Purchases and Redemptions of Shares Clause Samples
The "Purchases and Redemptions of Shares" clause outlines the procedures and conditions under which investors can buy into or withdraw from a fund or investment vehicle. It typically details the timing, pricing, and any restrictions or fees associated with purchasing new shares or redeeming existing ones, such as minimum holding periods or notice requirements. This clause ensures transparency and predictability for both the fund manager and investors, helping to manage liquidity and protect the interests of all participants.
Purchases and Redemptions of Shares. All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Fund Documents and Schedule 2 hereto. The Participant agrees that any use by it of the Index Receipt Agent’s electronic interface or portal for order entry shall be subject in all respects to the terms and conditions set forth in Annex I hereto. Each party hereto agrees to comply with the provisions of such documents to the extent applicable to it. The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as may be issued from time to time. The Participant acknowledges and agrees on behalf of itself and any party for which it may be acting that a Purchase Order or Redemption Order shall be irrevocable. The Participant may not cancel a Purchase Order or a Redemption Order after it is placed, though Distributor agrees to undertake commercially reasonable efforts to accommodate requests by Participant to cancel an Order prior to the designated cut-off time for placing such Order. The Funds (or the Distributor on behalf of the Funds) shall retain the right, without notice, to reject any Purchase Order or Redemption Order, or suspend transactions in Shares, in accordance with the terms of the Fund Documents; provided, however, in any case, the Fund (or the Distributor on behalf of the Funds) will use reasonable efforts to notify the Participant prior to such rejections of its intention to reject such Order. Neither the Distributor nor the Fund shall be liable to any person by reason of the rejection of any Order so long as such rejection is a result of the rejecting party’s good faith determination that such rejection complies with the Fund Documents. Except as provided herein or in the Fund Documents, following rejection of an Order, the Fund will promptly return to the Participant all consideration received in connection with the Order. Nothing in this Agreement shall obligate the Participant to create or redeem one or more Orders or to sell or offer to sell Shares. It is contemplated that phone lines, to the extent used in connection with the purchase and redemption of Creation Units, including use by representatives of the Distributor, Index Receipt Agent or the Trust and any affiliates thereof, will be recorded, and the Participant hereby consents to the recording of all calls in connection with the purchase and redemption of Creation...
Purchases and Redemptions of Shares. (a) In offering and selling Shares to your customers (“Customers”), you will: (i) act as dealer for your own account; and (ii) offer and sell Shares only in accordance with the terms and conditions of the relevant Fund’s current Prospectus (as defined in Section 7 of this Agreement) and any other written policies and procedures that we provide to you from time to time. You are not authorized to act as agent for us or for any Fund.
(b) You will offer and sell Shares to your Customers only at the public offering price as described in the Prospectus. If your customer qualifies for a reduced sales charge (such as a quantity discount or a letter of intent), you will offer and sell Shares to that customer at the reduced sales charge and upon request supply us with information so that we may establish qualification for the reduced sales charge, share class eligibility or other conditions related to such sale as set forth in the Prospectus. You will only recommend purchases of Shares of a share class that is suitable for each customer in light of his or her investment objectives and circumstances. You will deliver to a customer, at or prior to the completion of a purchase of Shares, a copy of the following: (i) the Fund’s current Prospectus (unless the Prospectus was delivered previously); (ii) to each customer who so requests, the Fund’s current statement of additional information (“SAI”); and (iii) other notices or disclosures as required by applicable law or that we may reasonably request.
(c) You will purchase Shares from us only to cover purchase orders that you already have received from Customers, or for your own bona fide investment. You will not withhold placing Customers’ orders so as to profit yourself.
(d) We will accept your purchase orders at the public offering price as determined in accordance with the Prospectus. We will not accept conditional orders for Shares. All purchase orders are subject to acceptance or rejection by us in our sole discretion. Without notice to you, we may suspend sales or withdraw the offering of Shares, or make a limited offering of Shares.
(e) You will purchase Shares from your Customers at their net asset value (“NAV”) as determined in accordance with the Prospectus. Shares of any Fund may be redeemed by sale thereof to the Fund or to us as agent for such Fund or by surrender of the share certificates to the Fund at the net asset value determined in accordance with the Prospectus, less any redemption fee, contingent defe...
