Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein. 10.2. This Agreement shall terminate in accordance with the following provisions: (a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties; (b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period; (c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice; (d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice; (e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust; (f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company; (g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust; (h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company; (i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company; (j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust; (k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and (l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice. 10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect. 10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 28 contracts
Sources: Fund Participation Agreement (Separate Account Va Bny), Fund Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account A), Fund Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account B)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 90 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten thirty days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten thirty days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except (i) as necessary to implement Variable Contract owner initiated transactions, or (ii) as required by state insurance laws or regulations, or (iii) as permitted by the SEC under Section 26 of the 1940 Act including in accordance with Commission Statements related thereto, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 15 contracts
Sources: Fund Participation Agreement (Ohio National Variable Account A), Fund Participation Agreement (Ohio National Variable Account A), Fund Participation Agreement (Ohio National Variable Account A)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserFund’s ability to meet and perform their respective the Fund’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Fund’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustFund’s shares Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustFund’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specificallyspecifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 12 contracts
Sources: Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Fund Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui)
Term Termination. 10.1X.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2X.2. This Agreement shall terminate in accordance with the following provisions:
(aA) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(bB) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(cC) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(dD) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(eE) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(fF) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(gG) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(hH) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(iI) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(jJ) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(kK) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lL) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3X.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4X.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 11 contracts
Sources: Fund Participation Agreement (Variable Annuity Account a of Protective Life), Fund Participation Agreement (Protective NY COLI VUL), Fund Participation Agreement (Variable Annuity Account a of Protective Life)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined in good faith by the Company. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 11 contracts
Sources: Fund Participation Agreement (Delaware Life Ny Variable Account D), Fund Participation Agreement (Delaware Life Ny Variable Account D), Fund Participation Agreement (Delaware Life Ny Variable Account C)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days' prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 10 contracts
Sources: Participation Agreement (Titanium Universal Life Variable Account), Fund Participation Agreement (National Variable Life Insurance Account), Fund Participation Agreement (Phlvic Variable Universal Life Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate pursuant to this Section 8.2(b) shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser N&B MANAGEMENT by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunderhereunder or N&B MANAGEMENT's ability to manage any Portfolio. Prompt notice of such election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is is' delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registeredregistered (unless an exemption from registration is available), issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) notice; At the option of LIFE COMPANY, with respect to a Portfolio, upon the Company vote of Variable Contract Owners and written approval of LIFE COMPANY to substitute shares of another investment company for the shares of any Portfolio in accordance with the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M terms of the Code or under any successor or similar provisionVariable Contracts, or if provided LIFE COMPANY has given TRUST forty-five (45) days' notice of the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trustdate of such substitution;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor MANAGERS TRUST and the AdviserN&B MANAGEMENT, termination shall be effective immediately upon such occurrence without notice;
(1) At the option of LIFE COMPANY if a Portfolio fails to satisfy the diversification requirements set forth in Section 2.7 hereof and does not cure such failure within the grace period afforded by Regulation 1.817-5. Termination shall be effective immediately upon notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, TRUST will continue to make available additional TRUST shares (limited to shares of the Trust shallPortfolios designated in Appendix B), as provided below, at the option of the Company, continue to make available additional Fund shares, as provided below, LIFE COMPANY for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects for TRUST to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser N&B MANAGEMENT whether the Company LIFE COMPANY elects for TRUST to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect. The parties agree that this Section 8.3 shall not apply to any terminations of this Agreement by the TRUST, MANAGERS TRUST or N&B MANAGEMENT pursuant to Sections 8.2(f),(h),(i) or (k) hereof.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 9 contracts
Sources: Fund Participation Agreement (Llany Separate Account S for Flexible Premium Variable Life Insurance), Fund Participation Agreement (Lincoln New York Account N for Variable Annuities), Fund Participation Agreement (Llany Separate Account S for Flexible Premium Variable Life Insurance)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate pursuant to this Section 8.2(b) shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser N&B MANAGEMENT by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunderhereunder or N&B MANAGEMENT's ability to manage any Portfolio. Prompt notice of such election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUSTs breach of any material provision of this Agreement, Agreement which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, Agreement which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registeredregistered (unless an exemption from registration is available), issued or sold in accordance with applicable federal and/or state law. Termination shall TERMINATION SHALL be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of LIFE COMPANY, with respect to a Portfolio, upon the Company vote of Variable Contract Owners and written approval of LIFE COMPANY to substitute shares of another investment company for the shares of any Portfolio in accordance with the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M terms of the Code or under any successor or similar provisionVariable Contracts, or if provided LIFE COMPANY has given TRUST forty-five (45) days' notice of the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trustdate of such substitution;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor MANAGERS TRUST and the AdviserN&B MANAGEMENT, termination shall be effective immediately upon such occurrence without notice;
(1) At the option of LIFE COMPANY if a Portfolio fails to satisfy the diversification requirements set forth in Section 2.7 hereof and does not cure such failure within the grace period afforded by Regulation 1.817-5. Termination shall be effective immediately upon notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, TRUST will continue to make available additional TRUST shares (limited to shares of the Trust shallPortfolios designated in Appendix B), as provided below, at the option of the Company, continue to make available additional Fund shares, as provided below, LIFE COMPANY for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects for TRUST to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser N&B MANAGEMENT whether the Company LIFE COMPANY elects for TRUST to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect. The parties agree that this Section 8.3 shall not apply to any terminations of this Agreement by the TRUST, MANAGERS TRUST or N&B MANAGEMENT pursuant to Sections 8.2(f),(h),(i) or (k) hereof.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 9 contracts
Sources: Fund Participation Agreement (Lincoln Life Variable Annuity Account Q), Fund Participation Agreement (Lincoln National Variable Annuity Acct L), Fund Participation Agreement (Lincoln National Variable Annuity Account C)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 7 contracts
Sources: Fund Participation Agreement (SBL Variable Annuity Account Xi), Fund Participation Agreement (Variable Annuity Account A), Fund Participation Agreement (SBL Variable Annuity Account Xiv)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the DistributorTRUST’s or the AdviserNB MANAGEMENT’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 6 contracts
Sources: Fund Participation Agreement (Pacific Select Exec Separate Account of Pacific Life & Annui), Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins), Fund Participation Agreement (Pacific Select Exec Separate Acct Pacific Life Ins)
Term Termination. 10.1. 9.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 9.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 9.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 6 contracts
Sources: Fund Participation and Service Agreement (Horace Mann Life Insurance Co Separate Account), Fund Participation Agreement (Allstate Life of New York Separate Account A), Fund Participation Agreement (Allstate Financial Advisors Separate Account I)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust FUND at any time from the date hereof upon 180 days’ six (6) months' prior written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund FUND shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust FUND makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser FUND by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s FUND's ability to meet and perform their respective FUND's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFUND, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s FUND's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust FUND with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s FUND's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust FUND if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust FUND reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s FUND's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustFUND;
(h) At the option of the TrustFUND, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust FUND within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustFUND, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustFUND, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, FUND and the ADVISER at the option of the Company, LIFE COMPANY shall continue to make available additional shares of the Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have the legal authority to do so, shall be permitted to reallocate investments investment in the TrustFUND, redeem investments in the Trust FUND and/or invest in the Trust FUND upon the payment making of additional premiums premium payments under the Existing Contracts. The parties agree that this Section 8.3 shall not apply to any terminations under Article V of this Agreement.
8.4 In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify FUND and ADVISER that it wishes to exercise the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effectoption afforded by Section 8.3 hereof.
10.4. 8.5 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulationsregulations or as permitted by order of the Securities and Exchange Commission, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust FUND of its intention to do so.
Appears in 6 contracts
Sources: Participation Agreement (Life of Virginia Separate Account 4), Participation Agreement (Life of Virginia Separate Account Ii), Participation Agreement (Life of Virginia Separate Account Iii)
Term Termination. 10.1. 9.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 9.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 9.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 5 contracts
Sources: Participation Agreement (Phoenix Life Variable Accumulation Account), Participation Agreement (Phoenix Life Variable Universal Life Account), Participation Agreement (Phoenix Life & Annuity Variable Universal Life Account)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, or 30 days’ notice in the event the substitutions contemplated by Section 10.4 are completed, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, or as otherwise provided in this section, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty five (305) days after the Company shall have notified the Trust of its intention to do so. The parties acknowledge and agree that the Company intends (but is not obligated) to “soft close” one or more of the Funds as of May 1, 2021 and to promptly seek and implement substitution of the Funds with other funds, pursuant to which it will redeem Contract owners’ investments in the Funds. The Trust, Distributor, and Advisor agree to facilitate such redemption pursuant to the terms of this Agreement and hereby waive prior notice of such transactions.
