Common use of Purchases and Redemptions of Shares Clause in Contracts

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.