Common use of Refund Procedures Clause in Contracts

Refund Procedures. In the event that the Custodian is required under applicable provisions of Plan Documents to accept the return of the Plan and to reimburse to the Planholder all or a portion of the Planholder's payments made as specified in the Plan Documents for such Plan, the Custodian shall charge against the deposit account of the Sponsor in the banking department of the Custodian the amount of any such reimbursed payment in excess of the net asset value of Fund Shares purchased under such Plan; and, unless such return is elected within 45 days of the mailing of the notice described in Section 2(a)(iii) above, less the amount of any Custodian fees. In the event that such refund procedures are initiated with respect to the account of a Planholder, the Custodian shall inform the selling broker-dealer or in the absence of such, the Sponsor.

Refund Procedures. In the event that the Custodian is required under applicable provisions of Plan Documents to accept the return of the Plan and to reimburse to the Planholder all or a portion of the Planholder's his payments made as specified in the Plan Documents for such Plan, the Custodian shall charge against the deposit account of the Sponsor in the banking department of the Custodian the amount of any such reimbursed payment in excess of the net asset value of Fund Shares purchased under such Plan; and, unless such return is elected within 45 days of the mailing of the notice described in Section 2(a)(iii) above, less the amount of any Custodian fees. In the event that such refund procedures are initiated with respect to the account of a Planholder, the Custodian shall inform the selling broker-dealer or in the absence of such, the Sponsor.