Appears in 4 contracts
Sources: Fund Participation Agreement (Principal Life Insurance Co Variable Life Separate Account), Fund Participation Agreement (Principal Life Insurance Co Separate Account B), Fund Participation Agreement (Principal Life Insurance Co Variable Life Sep Account)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ advance written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt written notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon receipt of written notice to the Trust;
(f) At Other than as a result of the Trust’s failure to satisfy the representations and warranties in Sections 2.6 and 2.7 of this Agreement, at the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of written notice by the Company;
(g) At the option of the Company, upon the Trust’s, Distributor’s or Adviser’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without receipt of written notice to by the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon written notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon written notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated or approved transactions, or to effect a substitution of Fund shares, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 4 contracts
Sources: Fund Participation Agreement (Farm Bureau Life Variable Account), Fund Participation Agreement (Farm Bureau Life Variable Account), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 9.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 9.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 9.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 4 contracts
Sources: Fund Participation Agreement (Lord Abbett Series Fund Inc), Fund Participation Agreement (Minnesota Life Variable Universal Life Account), Fund Participation Agreement (Mony Variable Account A)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 60 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor MANAGERS TRUST and the AdviserN&B MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and N&B MANAGEMENT, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 4 contracts
Sources: Participation Agreement (Reliastar Select Life Variable Account), Fund Participation Agreement (Select Life Variable Account), Fund Participation Agreement (Reliastar Bankers Security Life Insurance Co)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the DistributorTRUST’s or the AdviserNB MANAGEMENT’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 4 contracts
Sources: Fund Participation Agreement (Symetra SEPARATE ACCOUNT C), Fund Participation Agreement (Standard Insurance Co), Fund Participation Agreement (Standard Insurance Co)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Trust Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution institution of formal proceedings against the Trust, the Distributor or Adviser Trust by the SEC, FINRAthe National Association of Securities Dealers, Inc., FINRA or any other regulatory regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s 's ability to meet and perform their respective obligations the Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Trust’s 's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares 's Shares are not registeredregistered, issued or sold in accordance with applicable applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s 's breach of any material provision of this AgreementAgreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s 's breach of any material provision of this AgreementAgreement, which breach has not been cured to the satisfaction of the Trust within ten days after written advance notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, Company will continue to make available additional Fund sharesTrust Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). , unless the Distributor requests that the Company seek an order pursuant to Section 26(c) of the 1940 Act to permit the substitution of other securities for shares of the Portfolio(s) Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 4 contracts
Sources: Fund Participation Agreement (Allianz Life Variable Account B), Fund Participation Agreement (Allianz Life of Ny Variable Account C), Fund Participation Agreement (Allianz Life Variable Account B)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company COMPANY or the Trust FUND at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCOMPANY, if Fund FUND shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust FUND makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyCOMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser FUND by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s FUND's ability to meet and perform their respective FUND's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFUND, upon the institution of formal proceedings against the Company COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s FUND's reasonable judgment, materially impair the Company’s COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust FUND with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s FUND's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyCOMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust FUND if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust FUND reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyCOMPANY;
(g) At the option of the CompanyCOMPANY, upon the Trust’s FUND's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company COMPANY within ten days after written notice of such breach is delivered to the TrustFUND;
(h) At the option of the TrustFUND, upon the Company’s COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust FUND within ten days after written notice of such breach is delivered to the CompanyCOMPANY;
(i) At the option of the TrustFUND, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyCOMPANY, the TrustFUND, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, FUND at the option of the Company, COMPANY will continue to make available additional Fund FUND shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyCOMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFUND, redeem investments in the Trust FUND and/or invest in the Trust FUND upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 4 contracts
Sources: Fund Participation Agreement (Lord Abbett Series Fund Inc), Fund Participation Agreement (Great American Reserve Variable Annuity Account F), Fund Participation Agreement (Great American Reserve Insurance Co)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor MANAGERS TRUST and the AdviserN&B MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and N&B MANAGEMENT, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 4 contracts
Sources: Participation Agreement (United Companies Separate Account One), Participation Agreement (United Companies Separate Account One), Fund Participation Agreement (Sun Life of Canada U S Variable Account G)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserTRUST’s ability to meet and perform their respective TRUST’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days’ prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 3 contracts
Sources: Fund Participation Agreement (Separate Account I of Integrity Life Insurance Co), Fund Participation Agreement (Separate Account I of National Integrity Life Ins Co), Fund Participation Agreement (Separate Account I of National Integrity Life Ins Co)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate be effective as of the date hereof and shall continue in force until terminated in accordance with the following provisions:provisions herein.
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l1) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the the.Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 3 contracts
Sources: Fund Participation Agreement (Aul American Individual Unit Trust), Fund Participation Agreement (Aul American Individual Variable Annuity Unit Trust), Fund Participation Agreement (Aul American Individual Variable Life Unit Trust)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 3 contracts
Sources: Fund Participation Agreement (Mutual of America Separate Account No 2), Fund Participation Agreement (Mutual of America Separate Account No 2), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Corporation at any time from the date hereof upon 180 days’ ninety (90) days written notice, unless a shorter time is agreed to by the partiesparties or a longer time is required by law or regulation, including the need to obtain an order from the SEC;
(b) At the option of the Company or the TrustCompany, if Fund shares Portfolio Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust a Portfolio makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Corporation by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserCorporation’s ability to meet and perform their respective the Corporation’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserCorporation, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Corporation’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Corporation with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Portfolio Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Corporation if the Variable Contracts cease to qualify as life insurance, endowment or annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Corporation reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustCorporation’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the TrustCorporation;
(h) At the option of the TrustCorporation, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Corporation within ten days after written advance notice of such breach is delivered to the Company;
(i) At the option of the TrustCorporation, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lii) In the event this Agreement is assigned without the prior written consent of the Company, the TrustCorporation, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, a Corporation at the its option of the Company, will continue to allow the Separate Accounts to invest in the Portfolios and make available additional Fund sharesPortfolio Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company Corporation so elects to allow the Separate Accounts to invest in the Portfolios and make available additional Fund shares availablePortfolio Shares under such circumstances, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust Portfolios and/or invest in the Trust Portfolios upon the payment of additional premiums under the Existing Contracts. In If the event of a termination of this AgreementCorporation elects not to allow the Separate Accounts to invest in the Portfolios or make available additional Portfolio Shares under such circumstances, the Company, Company agrees that it shall take all necessary steps to fully redeem the Separate Accounts’ investment in Portfolio Shares and cease new investment in the Portfolios by the Separate Accounts as promptly as is practicable under practicable, and in no event later than sixth months from the circumstancesdate of termination or later notice from the Corporation. This date shall be extended if, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after within such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulationssix-month period, the Company shall not redeem the shares attributable has applied to the Variable Contracts (SEC for a substitution order until such time as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do soSEC issue issues such an order.
Appears in 3 contracts
Sources: Fund Participation Agreement (Mutual of America Separate Account No 2), Fund Participation Agreement (Mutual of America Separate Account No 2), Fund Participation Agreement (Mutual of America Separate Account No 3)
Term Termination. 10.123.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.223.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.323.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.423.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 3 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Pruco Life Flexible Premium Variable Annuity Account), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Corporation at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Portfolio Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust a Portfolio makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Corporation by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserCorporation’s ability to meet and perform their respective the Corporation’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserCorporation, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Corporation’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Corporation with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Portfolio Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Corporation if the Variable Contracts cease to qualify as life insurance, endowment or annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Corporation reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustCorporation’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the TrustCorporation;
(h) At the option of the TrustCorporation, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Corporation within ten days after written advance notice of such breach is delivered to the Company;
(i) At the option of the TrustCorporation, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustCorporation, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, a Corporation at the its option of the Company, will continue to allow the Separate Accounts to invest in the Portfolios and make available additional Fund sharesPortfolio Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company Corporation so elects to allow the Separate Accounts to invest in the Portfolios and make available additional Fund shares availablePortfolio Shares under such circumstances, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust Portfolios and/or invest in the Trust Portfolios upon the payment of additional premiums under the Existing Contracts. In If the event of a termination of this AgreementCorporation elects not to allow the Separate Accounts to invest in the Portfolios or make available additional Portfolio Shares under such circumstances, the Company, Company agrees that it shall take all necessary steps to fully redeem the Separate Accounts’ investment in Portfolio Shares and cease new investment in the Portfolios by the Separate Accounts as promptly as is practicable under practicable, and in no event later than sixth months from the circumstancesdate of termination or later notice from the Corporation. This date shall be extended if, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after within such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulationssix-month period, the Company shall not redeem the shares attributable has applied to the Variable Contracts (SEC for a substitution order until such time as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do soSEC issue issues such an order.
Appears in 3 contracts
Sources: Fund Participation Agreement (PHL Variable Accumulation Account), Fund Participation Agreement (Nassau Life Variable Universal Life Account), Fund Participation Agreement (Nassau Life Variable Accumulation Account)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
(j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Life Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.
Appears in 3 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 90 days’ ' written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor Distributor, or Adviser by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment judgment, or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's, or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor Distributor, or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued issued, or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued issued, or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
(j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Life Company, the Trust, the Distributor Distributor, and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor Distributor, and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Corporate Sponsored Vul Separate Account I), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein. In the event that the termination does not apply to the entire Agreement, any notice of termination shall specify the Fund(s), Variable Contracts, and, if applicable, the Accounts to which the Agreement is to be terminated.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Trust, for cause or for no cause, at any time from the date hereof upon 180 120 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) At the option of the Fund, the Distributor or the Adviser by written notice to the Company, if any one or all of the Fund, the Distributor or the Adviser respectively, shall determine, in their sole judgment exercised in good faith, that the Company has suffered a material adverse change in its business, operations, financial condition, or prospects since the date of this Agreement.
(m) At the option of the Company by written notice to the Fund, the Distributor or the Adviser, if the Company shall determine, in its sole judgment exercised in good faith, that the Fund, the Distributor or the Adviser has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement.
