Common use of CHANGE IN OPERATION Clause in Contracts

CHANGE IN OPERATION. LNY reserves the right to transfer assets of the Variable Account to another account, and to modify the structure or operation of the Variable Account, subject to obtaining any necessary regulatory approvals. LNY guarantees that such modification will not affect the Contract Value. ARTICLE 4 DCA FIXED ACCOUNT 4.01 ALLOCATION OF PURCHASE PAYMENTS INTO THE DCA FIXED ACCOUNT Any Purchase Payment paid into this Contract may be allocated to the DCA Fixed Account of the Contract. The Owner may allocate Purchase Payments to the DCA Fixed Account subject to the following limitations: a. The minimum amount that may be allocated to the DCA Fixed Account is shown on the Contract Specifications. b. If the Owner elects to allocate any Purchase Payment to the DCA Fixed Account and the DCA Fixed Account was not previously selected, the Owner must first provide LNY with Notice of allocation. Any amount so allocated will be transferred from the DCA Fixed Account to the designated Variable Subaccount or any Fixed Account available in the Contract in regular installments over a period chosen by the Owner. Transfers will occur at the same interval until the end of the chosen period or, if sooner, until the account value in the DCA Fixed Account has been exhausted.