Common use of Limit on Termination Clause in Contracts

Limit on Termination. Notwithstanding the termination of this Agreement with respect to the Fund, for so long as any Contracts remain outstanding and Invested in the Fund each Party hereto shall continue to perform such of its duties hereunder as are necessary to ensure the continued tax deferred status thereof and the payment of benefits thereunder, except to the extent proscribed by law, the SEC or other regulatory body. Notwithstanding the foregoing, nothing in this Section 12.5 obligates the Fund to continue in existence. In the event that the Fund elects to terminate its operations, the Company shall, as soon as practicable, obtain an exemptive order or order of substitution from the SEC to remove all Owners from the Fund.

Limit on Termination. Notwithstanding the termination of this Agreement with respect to the Fundany or all Funds, for so long as any Contracts remain outstanding and Invested invested in the a Fund each Party hereto to this Agreement shall continue to perform such of its duties hereunder under this Agreement as are necessary to ensure the continued tax deferred status thereof and the payment of benefits thereunder, except to the extent proscribed by law, the SEC or other regulatory body. Notwithstanding the foregoing, nothing in this Section 12.5 obligates the a Fund to continue in existence. In the event that the any Fund elects to terminate its operations, the Company shall, as soon as practicable, obtain an exemptive order or order of substitution from the SEC to remove all Owners from the applicable Fund. 13.