(n) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Massachusetts Mutual Variable Life Separate Account I)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY’S reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST’S or the Adviser’s NB MANAGEMENT’S ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST’S reasonable judgment, materially impair the Company’s LIFE COMPANY’S ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST’S shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST’S breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY’S breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Principal Life Insurance Co Separate Account B), Fund Participation Agreement (Principal Life Insurance Co Variable Life Sep Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Life Variable Annuity Account N), Fund Participation Agreement (Lincoln New York Account N for Variable Annuities)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company Society or the Trust at any time from the date hereof upon 180 days’ advance written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustSociety, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt written notice of election to terminate shall be furnished by the CompanySociety. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the CompanySociety, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanySociety’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by the Company Society with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company Society by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the CompanySociety’s ability to meet and perform its obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the CompanySociety, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanySociety. Termination shall be effective immediately upon receipt of written notice to the Trust;
(f) At Other than as a result of the Trust’s failure to satisfy the representations and warranties in Sections 2.6 and 2.7 of this Agreement, at the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of written notice by the CompanySociety;
(g) At the option of the CompanySociety, upon the Trust’s, Distributor’s or Adviser’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company Society within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the CompanySociety’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the CompanySociety;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without receipt of written notice to by the CompanySociety;
(j) At the option of the Company Society in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company Society reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon written notice to the Trust;
(k) At the option of the Company Society in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company Society reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the CompanySociety, continue to make available additional Fund shares, as provided below, for so long as the Company Society desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company Society so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanySociety, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the CompanySociety, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company Society elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated or approved transactions, effect a substitution of Fund shares, or as required by state insurance laws or regulations, the Company Society shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanySociety’s assets held in the Separate Accounts Account or invested directly), and the Company Society shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company Society shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Modern Woodmen of America Variable Annuity Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ one hundred eighty (180) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, Fund or the Distributor or Adviser by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, Fund's or the Distributor’s or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's and/or Distributor's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Genworth Life & Annuity VA Separate Account 1), Fund Participation Agreement (Genworth Life & Annuity VA Separate Account 3)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registeredregistered (in the absence of an available exemption), issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 9.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated terminated, as to the Fund or any Portfolio, in accordance with the provisions herein.
10.2. 9.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 9.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Fs Variable Separate Account), Fund Participation Agreement (Fs Variable Separate Account)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
(j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Life Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Variable Account I of AGL of Delaware), Fund Participation Agreement (Variable Account a American Intl Life Assur Co of New York)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' written notice, as provided in Article IX- Notices, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts Account B or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (American Fidelity Separate Account B), Fund Participation Agreement (American Fidelity Separate Account C)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 60 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten (10) days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-said ten (10) day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser DISTRIBUTOR by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s DISTRIBUTOR ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon ten (10) days after receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon ten (10) days after receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon ten (10) days after notice to the TrustTRUST;
(f) At the option of the Trust TRUST, if the Variable Contracts cease to qualify as annuity contracts or life insurance contractspolicies, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon ten (10) days after receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten (10) days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten (10) days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without ten (10) days after notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY, in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company regulated investment company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon ten (10) days after notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY, in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon ten (10) days after notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the Trust, the Distributor TRUST and the AdviserDISTRIBUTOR, termination shall be effective immediately upon ten (10) days after such occurrence without notice.; and
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at (m) At the option of the CompanyLIFE COMPANY, continue to make available additional Fund shares, as provided below, it may substitute shares of another investment company or series thereof for so long as shares of the Company desires pursuant to TRUST in accordance with the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) provided that the LIFE COMPANY has given at least forty-five days after prior written notice to the Company shall have notified TRUST of the Trust date of its intention to do sosubstitution.
Appears in 2 contracts
Sources: Fund Participation Agreement (Cuna Mutual Variable Annuity Account), Fund Participation Agreement (Ultra Series Fund)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser ADVISER or any sub-adviser by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, after affording TRUST and ADVISER reasonable opportunity for consultation with LIFE COMPANY, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder, or result in material harm to the Separate Accounts, LIFE COMPANY, or owners of Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor TRUST or the AdviserADVISER, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's or ADVISER's reasonable judgment, after affording LIFE COMPANY reasonable opportunity for consultation with TRUST and ADVISER, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon TRUST's or ADVISER's breach of any material provision of this Agreement, which breach has not been cured to the Trust’s reasonable satisfaction of LIFE COMPANY within ten days after written notice of such breach is delivered to TRUST;
(h) At the option of TRUST or ADVISER, upon LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company TRUST within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST or ADVISER, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of LIFE COMPANY, upon 75 days written notice of a vote of Variable Contract owners having an interest in a Portfolio and upon written approval of LIFE COMPANY, to substitute the Company shares of another investment company for the corresponding shares of a Portfolio in accordance with the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M terms of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the TrustVariable Contracts;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the LIFE COMPANY'S option of the Company, shall continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make TRUST makes additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln National Variable Annuity Account C), Fund Participation Agreement (Lincoln National Variable Annuity Account C)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST'S or MANAGERS TRUST'S breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST or MANAGERS TRUST, as appropriate;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor MANAGERS TRUST and the AdviserN&B MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and N&B MANAGEMENT, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.48.4 If this Agreement is terminated as to any Portfolio by the TRUST pursuant to Section 8.2(a), N&B Management will reimburse LIFE COMPANY for its reasonable costs and expenses in substituting shares of another investment portfolio for the affected Portfolio, or otherwise terminating the participation of the Variable Contracts in such Portfolio. The costs associated with such may include such expenditures as (1) outside counsel fees related to obtaining an exemption order from the SEC and (2) drafting, printing, and mailing costs of the necessary notification forms to be mailed to affected contract holders.
8.5 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Conseco Variable Annuity Account E), Fund Participation Agreement (Great American Reserve Insurance Co)
Term Termination. 10.1. a. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. b. This Agreement shall terminate in accordance with the following provisions:
(a) i. At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) ii. At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) iii. At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) iv. At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) v. At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) vi. At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) vii. At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) viii. At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) ix. At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) x. At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) xi. At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) xii. In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. c. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. d. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Prudential Variable Contract Account Gi-2), Fund Participation Agreement (Symetra SEPARATE ACCOUNT C)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRA, or any other regulatory regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective obligations the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registeredregistered, issued or sold in accordance with applicable applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this AgreementAgreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this AgreementAgreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a .
10.4 Notwithstanding any termination of this Agreement, each party’s obligation under Article IX to indemnify the Company, as promptly as is practicable under the circumstances, other parties shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effectsurvive.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Variable Annuity Account A), Fund Participation Agreement (SBL Variable Annuity Account Xiv)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 60 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten (10) days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-said ten (10) day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser DISTRIBUTOR by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the DistributorTRUST’s or the Adviser’s DISTRIBUTOR ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon ten (10) days after receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon ten (10) days after receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon ten (10) days after notice to the TrustTRUST;
(f) At the option of the Trust TRUST, if the Variable Contracts cease to qualify as annuity contracts or life insurance contractspolicies, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon ten (10) days after receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten (10) days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten (10) days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without ten (10) days after notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY, in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon ten (10) days after notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY, in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon ten (10) days after notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the Trust, the Distributor TRUST and the AdviserDISTRIBUTOR, termination shall be effective immediately upon ten (10) days after such occurrence without notice; and
(m) At the option of the LIFE COMPANY, it may substitute shares of another investment company or series thereof for shares of the TRUST in accordance with the terms of the Variable Contracts, provided that the LIFE COMPANY has given at least forty-five days prior written notice to the TRUST of the date of substitution.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser DISTRIBUTOR whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Phoenix Life Variable Accumulation Account), Fund Participation Agreement (Phoenix Life & Annuity Variable Universal Life Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Corporation at any time from the date hereof upon 180 days’ sixty (60) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Portfolio Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust a Portfolio makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Corporation by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserCorporation’s ability to meet and perform their respective the Corporation’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserCorporation, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Corporation’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Corporation with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Portfolio Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Corporation if the Variable Contracts cease to qualify as life insurance, endowment or annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Corporation reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustCorporation’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the TrustCorporation;
(h) At the option of the TrustCorporation, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Corporation within ten days after written advance notice of such breach is delivered to the Company;
(i) At the option of the TrustCorporation, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lii) In the event this Agreement is assigned without the prior written consent of the Company, the TrustCorporation, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, a Corporation at the its option of the Company, will continue to allow the Separate Accounts to invest in the Portfolios and make available additional Fund sharesPortfolio Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company Corporation so elects to allow the Separate Accounts to invest in the Portfolios and make available additional Fund shares availablePortfolio Shares under such circumstances, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust Portfolios and/or invest in the Trust Portfolios upon the payment of additional premiums under the Existing Contracts. In If the event of a termination of this AgreementCorporation elects not to allow the Separate Accounts to invest in the Portfolios or make available additional Portfolio Shares under such circumstances, the Company, Company agrees that it shall take all necessary steps to fully redeem the Separate Accounts’ investment in Portfolio Shares and cease new investment in the Portfolios by the Separate Accounts as promptly as is practicable under practicable, and in no event later than sixth months from the circumstancesdate of termination or later notice from the Corporation. This date shall be extended if, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after within such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulationssix-month period, the Company shall not redeem the shares attributable has applied to the Variable Contracts (SEC for a substitution order until such time as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do soSEC issue issues such an order.
