Common use of Transmission of Instructions Clause in Contracts

Transmission of Instructions. The procedures to be followed for purchases, redemptions, and exchanges of shares of the Portfolios are as follows. On any given Business Day, the Company shall accept instructions in proper form from the Contract holders (collectively, “Instructions”) up to the Close of Trading, but in no event shall the Company accept Instructions that have been received by the Company or its designee after the Close of Trading on such Business Day (“Trade Date”). Instructions received in proper form by the Company after the Close of Trading on any Business Day shall be treated as if received on the next following Business Day. The Fund hereby appoints the Company as a designee of the Fund for the limited purpose of receipt of purchase and redemption orders on behalf of the Accounts for shares of the Portfolios listed on Schedule 1.1, and receipt by the Company as designee shall constitute receipt by the Fund; provided that the Fund receives notice of such order by the transmission deadlines described in this Section 1.1. “Close of Trading”