Purchases and Redemptions of Shares. (a) Orders received from Servicer for the purchase of Shares shall be accepted by Distributor through Idex Investor Services, Inc. ("Transfer Agent"), only at the public offering price applicable to each order as set forth in the then current prospectus and statement of additional information (collectively, "Prospectus") of the applicable Fund. The procedure relating to the handling of orders shall be in accordance with oral or written instructions that Distributor, Transfer Agent or the Fund shall forward to Servicer from time to time. Payments for Shares ordered from Distributor must be received together with Servicer's order and shall be made as specified in the applicable Fund's Prospectus. If payment for any purchase order is not received in accordance with the terms of the applicable Fund's Prospectus, Distributor reserves the right, without notice, to cancel the sale and to hold Servicer responsible for any loss sustained as a result thereof. All orders are subject to acceptance or rejection, in their sole discretion, by Distributor, the Fund, or by the Transfer Agent acting on behalf of Distributor and the Fund, and orders shall be effective only upon confirmation by Distributor, the Fund, or the Transfer Agent. Servicer shall place orders for Shares in accordance with the minimum initial and subsequent purchase requirements as set forth in the Prospectus of the Fund. Distributor reserves the right in its discretion and without notice to Servicer to reject any purchase request, suspend sales, or withdraw the offering of Shares.
(b) Servicer shall in no event place orders for Shares unless it has already received purchase orders from Investors for such Shares at the applicable public offering price as set forth in the Prospectus of the applicable Fund and subject to the terms thereof. Servicer shall not offer or sell any Shares except under circumstances that will result in compliance with all applicable federal and state securities laws, and that in connection with sales and offers to sell Shares, Servicer shall furnish to each person to whom any such sale or offer is made, at or prior to the time of the offering or sale, a copy of the then current prospectus of the applicable Fund and, if requested, the then current statement of additional information of the Fund. Distributor shall supply Servicer with reasonable quantities of prospectuses, statements of additional information, supplemental sales literature, periodic reports and proxy solicitation...
Purchases and Redemptions of Shares. 6.1. Purchases and redemptions of Series I and Series II shares of a Participating Fund shall be at the net asset value therefore as described in the Trust's prospectus and statement of additional information.
6.2. Sales, redemptions and repurchases shall be effected directly by the transfer agent of the Trust, as such, according to the terms of the Trust's transfer agency agreement, and payment for shares shall be transmitted by the transfer agent directly to the Trust's custodian.
6.3. The Trust shall have the right to suspend the redemption of shares of any of its Participating Funds pursuant to the conditions set forth in its Prospectus and Statement of Additional Information. The Trust shall also have the right to suspend the sale of shares of any or all of its Funds at any time when it is authorized to suspend redemption of such shares. The Trustees of the Trust also may refuse to sell shares of any Fund to any person, or suspend or terminate the offering of shares of any Fund, if such action is required by law or by regulatory authorities having jurisdiction or is, in the sole discretion of the Trustees acting in good faith and in light of their fiduciary duties under federal and any applicable state laws, in the best interests of such Fund and its shareholders (including Variable Product owners).
6.4. The Trust will give the Series Distributor prompt notice of any such suspension and shall promptly furnish such other information in connection with the sale and redemption of Participating Fund shares as the Series Distributor reasonably requests.
6.5. Issuance and transfer of the Trust's shares will be by book entry only. Share certificates will not be issued. Shares ordered from the Trust will be recorded on the transfer records of the Trust in an appropriate title for each shareholder.
Purchases and Redemptions of Shares. All Purchase Orders and Redemption Orders shall be made in accordance with the terms of the Fund Documents and Schedule 2 hereto. Each party hereto agrees to comply with the provisions of such documents to the extent applicable to it. It is contemplated that the phone lines used in connection with the purchase and redemption of Creation Units, which includes use by representatives of the Distributor, Index Receipt Agent or the Trust and any affiliates thereof, will be recorded, and the Participant hereby consents to the recording of all calls in connection with the purchase and redemption of Creation Units. The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the Participant agrees to comply with such procedures as may be issued from time to time. The Participant acknowledges and agrees on behalf of itself and any party for which it may be acting that a Purchase Order or Redemption Order shall be irrevocable. The Participant may not cancel a Purchase Order or a Redemption Order after it is placed. The Funds (or the Distributor on behalf of the Funds) shall retain the right, without notice, to reject any Purchase Order or Redemption Order, or suspend transactions in Shares, in accordance with the terms of the Fund Documents.
Purchases and Redemptions of Shares a. Compliance with Terms of the Prospectus and this Agreement
Purchases and Redemptions of Shares