Appears in 2 contracts
Sources: Fund Participation Agreement (Pruco Life of New Jersey Variable Appreciable Account), Fund Participation Agreement (Pruco Life Variable Universal Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Corporation at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Portfolio Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust a Portfolio makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Corporation by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserCorporation’s ability to meet and perform their respective the Corporation’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserCorporation, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Corporation’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Corporation with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Portfolio Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Corporation if the Variable Contracts cease to qualify as life insurance, endowment or annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Corporation reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustCorporation’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten thirty (30) days after written advance notice of such breach is delivered to the TrustCorporation;
(h) At the option of the TrustCorporation, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Corporation within ten thirty (30) days after written advance notice of such breach is delivered to the Company;
(i) At the option of the TrustCorporation, if the Variable Contracts are not registeredregistered or exempt from registration, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lii) In the event this Agreement is assigned without the prior written consent of the Company, the TrustCorporation, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, a Corporation at the its option of the Company, will continue to allow the Separate Accounts to invest in the Portfolios and make available additional Fund sharesPortfolio Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company Corporation so elects to allow the Separate Accounts to invest in the Portfolios and make available additional Fund shares availablePortfolio Shares under such circumstances, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust Portfolios and/or invest in the Trust Portfolios upon the payment of additional premiums under the Existing Contracts. In If the event of a termination of this AgreementCorporation elects not to allow the Separate Accounts to invest in the Portfolios or make available additional Portfolio Shares under such circumstances, the Company, Company agrees that it shall take all necessary steps to fully redeem the Separate Accounts’ investment in Portfolio Shares and cease new investment in the Portfolios by the Separate Accounts as promptly as is practicable under practicable, and in no event later than sixth months from the circumstancesdate of termination or later notice from the Corporation. This date shall be extended if, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after within such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulationssix-month period, the Company shall not redeem the shares attributable has applied to the Variable Contracts (SEC for a substitution order until such time as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do soSEC issue issues such an order.
Appears in 2 contracts
Sources: Fund Participation Agreement (Protective Variable Annuity Separate Account), Fund Participation Agreement (Protective Variable Annuity Separate Account)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
(j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;; and
(k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Riversource Variable Annuity Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of LIFE COMPANY or TRUST, with respect to some or all of the Company or the Trust Portfolios, at any time from the date hereof upon 180 days’ notice60 days advance written notice to the other parties, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund Portfolio shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY; provided that such termination shall apply only to the Portfolio whose shares are not reasonably available;
(c) At the option of LIFE COMPANY, if LIFE COMPANY shall determine, in its sole judgment exercised in good faith, that either TRUST or NB MANAGEMENT has suffered a material adverse change in its business, operations, financial condition or prospects since the date of this Agreement, or is subject to material adverse publicity. Prompt written notice of election to terminate shall be furnished by the Company. The LIFE COMPANY with said termination will to be effective ten days after upon receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day periodwritten notice;
(cd) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the DistributorTRUST’s or the AdviserNB MANAGEMENT’s ability to meet and perform their respective obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of written notice;
(de) At the option of TRUST, if TRUST shall determine, in its sole judgment exercised in good faith, that LIFE COMPANY has suffered a material adverse change in its business, operations, financial condition or prospects since the Trustdate of this Agreement, or is subject to material adverse publicity. Prompt written notice of election to terminate shall be furnished by TRUST with said termination to be effective upon receipt of written notice;
(f) At the Distributor or the Adviseroption of TRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of written notice;
(eg) At the option of the CompanyLIFE COMPANY, in the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon written notice to the TrustTRUST;
(fh) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may will fail to so qualify, where such failure to qualify is not attributable to any action or absence of action on the part of TRUST or NB MANAGEMENT. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(gi) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(hj) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(ik) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(jl) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(km) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II IT hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(ln) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice, unless the party whose rights were not assigned elects to continue the Agreement.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the all applicable provisions of this Agreement shall remain in effecteffect until such time as the LIFE COMPANY elects to discontinue the availability of TRUST shares under the Variable Contracts.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactionstransactions or other transactions described in the prospectus or offering memorandum for the Variable Contracts, or as required by state insurance laws or regulations, or other applicable legal precedent, or as necessary to effect a substitution (including but not limited to, a substitution permitted by the Company SEC pursuant to Section 26(c) of the ‘40 Act), LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
8.5 In the event that the Agreement is terminated pursuant to Section 8.2(b), 8.2(c), 8.2(d), 8.2(g), 8.2(i), 8.2(1), or 8.2(m) or TRUST chooses to liquidate or liquidate a Portfolio, TRUST shall reimburse LIFE COMPANY for all expenses that LIFE COMPANY reasonably incurs in connection with the substitution of shares of another investment company or companies for the shares of the Portfolio(s) as to which the Agreement has been terminated.
Appears in 2 contracts
Sources: Fund Participation Agreement (Northwestern Mutual Variable Life Account II), Fund Participation Agreement (NML Variable Annuity Account A)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, the FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, the FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
(j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Life Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust), Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserWPG, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and WPG, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Great American Reserve Variable Annuity Account G), Fund Participation Agreement (Great American Reserve Insurance Co)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY, TRUST or the Trust NBMI at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST or makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NBMI by the SEC, FINRASEC or the NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor TRUST or the AdviserNBMI, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, LIFE COMPANY in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST or NBMI if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST or NBMI, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST or NBMI, as appropriate, within ten thirty days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST or NBMI, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the Trust, the Distributor TRUST and the AdviserNBMI, termination shall be effective immediately upon such occurrence without notice;
(k) At the option of LIFE COMPANY if a Portfolio fails to satisfy the diversification requirements set forth in Section 2.7 hereof and such failure is not cured within the grace period afforded by Regulation 1.817-5, or if a Portfolio fails to qualify as a "regulated investment company" pursuant to the requirements set forth in Section 2.8. Termination shall be effective immediately upon notice;
(l) At the option of LIFE COMPANY if (i) LIFE COMPANY shall determine, in its sole judgment reasonably exercised in good faith, that NBMI or TRUST has suffered a material adverse change in its business or financial condition or is the subject of material adverse publicity and that material adverse change or publicity will have a material adverse impact on NBMI's or TRUST's ability to perform its obligations under this Agreement, (ii) LIFE COMPANY notifies NBMI or TRUST, as appropriate, of that determination and its intent to terminate this Agreement, and (iii) after considering the circumstances since the giving of --- such a notice, the determination of LIFE COMPANY shall continue to apply on the sixtieth (60th) day following the giving of that notice, which sixtieth day shall be the effective date of termination;
(m) At the option of TRUST or NBMI if (i) TRUST or NBMI shall determine, in its sole judgment reasonably exercised in good faith, that LIFE COMPANY has suffered a material adverse change in its business or financial condition or is the subject of material adverse publicity and that material adverse change or publicity will have a material adverse impact on LIFE COMPANY's ability to perform its obligations under this Agreement, (ii) TRUST or NBMI, as appropriate, notifies LIFE COMPANY of that determination and its intent to terminate this Agreement, and (iii) after considering the circumstances since the giving of such --- a notice, the determination of TRUST or NBMI, as appropriate, shall continue to apply on the sixtieth (60th) day following the giving of that notice, which sixtieth day shall be the effective date of termination.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, TRUST will continue to make available additional TRUST shares (limited to shares of the Trust shallPortfolios designated in Appendix B), as provided below, at the option of the Company, continue to make available additional Fund shares, as provided below, LIFE COMPANY for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects for TRUST to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NBMI whether the Company LIFE COMPANY elects for TRUST to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect. The parties agree that this Section 8.3 shall not apply to any terminations of this Agreement by the TRUST or NBMI pursuant to Sections 8.2(f),(h),(i), (j) or (m) hereof.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
8.5 Notwithstanding any termination of this Agreement, each party's obligations under Article VII to indemnify other parties shall survive and not be affected by any termination of this Agreement. In addition, with respect to existing Variable Contracts, all provisions of this Agreement shall also survive and not be affected by any termination of this Agreement.
Appears in 2 contracts
Sources: Fund Participation Agreement (Variable Annuity I Ser Acc of Fir GRT West Li & Annu Ins Co), Fund Participation Agreement (Variable Annuity 1 Series Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserFund’s ability to meet and perform their respective the Fund’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Fund’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustFund’s shares Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustFund’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue for a period of six (6) months following termination to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (COLI VUL-2 Series Account of Great-West Life & Annuity Insurance Co of New York), Fund Participation Agreement (Coli Vul 2 Series Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-said ten- day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST'S reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days' prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Phoenix Life Variable Universal Life Account), Fund Participation Agreement (Phoenix Life & Annuity Variable Universal Life Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and NB MANAGEMENT, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (First Penn Pacific Variable Life Insurance Separate Account), Fund Participation Agreement (Usl Separate Account Usl Vl-R)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the CompanyLIFE COMPANY’s reasonable judgment, materially impair the Trust’s, the DistributorTRUST’s or the AdviserNB MANAGEMENT’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the CompanyLIFE COMPANY’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the TrustTRUST’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the CompanyLIFE COMPANY’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the CompanyLIFE COMPANY’s assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Prudential Variable Contract Account Gi-2), Participation Agreement (Prudential Variable Contract Account Gi-2)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 ninety (90) days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Principal Life Insurance Co Variable Life Sep Account), Fund Participation Agreement (Principal National Life Insurance Co Variable Life Separate Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Trust Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Trust by the SEC, FINRAthe National Association of Securities Dealers, Inc., FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s 's ability to meet and perform their respective the Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Trust’s 's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s shares 's Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written advance notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lii) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, Company will continue to make available additional Fund sharesTrust Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). , unless the Distributor requests that the Company seek an order pursuant to Section 26(c) of the 1940 Act to permit the substitution of other securities for shares of the Portfolio(s) Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 2 contracts
Sources: Fund Participation Agreement (Lincoln New York Account N for Variable Annuities), Fund Participation Agreement (Lincoln Life Variable Annuity Account N)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;.
