Common use of DIVERSIFICATION AND RELATED LIMITATIONS Clause in Contracts

DIVERSIFICATION AND RELATED LIMITATIONS. 6.1. The Trust and MFS represent and warrant that each Portfolio of the Trust will meet the diversification requirements of Section 817 (h) (1) of the Code and Treas. Reg. 1.817-5, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, as they may be amended from time to time (and any revenue rulings, revenue procedures, notices, and other published announcements of the Internal Revenue Service interpreting these sections), as if those requirements applied directly to each such Portfolio, and they shall immediately notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the future. 6.2. The Trust and MFS represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and that they will maintain such qualification (under Subchapter M or any successor or similar provision), and they shall immediately notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the future.

Appears in 3 contracts

Samples: Participation Agreement (Sun Life of Canada U S Variable Account G), Participation Agreement (Sun Life N Y Variable Account C), Participation Agreement (Sun Life of Canada U S Variable Account F)

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DIVERSIFICATION AND RELATED LIMITATIONS. 6.1. The Each Trust and MFS MFD represent and warrant that each Portfolio of the Trust will meet the diversification requirements of Section 817 (h) (1817(h)(1) of the Code and Treas. Reg. 1.817-5, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, as they may be amended from time to time (and any revenue rulings, revenue procedures, notices, and other published announcements of the Internal Revenue Service interpreting these sections), as if those requirements applied directly to each such Portfolio. In the event of a breach of this Section 6.1, and they shall immediately MFD will promptly notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the futureCompany. 6.2. The Each Trust and MFS MFD represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and that they will maintain such qualification (under Subchapter M or any successor or similar provision), and they shall immediately . MFD will notify the Company immediately upon having a reasonable basis for believing that a Portfolio has ceased to so qualify or that it might not so qualify in the future.

Appears in 3 contracts

Samples: Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)

DIVERSIFICATION AND RELATED LIMITATIONS. 6.1. The Trust and MFS represent and warrant that each Portfolio of the Trust will meet the diversification requirements of Section 817 (h) (1817(h)(1) of the Code and Treas. Reg. 1.817-5, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, as they may be amended from time to time (and any revenue rulings, revenue procedures, notices, and other published announcements of the Internal Revenue Service interpreting these sections), as if those requirements applied directly to each such Portfolio. In the event of a breach of this Section 6.1, and they shall immediately MFS will promptly notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the futureCompany. 6.2. The Trust and MFS represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and that they will maintain such qualification (under Subchapter M or any successor or similar provision), and they shall immediately . MFS will notify the Company immediately upon having a reasonable basis for believing that a Portfolio has ceased to so qualify or that it might not so qualify in the future.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xvii)

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DIVERSIFICATION AND RELATED LIMITATIONS. 6.1. The Trust and MFS represent and warrant that each Portfolio of the Trust will meet the diversification requirements of Section 817 (h) (1) of the Code and Treas. Reg. 1.817-5, relating to the diversification requirements for variable variable, annuity, endowment, or life insurance contracts, as they may be amended from time to time (and any revenue rulings, revenue procedures, notices, and other published announcements of the Internal Revenue Service interpreting these sections), as if those requirements applied directly to each such Portfolio, and they shall immediately notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the future. 6.2. The Trust and MFS represent that each Portfolio will elect to be qualified as a Regulated Investment Company under Subchapter M of the Code and that they will maintain such qualification (under Subchapter M or any successor or similar provision), and they shall immediately notify the Company upon having a reasonable basis for believing that a Portfolio has ceased to qualify or that it might not so qualify in the future.

Appears in 1 contract

Samples: Participation Agreement (Sun Life of Canada U S Variable Account I)

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