Termination of the GLWB. The GLWB will automatically terminate as provided in this Contract for reasons including, but not limited to, those set forth below: • on the Annuity Commencement Date described in Section 12. • upon death of the single Covered Person if there is no surviving Covered Person or, if there are joint Covered Persons, the death of the second to die if the second Covered Person continues the Contract. • subject to any applicable grace period, if Great-West does not receive the Guarantee Benefit Fee assessed on the Contract Value on the date the fee is due. • if a Covered Fund is discontinued or otherwise removed and the IRA Owner does not transfer such Covered Fund Value to a comparable Covered Fund currently made available by Great-West. • if the Owner terminates the Contract and the Covered Person is not in the Settlement Phase.
Termination of the GLWB. The GLWB will automatically terminate for a GLWB Elector: • on the Annuity Commencement Date (described in Section 12). • upon death of the GLWB Elector if there is no surviving Covered Person or, if there are joint Covered Persons, the death of the second to die—subject to the right of a spouse Beneficiary to become a GLWB Elector with a new Benefit Base based on the current Covered Fund Value in circumstances described in Sections 8.06 and 9.10.] • if Great-West does not receive the Guarantee Benefit Fee assessed on an Owner’s Covered Fund Value on the date the fee is due.
Termination of the GLWB. The GLWB will automatically terminate for a GLWB Participant as provided in this Contract including, but not limited to, the reasons set forth below: • on the Annuity Commencement Date described in Section 12. • upon death of the GLWB Participant if there is no surviving Covered Person or, if there are joint Covered Persons, the death of the second to die if the second Covered Person continues the Contract. • subject to the grace period described in Section 13.08, if GWL&A of NY does not receive the Guarantee Benefit Fee assessed on a GLWB Participant’s Account Value, on the date the fee is due. • if the Plan Sponsor discontinues the use of a GWL&A of NY approved Covered Fund and does not consent to transfer such Covered Fund to a comparable Covered Fund currently made available by GWL&A of NY. • if the Plan contains a small account payout provision that is activated and the GLWB Participant does not elect a rollover distribution to an Individual Retirement Account (“XXX”) or an Individual Retirement Annuity that offers a GWL&A of NY approved GLWB feature. • if the Plan Sponsor terminates this Contract and the GLWB Participant is not in the Settlement Phase (as described in Section 15.03).
Termination of the GLWB. The GLWB will automatically terminate for a GLWB Participant as provided in this Contract for reasons including, but not limited to, those set forth below: • on the Annuity Commencement Date described in Section 12. • upon death of the GLWB Participant if there is no surviving Covered Person or, if there are joint Covered Persons, the death of the second to die if the second Covered Person continues the Contract. • [subject to any grace period described in Section 13,] if Great-West does not receive the Guarantee Benefit Fee assessed on a GLWB Participant’s Account Value on the date the fee is due. • if the Plan Sponsor discontinues the use of a Great-West approved Covered Fund and does not consent to transfer such Covered Fund to a comparable Covered Fund currently made available by Great-West. • if the Plan contains a small account payout provision that is activated and the GLWB Participant does not elect a rollover distribution to an Individual Retirement Account (“XXX”) or an Individual Retirement Annuity that offers a Great-West approved GLWB feature. • if the Plan Sponsor terminates this Contract and the GLWB Participant is not in the Settlement Phase (as described in Section 15.03).