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Variable Annuity Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, LIFE COMPANY and TRUST at the their mutually agreed upon option of the Company, may elect to continue to make available have additional Fund TRUST shares, as provided below, for so long as the Company desires made available pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares availablesuch election is made, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyLIFE COMPANY or TRUST, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company otherwhether LIFE COMPANY or TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon ninety (90) days' prior written notice to the other party.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Benefit Life Variable Life Account)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Trust Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company, provided, however, that such termination shall apply only to the Portfolio(s) not reasonably available. Prompt advance notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Trust by the SEC, FINRAthe National Association of Securities Dealers, Inc., FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s 's ability to meet and perform their respective the Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Trust’s 's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(gf) At the option of the Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written advance notice of such breach is delivered to the Trust;
(hg) At the option of the Trust, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written advance notice of such breach is delivered to the Company;
(ih) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, Company will continue to make available additional Fund sharesTrust Shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"), unless the Distributor requests that the Company seek an order pursuant to Section 26(c) of the 1940 Act to permit the substitution of other securities for shares of the Portfolio(s) in the event of Section 10.2 (d), 10.2 (e), 10.2 (g), or 10.2 (h). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolio(s), redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Symetra Resource Variable Account B)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's or ADVISER'S breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, TRUST will at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser TRUST whether the Company LIFE COMPANY elects to continue to make Fund have shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon sixty (60) days' prior written notice to the other party.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (FSL Separate Account M)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, LIFE COMPANY and TRUST at the their mutually agreed upon option of the Company, may elect to continue to make available have additional Fund TRUST shares, as provided below, for so long as the Company desires made available pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares availablesuch election is made, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyLIFE COMPANY or TRUST, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser other whether the Company LIFE COMPANY or TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon ninety (90) days' prior written notice to the other party.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Participation Agreement (Allstate Life of N Y Var Life Sep Acct A)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 sixty (60) days’ notice, unless a shorter time is agreed to by the parties;
(b) On January 1, 2022 if Company is unable to meet requirements as set forth in Section 1.7(c), above.
(c) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(cd) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(de) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(ef) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(fg) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(gh) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(hi) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(ij) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(jk) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(kl) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(lm) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 60 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser DISTRIBUTOR by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s DISTRIBUTOR ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon ten (10) days after receipt of notice;
(dc) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRA, FINRA or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon ten (10) days after receipt of notice;
(ed) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyPLANS. Termination shall be effective immediately upon ten (10) days after notice to TRUST;
(e) At the Trustoption of TRUST, if the PLANS cease to qualify as retirement plans under the Code. Termination shall be effective ten (10) days after receipt of notice by LIFE COMPANY;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten (10) days after written notice of such breach is delivered to the TrustTRUST;
(hg) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten (10) days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(ih) At the option of the TrustLIFE COMPANY, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company regulated investment company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon ten (10) days after notice to the TrustTRUST;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(li) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the Trust, the Distributor TRUST and the AdviserDISTRIBUTOR, termination shall be effective immediately upon ten (10) days after such occurrence without notice.; and
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at (j) At the option of the CompanyLIFE COMPANY, continue to make available additional Fund sharesit may substitute shares of another investment company or series thereof for shares of the TRUST in accordance with the terms of the PLANS, as provided below, for so long as that the Company desires pursuant LIFE COMPANY has given at least forty-five days prior written notice to the terms and conditions TRUST of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effectsubstitution.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANIES or the Trust TRUST at any time from the date hereof upon 180 90 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANIES, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANIES. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANIES, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANIES, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANIES’ reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserTRUST’s ability to meet and perform their respective TRUST’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANIES with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANIES and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the Company’s LIFE COMPANIES’ ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualifyLIFE COMPANIES. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.;
Appears in 1 contract
Sources: Fund Participation Agreement (Massachusetts Mutual Variable Life Separate Account I)
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Life Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Life Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, the FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Life Company by the SEC, the FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Life Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Life Company;
; (j) At the option of the Life Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Life Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
; (k) At the option of the Life Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Life Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
and (l) In the event this Agreement is assigned without the prior written consent of the Life Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the Life Company, continue to make available additional Fund shares, as provided below, for so long as the Life Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Life Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Life Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Life Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directly), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Life Company shall have notified the Trust of its intention to do so.. 988998/1 - 15 -
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant Agreement, subject to Section 10.2 hereofthis provision, the Trust shallTRUST will, at the option of the Company, LIFE COMPANY continue to make available additional Fund TRUST shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST (as in effect on such date), redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment making of additional premiums purchase payments under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY shall notify TRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser circumstances whether the Company LIFE COMPANY elects to continue have TRUST shares continued to make Fund shares be made available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement as so continued pursuant to this Section 8.3, upon ninety (90) days' prior written notice to the other party. The parties agree that this Section 8.3 will not apply (a) to any terminations under Article V or (b) terminations required as a result of the TRUST no longer being authorized under applicable law to make shares available. In addition, notwithstanding this Section 8.3, the parties recognize the absolute right of the TRUST to close a Portfolio on 180 days advance written notice to LIFE COMPANY.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, or as permitted by an order of the Company SEC pursuant to section 26(b) of the '40 Act, LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
8.5 The representations and warranties contained in Article II of this Agreement shall survive the termination of this Agreement.
Appears in 1 contract
Sources: Participation Agreement (First Variable Annuity Fund E)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, the FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserFund’s ability to meet and perform their respective the Fund’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Fund’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustFund’s shares Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustFund’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Jefferson National Life of New York Annuity Account 1)
Term Termination. 10.1. 9.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 9.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ six (6) months notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserFund’s ability to meet and perform their respective Fund’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustFund’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustFund’s shares Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustFund’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 9.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Variable Annuity Account a of Protective Life)
Term Termination. 10.19.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.29.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without receipt of notice to by the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.39.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.49.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Cg Corporate Insurance Variable Life Separate Account 2)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten (10) days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten (10) days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten (10) days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company regulated investment company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article Articles II and III hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANIES or the Trust TRUST at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANIES, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANIES. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANIES, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANIES, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANIES' reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANIES with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANIES and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANIES' ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANIES. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by LIFE COMPANIES, [unless LIFE COMPANIES can meet the Companyqualifications under the Code within a reasonable period of time];
(g) At the option of the CompanyLIFE COMPANIES, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANIES within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANIES' breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANIES;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANIES, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for except all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, parties hereto shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of assign this Agreement or any interest thereof to their ultimate parent holding company and any affiliate or subsidiary thereof, upon written notice but without obtaining the consent of the other parties. All assignees shall remain in effectbe appropriately licensed and comply with all applicable securities and insurance laws and regulations.
10.4. 8.3 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANIES shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANIES' assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANIES shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANIES shall have notified the Trust TRUST of its intention to do so.]
Appears in 1 contract
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company NATIONWIDE or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustNATIONWIDE, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by NATIONWIDE. Prompt notice of election to terminate shall be furnished by the Company. The NATIONWIDE, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyNATIONWIDE, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s NATIONWIDE's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company NATIONWIDE with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company NATIONWIDE and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s NATIONWIDE's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyNATIONWIDE. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyNATIONWIDE;
(g) At the option of the CompanyNATIONWIDE, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company NATIONWIDE within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s NATIONWIDE's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyNATIONWIDE;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyNATIONWIDE, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyNATIONWIDE, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser NATIONWIDE whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or NATIONWIDE may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days' prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company NATIONWIDE shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s NATIONWIDE's assets held in the Separate Accounts or invested directlyAccounts), and the Company NATIONWIDE shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company NATIONWIDE shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Nationwide Vli Separate Account 4)
Term Termination. 10.1. This Agreement shall be effective as commence on the Effective Date, subject to the approval of the date hereof Study by the State Institute for Drug Control, the Multicentric Ethics Committee and the Local Ethics Committee, and shall continue in force until terminated in accordance the Study has been completed at the Institution with an approximate timeframe of xxxxx. Copies will be filed at the Institution by the Investigator with the provisions herein.
10.2Study conduct documentation. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust may be terminated by Sponsor at any time from the date hereof and for any reason upon 180 days’ thirty (30) days written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of written notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued party for health or sold in accordance with applicable federal and/or state lawsafety reasons. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on Upon the effective date of termination of this Agreement (“Existing Contracts”)Agreement, an accounting shall be conducted by the Sponsor, subject to verification by Investigator and Institution shall issue the invoice based on this accounting. SpecificallyFollowing ▇▇▇▇▇▇▇’s receipt of adequate invoice, without limitationSponsor will pay for: all services properly rendered and monies properly expended by the Institution, if through the Company so elects effective date of termination which have not yet been paid by Sponsor; and non-cancelable obligations properly incurred for the Study by the Institution prior to make additional Fund shares availablereceipt of notice of termination. If the Institution has been paid any amounts which have not been earned hereunder as of the date of termination, the owners Institution shall promptly return to Sponsor all such unearned funds within 45 days from the receipt of notification. Immediately upon receipt of a notice of termination, the Existing Contracts Institution shall ensure the Investigator stops screening and enrolling subjects into the Study and, as directed by ▇▇▇▇▇▇▇, cease conducting Study procedures on subjects already enrolled in the Study, to the extent medically permissible, and cease, to the extent reasonably feasible, from incurring any additional Study expenses. The Institution is entitled to terminate this Agreement by written notice to the Sponsor, in case that PRA or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment Sponsor has seriously breached any of additional premiums its assurances or obligations under the Existing Contracts. In the event of a termination of this Agreement, unless such breach is remedied within sixty (60) days of receipt of the Company, as promptly as notification. If the Institution or the Investigator reasonably assumes that there is practicable under an immediate safety risk to the circumstances, shall notify the TrustStudy subjects, the Distributor Institution may temporarily suspend the Study and promptly notify PRA or the Adviser whether Sponsor of this safety threat to the Company elects to continue to make Fund shares available after Study subjects and also provide the details and documentation required by Sponsor. If, within sixty (60) days of such termination. If Fund shares continue to be made available after such terminationInstitution´s notification, the provisions of safety threat is not adequately solved or removed, the Instituion or Investigator may immediately terminate this Agreement shall remain in effect.
