Common use of Valuation of Accounts Clause in Contracts

Valuation of Accounts. The value of the LIRA for all purposes will be equal to the total market value of the investments held in the LIRA after deduction of any fees and expenses properly chargeable to the LIRA. The market value of the investments shall be established by the Trustee or its Agent as defined in the RSP, using market prices in accordance with the standards in general use in the securities industry from time to time. If a payment is made by the Trustee from the LIRA which is contrary to the provisions of this agreement or the Regulation, the Annuitant may, unless the payment is attributable to a false declaration by him/her, require that the Trustee pay him/her, as a penalty, a sum equal to the irregular payment.