Common use of Changes in Operation of Separate Account Clause in Contracts

Changes in Operation of Separate Account. Subject to compliance with applicable laws and, when required by law, approval of the Contractholder and/or Participants and any appropriate regulatory authority, TLIC reserves the right to make the following changes: (1) To operate the Variable Investment Options in any form permitted under the 1940 Act or in any other form permitted by law; (2) To take any action necessary to comply with or obtain and continue any exemptions from the 1940 Act; (3) To transfer any assets invested in a Variable Investment Option to another Variable Investment Option or to one or more separate accounts, or to add, combine or remove Variable Investment Options; (4) To substitute, for the interests of the Underlying Funds held by any of the Variable Investment Options, interests in another investment company or any other investment permitted by law; and (5) To make any necessary technical changes in the Contract in order to conform with any of the above described actions or as may be required or permitted by applicable laws affecting, the SPL and/or the Contract.

Changes in Operation of Separate Account. Subject to compliance with applicable laws and, when required by law, approval of the Contractholder and/or Participants and any appropriate regulatory authority, TLIC TFLIC reserves the right to make the following changes: (1) To operate the Variable Investment Options in any form permitted under the 1940 Act or in any other form permitted by law; (2) To take any action necessary to comply with or obtain and continue any exemptions from the 1940 Act; (3) To transfer any assets invested in a Variable Investment Option to another Variable Investment Option or to one or more separate accounts, or to add, combine or remove Variable Investment Options; (4) To substitute, for the interests of the Underlying Funds held by any of the Variable Investment Options, interests in another investment company or any other investment permitted by law; and (5) To make any necessary technical changes in the Contract in order to conform with any of the above described actions or as may be required or permitted by applicable laws affecting, the SPL and/or the Contract.