10.4by written notice addressed to PRA or the Sponsor. Except as necessary to implement Variable Contract owner initiated transactions, or as INSURANCE. The parties hereto acknowledge that Sponsor has obtained the insurance required by state insurance laws or regulationsArticle 52 para. 3(f) of Act No. 378/2007 Coll.; on Medicinal Products (as amended). The Institution warrants that in conformance with Article 45 (2) (n) of the Act No. 372/2011 on Health Services, the Company shall Institution maintains insurance or self-insurance to cover its liability for damages caused by the Study Team or the Investigator’s malpractice. Institution shall, at Sponsor’s request, have its insurance carrier for such insurance furnish to Sponsor a certificate that such insurance is in force, such certificate to indicate any deductible and/or self-insured retention and stipulate that such insurance will not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held be canceled or reduced while this Agreement is in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until effect without at least thirty (30) days after prior written notice to Sponsor. Compensation by Sponsor. The Sponsor will indemnify, defend and hold harmless the Company Institution and its employees, executive officers, members of the statutory bodies and a representative (Instituition and such persons shall have notified each be referred to as an "Indemnitee") in case of any loss, liability for damages, (including, for example, reasonable costs of legal representation) (collectively referred to as "Claims"), incurred or claimed against them by a third party for health damage (including death) or damage to property arising directly or indirectly as a result of the Trust execution of the Study under the Protocol. The Sponsor will not be obliged to provide any compensation for any Claim to the extent that it arises from (a) the Indemnitees‘gross negligence, knowingly breaching the Indemnitee’s obligations, the Indemnitee’s willful misconduct or breach of the obligations set forth for the Institution or by the Investigator or by this Agreement, including all of its intention exhibits; (b) the Indemnitee’s failure to do socomply with the Protocol or the Sponsor's written recommendations or written instructions regarding the administration and use of the Study Drug; (c) the Indemnitee’s failure to comply with any applicable law or regulation; or (d) the Indemnitee’s failure to notify the Sponsor in writing within twenty (20) business days of the date on which the Institution became aware of the claim for damages; (e) the Indemnitee’s failure to include the Sponsor in out-of-court bargaining; (f) the Indemnitee’s acceptance of a claim without prior written approval from the Sponsor.
Appears in 1 contract
Sources: Clinical Trial Agreement
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated 16rminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, with respect to some or all of the Portfolios unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;; 8
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the the, option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company LIFE COMPANY, by written notice to TRUST, with respect to any Portfolio in the event that any Fund the Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M or fails to comply with the Section 817(h) diversification requirements of the Code or under any successor or similar provisionand the Regulations thereunder, or if the Company LIFE COMPANY reasonably believes that any Fund such Portfolio may fail to qualify or so qualify. Termination shall be effective immediately upon notice to the Trust;comply.
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon TRUST, by written notice to LIFE COMPANY, if TRUST shall determine, in its sole judgment exercised in good faith, that LIFE COMPANY has suffered a material adverse change in its financial condition since the Trust; anddate of this Agreement or is the subject of material adverse publicity.
(l) At the option of LIFE COMPANY, by written notice to TRUST, if LIFE COMPANY shall determine, in its sole judgment exercised in good faith, that TRUST has suffered a material adverse change in its financial condition since the date of this Agreement 'or is the subject of material adverse publicity. In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, LIFE COMPANY at the its option of the Company, may elect to continue to make available purchase additional Fund Portfolio shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make purchase additional Fund shares availablePortfolio shares, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustPortfolios of the TRUST, redeem investments in the Trust Portfolios of the TRUST and/or invest in the Trust Portfolios of the TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, LIFE COMPANY, within ten (10) days of the Company, as promptly as is practicable under date of the circumstancesnotice of termination, shall notify the Trust, the Distributor and the Adviser TRUST whether the Company LIFE COMPANY elects to continue to make Fund purchase Portfolio shares available after such termination. If Fund Portfolio shares continue to be made available purchased after such termination, the provisions of this Agreement shall remain in effect. In no event shall the election to continue by LIFE COMPANY be effective for more than six (6) months after the date of termination.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Participation Agreement (United of Omaha Separate Account C)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANIES or the Trust TRUST at any time from the date hereof upon 180 90 days’ notice, unless a shorter time is agreed to by the parties;; [page break]
(b) At the option of the Company or the TrustLIFE COMPANIES, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANIES. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANIES, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANIES, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANIES’ reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserTRUST’s ability to meet and perform their respective TRUST’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANIES with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANIES and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in TrustTRUST’s reasonable judgment, materially impair the Company’s LIFE COMPANIES’ ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustTRUST’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualifyLIFE COMPANIES. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.;
Appears in 1 contract
Sources: Fund Participation Agreement (Massachusetts Mutual Variable Life Separate Account I)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ advance written notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt written notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt written notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon receipt of written notice to the Trust;
(f) At Other than as a result of the Trust’s failure to satisfy the representations and warranties in Sections 2.6 and 2.7 of this Agreement, at the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of written notice by the Company;
(g) At the option of the Company, upon the Trust’s, Distributor’s or Adviser’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without receipt of written notice to by the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon written notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon written notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated or approved transactions, or to effect a substitution of Fund shares, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten thirty days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Prudential Discovery Premier Group Variable Contract Account)
Term Termination. 10.19.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated terminated, as to the Fund or any Portfolio, in accordance with the provisions herein.
10.29.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 days’ ninety (90) days notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten (10) days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserCompany, upon the institution of formal proceedings against the Company Adviser or BB&T by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Company's reasonable judgment, materially impair the Adviser's or BB&T's ability to meet and perform their obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(e) At the option of the Fund or Adviser, upon the institution of formal proceedings against the Company by the SEC, the NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Fund's or Adviser's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund or Adviser with said termination to be effective upon receipt of notice;
(ef) At the option of the Company, in In the event the Trust’s shares Fund's Shares are not registered, issued or sold in accordance with applicable state or federal law, . Termination shall be effective upon such occurrence without notice;
(g) In the event any such applicable state or such federal law precludes the use of such shares the Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(fh) At the option of the Trust Fund or Adviser if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund or Adviser reasonably believes believe that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(gi) At the option of the Company, upon the Trust’s Fund's, Adviser's or BB&T's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund, Adviser or BB&T, as the case may be;
(hj) At the option of the TrustFund or Adviser, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund or Adviser within ten days after written notice of such breach is delivered to the Company;
(ik) At the option of the TrustFund or Adviser, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(jl) At the option of the Company party from which consent was not obtained, in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviserall parties hereto, termination shall be effective immediately upon such occurrence without written notice;
(m) At the option of the Fund and Adviser, by a vote of the majority of the Fund's Board, or at the option of the Company, upon a reasonable determination that a material irreconcilable conflict exists among the interests of (i) all Contract owners of all Separate Accounts, or (ii) the interests of Participating Companies investing in the Fund.
10.39.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 9.2 hereof, except as required by the Trust shallMixed and Shared Funding Exemptive Order, the Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Variable Separate Account of Anchor National Life Insur Co)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued issues by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company desires TRUST desired pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days' prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Phoenix Home Life Variable Universal Life Account /Ct/)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY, TRUST or the Trust NBMI at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST or makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NBMI by the SEC, FINRASEC or the NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor TRUST or the AdviserNBMI, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, LIFE COMPANY in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST or NBMI if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST or NBMI, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST or NBMI, as appropriate, within ten thirty days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST or NBMI, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the Trust, the Distributor TRUST and the AdviserNBMI, termination shall be effective immediately upon such occurrence without notice;
(k) At the option of LIFE COMPANY if a Portfolio fails to satisfy the diversification requirements set forth in Section 2.7 hereof and such failure is not cured within the grace period afforded by Regulation 1.817-5, or if a Portfolio fails to qualify as a "regulated investment company" pursuant to the requirements set forth in Section 2.8. Termination shall be effective immediately upon notice;
(l) At the option of LIFE COMPANY if (i) LIFE COMPANY shall determine, in its sole judgment reasonably exercised in good faith, that NBMI or TRUST has suffered a material adverse change in its business or financial condition or is the subject of material adverse publicity and that material adverse change or publicity will have a material adverse impact on NBMI's or TRUST's ability to perform its obligations under this Agreement, (ii) LIFE COMPANY notifies NBMI or TRUST, as appropriate, of that determination and its intent to terminate this Agreement, and (iii) after considering the circumstances since the --- giving of such a notice, the determination of LIFE COMPANY shall continue to apply on the sixtieth (60th) day following the giving of that notice, which sixtieth day shall be the effective date of termination;
(m) At the option of TRUST or NBMI if
(i) TRUST or NBMI shall determine, in its sole judgment reasonably exercised in good faith, that LIFE COMPANY has suffered a material adverse change in its business or financial condition or is the subject of material adverse publicity and that material adverse change or publicity will have a material adverse impact on LIFE COMPANY's ability to perform its obligations under this Agreement, (ii) TRUST or NBMI, as appropriate, notifies LIFE COMPANY of that determination and its intent to terminate this Agreement, and (iii) after considering the circumstances since the giving of such a notice, the determination of TRUST or NBMI, as appropriate, shall continue to apply on the sixtieth (60th) day following the giving of that notice, which sixtieth day shall be the effective date of termination.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, TRUST will continue to make available additional TRUST shares (limited to shares of the Trust shallPortfolios designated in Appendix B), as provided below, at the option of the Company, continue to make available additional Fund shares, as provided below, LIFE COMPANY for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects for TRUST to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NBMI whether the Company LIFE COMPANY elects for TRUST to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect. The parties agree that this Section 8.3 shall not apply to any terminations of this Agreement by the TRUST or NBMI pursuant to Sections 8.2(f),(h),(i), (j) or (m) hereof.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
8.5 Notwithstanding any termination of this Agreement, each party's obligations under Article VII to indemnify other parties shall survive and not be affected by any termination of this Agreement. In addition, with respect to existing Variable Contracts, all provisions of this Agreement shall also survive and not be affected by any termination of this Agreement.
