Common use of CHANGE OF DEALER Clause in Contracts

CHANGE OF DEALER. A Contract Owner shall have the right to designate a new broker/dealer, or terminate a broker/dealer without designating a replacement, by sending written notice of such designation to SBL. Upon written notice to SBL by the owner of the designation of a new broker/dealer, all the commissions and asset based commissions shall be payable to the new broker/dealer. Upon written notice to SBL by the owner of termination of Broker/Dealer, without designating a new broker/dealer, SBL shall cease paying commissions and asset based commissions to Broker/Dealer.

CHANGE OF DEALER. A Contract Owner shall have the right to designate a new brokerBroker/dealerDealer, or terminate a brokerBroker/dealer Dealer without designating a replacement, by sending written notice of such designation or termination to SBL. Upon written notice to SBL by the owner of the designation of a new brokerBroker/dealerDealer, all the commissions and asset asset-based commissions shall be payable to the new brokerBroker/dealerDealer. Upon written notice to SBL by the owner Contract Owner of termination of Broker/Dealer, without designating a new brokerBroker/dealerDealer, SBL shall cease paying commissions and asset based commissions to Broker/Dealer. This provision is not intended to benefit in any manner whatsoever the registered representatives of Broker/Dealer or any other registered representative or any other person and shall not be so construed.

CHANGE OF DEALER. A Contract Owner shall have the right to designate a new brokerBroker/dealerDealer, or terminate a brokerBroker/dealer Dealer without designating a replacement, by sending written notice of such designation to SBL. Upon written notice to SBL by the owner of the designation of a new brokerBroker/dealerDealer, all the commissions and asset based commissions shall be payable to the new brokerBroker/dealerDealer. Upon written notice to SBL by the owner of termination of Broker/Dealer, without designating a new brokerBroker/dealerDealer, SBL shall cease paying commissions and asset based commissions to Broker/Dealer.