FUND SUBSTITUTION. If a party desires to remove a Fund from a Contract (other than the exercise by the Trust of its rights under Section 2(c) hereof), the party that initiates the removal will pay reasonable expenses incurred by the other party as a result of removing such Fund as an available investment option. The parties agree to provide reasonable advance notice of their election to remove a Fund. The Company and the Trust acknowledge that Nationwide may need to seek the approval of the SEC under Section 26(c) of the 1940 Act for any fund substitution. For the avoidance of doubt, if the Company recommends or initiates the removal of a Fund from a Contract, then the Company, and not the Trust, shall pay such reasonable expenses incurred by Nationwide as a result of removing such Fund as an available investment option.
Appears in 8 contracts
Samples: Fund Participation Agreement (Jefferson National Life of New York Annuity Account 1), Fund Participation Agreement (Jefferson National Life Annuity Account G), Fund Participation Agreement (Nationwide VL Separate Account-G)
FUND SUBSTITUTION. If a party desires to remove a Fund from a Contract (other than the exercise by the Trust of its rights under Section 2(c) hereof), the party that initiates the removal will pay reasonable expenses incurred by the other party as a result of removing such Fund as an available investment option. The parties agree to provide reasonable advance notice of their election to remove a Fund. The Company and the Trust acknowledge that Nationwide may need to seek the approval of the SEC under Section 26(c) of the 1940 Act for any fund substitution. For the avoidance of doubt, if the Company recommends or initiates the removal of a Fund from a Contract, then the Company, and not the Trust, shall pay such reasonable expenses incurred by Nationwide as a result of removing such Fund as an available investment option.
Appears in 1 contract
Samples: Fund Participation Agreement (Nationwide Variable Account 4)