Appears in 1 contract
Sources: Fund Participation Agreement (Variable Annuity 1 Series Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-said ten- day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days' prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (American General Life Insurance Co Separate Account Vl R)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Life Company or the Trust Fund at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLife Company, if the Fund shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Life Company. Prompt notice of election to terminate shall be furnished by the Life Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the Life Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Life Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective the Fund's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Life Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Life Company by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Fund's reasonable judgment, materially impair the Life Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s Fund's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Life Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Life Company;
(g) At the option of the Life Company, upon the Trust’s Fund's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Life Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Life Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Life Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Life Company, the TrustFund, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, Fund at the its option of the Company, may elect to continue to make available additional the Fund shares, as provided below, for so long as the Company Fund desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company Fund so elects to make additional Fund shares available, the owners of the Existing Contracts or the Life Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyFund and the Adviser, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser Life Company whether the Company Fund elects to continue to make the Fund shares available after such termination. If the Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either the Fund or the Life Company may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Life Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Life Company’s 's assets held in the Separate Accounts or invested directlyAccounts), and the Life Company shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Life Company shall have notified the Trust Fund of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (American Separate Account 5)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required otherwise authorized by state insurance laws or regulationsapplicable law, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l1) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Term Termination. 10.18.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.28.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company Nationwide or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company Nationwide or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable ContractsProducts. Prompt notice of election to terminate shall be furnished by the CompanyNationwide. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts Products within the ten-day period;
(c) At the option of the CompanyNationwide, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s Nationwide's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company Nationwide with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company Nationwide by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Company’s Nationwide's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyNationwide, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts Products issued or to be issued by the CompanyNationwide. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts Products cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts Products may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyNationwide;
(g) At the option of the CompanyNationwide, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company Nationwide within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s Nationwide's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the CompanyNationwide;
(i) At the option of the Trust, if the Variable Contracts Products are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyNationwide;
(j) At the option of the Company Nationwide in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company Nationwide reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company Nationwide in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company Nationwide reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyNationwide, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.38.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, at the option of the CompanyNationwide, continue to make available additional Fund shares, as provided below, for so long as the Company Nationwide desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts Products in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Company Nationwide so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyNationwide, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the CompanyNationwide, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company Nationwide elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.48.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company Nationwide shall not redeem the shares attributable to the Variable Contracts Products (as opposed to the shares attributable to the Company’s Nationwide's assets held in the Separate Accounts or invested directly), and the Company Nationwide shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable ContractsProducts, until thirty (30) days after the Company Nationwide shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST and/or ADVISER by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's and/or ADVISER's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to such occurrence without notice. If through no fault of LIFE COMPANY the Trustneed for substitution of TRUST shares for the shares of another "registered investment company" arises out of this event, the expenses of obtaining such order shall be reimbursed by TRUST. TRUST and ADVISER shall cooperate with LIFE COMPANY in connection with such application;
(f) In the event of a vote by the Variable Contract owners having an interest in the Portfolio(s), or SEC approval of an application pursuant to Section 26(c) of the '40 Act, to substitute TRUST shares for the shares of another "registered investment company". The LIFE COMPANY will give sixty (60) days written notice to TRUST of any proposed application or vote to replace TRUST shares. Termination shall be effective upon receipt of notice of the vote or application determination to approve the substitution by TRUST. TRUST and ADVISER shall cooperate with LIFE Company in connection with such application;
(g) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(gh) At the option of LIFE COMPANY, if the CompanyPortfolio(s) invested in by the Separate Accounts fail to comply with the diversification requirements of Section 817(h) of the Code or a Portfolio(s) invested in by the Separate Accounts fail to qualify as a "regulated investment company" under Subchapter M of the Code;
(i) At the option of LIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(hj) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(ik) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) 10.3 In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.4 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, TRUST and LIFE COMPANY at the their option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company desires TRUST and LIFE COMPANY desire pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST and LIFE COMPANY so elects elect to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyTRUST, ADVISER and/or LIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, other regarding the Distributor and the Adviser whether the Company elects decision to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon sixty (60) days' prior written notice to the other party.
10.4. 10.5 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Farmers Variable Life Separate Account A)
Term Termination. 10.1. 23.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 23.2 This Agreement shall terminate in accordance with the following provisions:
(a) a. At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) b. At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) c. At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) d. At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) e. At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) f. At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) g. At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) h. At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) i. At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) j. At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) k. At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) l. In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. 23.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 23.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Pruco Life Variable Appreciable Account)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l1) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice; provided, that upon prior written notice to the other party(ies); Company may assign this Agreement to the surviving entity as a result of a merger or consolidation with an affiliate insurance company.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Lincoln Variable Insurance Products Trust)
Term Termination. 10.1. This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trust, if Fund shares are not reasonably available to meet the requirements of the Variable Contracts. Prompt notice of election to terminate shall be furnished by the Company. The termination will be effective ten days after receipt of notice unless the Trust makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the ten-day period;
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s's, the Distributor’s 's or the Adviser’s 's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the Adviser, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s 's reasonable judgment, materially impair the Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in the event the Trust’s 's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trust;
(f) At the option of the Trust if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the Trust’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s 's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the Trust, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;.
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;.
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l1) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“"Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s 's assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Horace Mann Life Insurance Co Separate Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 120 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) } At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, at the option of the Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trust, redeem investments in the Trust and/or invest in the Trust upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Ameritas Variable Separate Account Va)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
: (a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
; (b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
; (c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
; (d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
; (e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trust;
such occurrence without notice; (f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
LIFE COMPANY; (g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the Trust;
TRUST; (h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the Company;
LIFE COMPANY; (i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon sixty (60) days' prior written notice to the other party.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Sun Life of Canada U S Variable Account G)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective Trust's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyTRUST and NB MANAGEMENT, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Neuberger Berman Advisers Management Trust)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company or the Trust Fund at any time from the date hereof upon 180 one hundred eighty (180) days’ notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCompany, if Fund shares Shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Fund makes available a sufficient number of Fund shares Shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;; [page break]
(c) At the option of the Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser Fund by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s reasonable judgment, materially impair the Trust’s, the Distributor’s or the AdviserFund’s ability to meet and perform their respective the Fund’s obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFund, upon the institution of formal proceedings against the Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trustthe Fund’s reasonable judgment, materially impair the Company’s ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Fund with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the TrustFund’s shares Shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares Shares as the underlying investment medium of Variable Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust Fund if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Fund reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the Company, upon the TrustFund’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the TrustFund;
(h) At the option of the TrustFund, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Fund within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustFund, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(lj) In the event this Agreement is assigned without the prior written consent of the Company, the TrustFund, the Distributor and the AdviserDistributor, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, Fund at the option of the Company, Company will continue to make available additional Fund sharesShares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (hereinafter referred to as “Existing Contracts”). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners Owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFund, redeem investments in the Trust Fund and/or invest in the Trust Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.[page break]
Appears in 1 contract
Sources: Fund Participation Agreement (Massachusetts Mutual Variable Life Separate Account I)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the a Company or the Trust Distributor at any time from the date hereof upon 180 90 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the Trusta Company, if Fund a Fund's shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the Company. Prompt notice of election to terminate shall be furnished by the Company. The , said termination will to be effective ten days after receipt of notice unless the Trust Distributor makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the a Company, upon the institution of formal proceedings against the Trust, the Distributor or Adviser a Fund by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s 's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s Fund's ability to meet and perform their respective its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company to the Distributor with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserDistributor, upon the institution of formal proceedings against the a Company by the SEC, FINRA, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the Distributor's reasonable judgment, materially impair the a Company’s 's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the Distributor to the Company with said termination to be effective upon receipt of notice;
(e) At the option of the a Company, in the event the Trust’s a Fund's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable the Contracts issued or to be issued by the Company. Termination shall be effective immediately upon notice to the TrustDistributor;
(f) At the option of the Trust Distributor if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust Distributor reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the Company;
(g) At the option of the a Company, upon the Trust’s Distributor's breach or a Fund's breach (or a breach by any designee of a Fund) of any material provision of this Agreement, which breach has not been cured to the satisfaction of Company within ten days after written notice of such breach is delivered to the Distributor;
(h) At the option of the Distributor, upon a Company's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company within ten days after written notice of such breach is delivered to the Trust;
(h) At the option of the Trust, upon the Company’s breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust Distributor within ten days after written notice of such breach is delivered to the Company;
(i) At the option of the TrustDistributor, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the affected Company;
(j) At the option of the a Company in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustDistributor;
(k) At the option of the a Company in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II Section 2.6 hereof or if the Company reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andDistributor;
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor and the Adviser, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust Distributor shall, at the option of the a Company, continue to make available additional Fund shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the a Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the Company, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the Trusta Fund, redeem investments in the Trust a Fund and/or invest in the Trust a Fund upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund the Fund's shares available after such termination. If Fund the Fund's shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the no Company shall not redeem the shares attributable to the Variable its Contracts (as opposed to the shares attributable to the Company’s 's assets held in the Separate Accounts or invested directly), and the no Company shall not prevent Variable its Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable its Contracts, until thirty (30) days after the Company shall have notified the Trust affected Fund of its intention to do so.
