errors. (1) In the event adjustments are required to correct any error in the computation of the net asset value of a Portfolio's shares, ▇▇▇ or the Trust shall notify the Company as soon as practicable after discovering the need for those adjustments which result in a reimbursement to an Account in accordance with SAM's or the Trust's then current policies on reimbursement, which ▇▇▇ or the Trust, as appropriate, represents are reasonable and consistent with applicable standards. Notification may be made via facsimile or via direct or indirect systems access. Any such notification shall be promptly followed by a letter written on SAM's or the Trust's letter- head stating for each day for which an error occurred the incorrect price, the correct price, and, to the extent communicated to the Trust's shareholders, the reason for the price change. (2) If an adjustment is to be made in accordance with subsection (1) above to correct an error which has caused an Account to receive an amount different than that to which it is entitled, ▇▇▇ or the Trust shall make all necessary adjustments to the number of shares owned in the Account and distribute to the Account the amount of such underpayment for credit to the Contract owners. Upon the furnishing of an accounting to ▇▇▇ or the Trust by the Company, ▇▇▇ or the Trust will immediately reimburse to the Company all reasonable expenses incurred by the Company, or any organization that the Company has retained to provide administration or recordkeeping services under this Agreement to adjust all Accounts and accounts of Contract owners affected by such error.

Price Errors. (1) In the event adjustments are required to correct any error in the computation of the net asset value of a Portfolio's shares, ▇S▇▇ or the Trust shall notify the Company as soon as practicable after discovering the need for those adjustments which result in a reimbursement to an Account in accordance with SAM's or the Trust's then current policies on reimbursement, which ▇S▇▇ or the Trust, as appropriate, represents are reasonable and consistent with applicable standards. Notification may be made via facsimile or via direct or indirect systems access. Any such notification shall be promptly followed by a letter written on SAM's or the Trust's letter- head stating for each day for which an error occurred the incorrect price, the correct price, and, to the extent communicated to the Trust's shareholders, the reason for the price change. (2) If an adjustment is to be made in accordance with subsection (1) above to correct an error which has caused an Account to receive an amount different than that to which it is entitled, ▇S▇▇ or the Trust shall make all necessary adjustments to the number of shares owned in the Account and distribute to the Account the amount of such underpayment for credit to the Contract owners. Upon the furnishing of an accounting to ▇S▇▇ or the Trust by the Company, ▇S▇▇ or the Trust will immediately reimburse to the Company all reasonable expenses incurred by the Company, or any organization that the Company has retained to provide administration or recordkeeping services under this Agreement to adjust all Accounts and accounts of Contract owners affected by such error.