TERMINATION; WITHDRAWAL OF OFFERING. This Agreement may be terminated by either party upon 180 days' prior written notice to the other party. Notwithstanding the above, the Issuer reserves the right, without prior notice, to suspend sales of shares of any Fund, in whole or in part, or to make a limited offering of shares of any of the Funds in the event that (A) any regulatory body commences formal proceedings against the Company, Distributor, affiliates of Distributor, or the Issuer, which proceedings Distributor reasonably believes may have a material adverse impact on the ability of Distributor, the Issuer or the Company to perform its obligations under this Agreement or (B) in the judgment of the board of directors of the Funds, acting in good faith and in light of their fiduciary duties under federal and applicable state laws, such action is deemed necessary in the best interests of the shareholders. (For purposes of this Section 14(e), "shareholders" means Contract owners.) The Company reserves the right to terminate the Agreement:
Appears in 3 contracts
Samples: Participation Agreement (Country Investors Variable Life Account), Participation Agreement (Country Investors Variable Annunity Account), Participation Agreement (Country Investors Variable Annunity Account)