Appears in 1 contract
Sources: Participation Agreement (Riversource Variable Annuity Account)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor TRUST or Adviser NB MANAGEMENT by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s TRUST's or the Adviser’s NB MANAGEMENT's ability to meet and perform their respective obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the CompanyLIFE COMPANY, in the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the TrustTRUST;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the CompanyLIFE COMPANY;
(j) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to so qualify. Termination shall be effective immediately upon notice to the TrustTRUST;
(k) At the option of the Company LIFE COMPANY in the event that any Fund Portfolio fails to meet the diversification requirements specified in Article II hereof or if the Company LIFE COMPANY reasonably believes that any Fund Portfolio may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; andTRUST;
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserNB MANAGEMENT, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust TRUST shall, at the option of the CompanyLIFE COMPANY, continue to make available additional Fund TRUST shares, as provided below, for so long as the Company LIFE COMPANY desires pursuant to the terms and conditions of this 12 Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company LIFE COMPANY so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyLIFE COMPANY, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor TRUST and the Adviser NB MANAGEMENT whether the Company LIFE COMPANY elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directly), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (SBL Variable Annuity Account Xiv)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust FUND at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund the FUND shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust FUND makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser FUND by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s FUND's ability to meet and perform their respective the FUND's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserFUND, upon the institution of formal proceedings against the Company LIFE COMPANY by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s the FUND's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust the FUND with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s FUND's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust FUND if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust FUND reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s FUND's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustFUND;
(h) At the option of the TrustFUND, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust FUND within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustFUND, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustFUND, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, FUND at the its option of the Company, may elect to continue to make available additional Fund the FUND shares, as provided below, for so long as the Company FUND desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company FUND so elects to make additional Fund FUND shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustFUND, redeem investments in the Trust FUND and/or invest in the Trust FUND upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 8.2 hereof, the CompanyFUND and the ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company FUND elects to continue to make Fund the FUND shares available after such termination. If Fund the FUND shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either the FUND or the LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 8.3, upon sixty (60) days prior written notice to the other party.
10.4. 8.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust FUND of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Navellier Variable Insurance Series Fund Inc)
Term Termination. 10.1. 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 8.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustCOMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by the COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyCOMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe National Association of Securities Dealers, Inc., or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company COMPANY by the SEC, FINRAthe National Association of Securities Dealers, Inc. or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyCOMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyCOMPANY;
(g) At the option of the CompanyCOMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyCOMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Companynotice;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trust; and
(l) In the event this Agreement is assigned without the prior written consent of the Company, the Trust, the Distributor COMPANY and the AdviserTRUST, termination shall be effective immediately upon such occurrence without notice.
10.3. 8.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 8.2 hereof, the Trust shall, TRUST at the option of the Company, COMPANY will continue to make available additional Fund TRUST shares, as provided below, for so long as the Company desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company so elects to make additional Fund shares available, the owners of the Existing Contracts or the CompanyCOMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this Agreement, the Company, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser whether the Company elects to continue to make Fund shares available after such termination. If Fund shares continue to be made available after such termination, the provisions of this Agreement shall remain in effect.
10.4. Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s assets held in the Separate Accounts or invested directly), and the Company shall not prevent Variable Contract owners from allocating payments to a Fund that was otherwise available under the Variable Contracts, until thirty (30) days after the Company shall have notified the Trust of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (Evergreen Variable Trust /Oh)
Term Termination. 10.1. 10.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.
10.2. 10.2 This Agreement shall terminate in accordance with the following provisions:
(a) At the option of the Company LIFE COMPANY or the Trust TRUST at any time from the date hereof upon 180 days’ ' notice, unless a shorter time is agreed to by the parties;
(b) At the option of the Company or the TrustLIFE COMPANY, if Fund TRUST shares are not reasonably available to meet the requirements of the Variable ContractsContracts as determined by LIFE COMPANY. Prompt notice of election to terminate shall be furnished by the Company. The LIFE COMPANY, said termination will to be effective ten days after receipt of notice unless the Trust TRUST makes available a sufficient number of Fund shares to reasonably meet the requirements of the Variable Contracts within the said ten-day period;
(c) At the option of the CompanyLIFE COMPANY, upon the institution of formal proceedings against the Trust, the Distributor or Adviser TRUST by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in the Company’s LIFE COMPANY's reasonable judgment, materially impair the Trust’s, the Distributor’s or the Adviser’s TRUST's ability to meet and perform their respective TRUST's obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by the Company LIFE COMPANY with said termination to be effective upon receipt of notice;
(d) At the option of the Trust, the Distributor or the AdviserTRUST, upon the institution of formal proceedings against the Company LIFE COMPANY and/or its broker-dealer affiliates by the SEC, FINRAthe NASD, or any other regulatory body, the expected or anticipated ruling, judgment or outcome of which would, in Trust’s TRUST's reasonable judgment, materially impair the Company’s LIFE COMPANY's ability to meet and perform its obligations and duties hereunder. Prompt notice of election to terminate shall be furnished by Trust TRUST with said termination to be effective upon receipt of notice;
(e) At the option of the Company, in In the event the Trust’s TRUST's shares are not registered, issued or sold in accordance with applicable state or federal law, or such law precludes the use of such shares as the underlying investment medium of Variable Contracts issued or to be issued by the CompanyLIFE COMPANY. Termination shall be effective immediately upon notice to the Trustsuch occurrence without notice;
(f) At the option of the Trust TRUST if the Variable Contracts cease to qualify as annuity contracts or life insurance contracts, as applicable, under the Code, or if the Trust TRUST reasonably believes that the Variable Contracts may fail to so qualify. Termination shall be effective upon receipt of notice by the CompanyLIFE COMPANY;
(g) At the option of the CompanyLIFE COMPANY, upon the Trust’s TRUST's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Company LIFE COMPANY within ten days after written notice of such breach is delivered to the TrustTRUST;
(h) At the option of the TrustTRUST, upon the Company’s LIFE COMPANY's breach of any material provision of this Agreement, which breach has not been cured to the satisfaction of the Trust TRUST within ten days after written notice of such breach is delivered to the CompanyLIFE COMPANY;
(i) At the option of the TrustTRUST, if the Variable Contracts are not registered, issued or sold in accordance with applicable federal and/or state law. Termination shall be effective immediately upon such occurrence without notice to the Company;
(j) At the option of the Company in the event that any Fund ceases to qualify as a Regulated Investment Company under Subchapter M of the Code or under any successor or similar provision, or if the Company reasonably believes that any Fund may fail to so qualify. Termination shall be effective immediately upon notice to the Trust;
(k) At the option of the Company in the event that any Fund fails to meet the diversification requirements specified in Article II hereof or if the Company reasonably believes that any Fund may fail to meet such diversification requirements. Termination shall be effective immediately upon notice to the Trustnotice; and
(l) In the event this Agreement is assigned without the prior written consent of the CompanyLIFE COMPANY, the TrustTRUST, the Distributor and the AdviserADVISER, termination shall be effective immediately upon such occurrence without notice.
10.3. 10.3 Notwithstanding any termination of this Agreement pursuant to Section 10.2 hereof, the Trust shall, TRUST at the its option of the Company, may elect to continue to make available additional Fund TRUST shares, as provided below, for so long as the Company TRUST desires pursuant to the terms and conditions of this Agreement, for all Variable Contracts in effect on the effective date of termination of this Agreement (“hereinafter referred to as "Existing Contracts”"). Specifically, without limitation, if the Company TRUST so elects to make additional Fund TRUST shares available, the owners of the Existing Contracts or the CompanyLIFE COMPANY, whichever shall have legal authority to do so, shall be permitted to reallocate investments in the TrustTRUST, redeem investments in the Trust TRUST and/or invest in the Trust TRUST upon the payment of additional premiums under the Existing Contracts. In the event of a termination of this AgreementAgreement pursuant to Section 10.2 hereof, the CompanyTRUST and ADVISER, as promptly as is practicable under the circumstances, shall notify the Trust, the Distributor and the Adviser LIFE COMPANY whether the Company TRUST elects to continue to make Fund TRUST shares available after such termination. If Fund TRUST shares continue to be made available after such termination, the provisions of this Agreement shall remain in effecteffect and thereafter either TRUST or LIFE COMPANY may terminate the Agreement, as so continued pursuant to this Section 10.3, upon sixty (60) days' prior written notice to the other party.
10.4. 10.4 Except as necessary to implement Variable Contract owner initiated transactions, or as required by state insurance laws or regulations, the Company LIFE COMPANY shall not redeem the shares attributable to the Variable Contracts (as opposed to the shares attributable to the Company’s LIFE COMPANY's assets held in the Separate Accounts or invested directlyAccounts), and the Company LIFE COMPANY shall not prevent Variable Contract owners from allocating payments to a Fund Portfolio that was otherwise available under the Variable Contracts, Contracts until thirty (30) days after the Company LIFE COMPANY shall have notified the Trust TRUST of its intention to do so.
Appears in 1 contract
Sources: Fund Participation Agreement (American Separate Account 5)