Common use of CONTRACT DISCONTINUANCE Clause in Contracts

CONTRACT DISCONTINUANCE. 6.01 You may discontinue this Contract at any time by giving Us Notice. The discontinuance date will be no more than 180 days from the date We receive Notice. If You Request a discontinuance date that is more than 180 days after We receive Notice, such Request will require Our approval. 6.02 We may give You written Notice that this Contract is to be discontinued if: a. any Plan ceases to meet the requirements of the Code sections specified by Us for purchasers of this Contract and You do not correct this within 30 days; or b. You fail to furnish requested information or other documentation; or c. We discover any misrepresentation of material information; or d. the Contract Owner is a trust and a valid trust no longer exists. The Notice will specify a discontinuance date at least 30 days from the date of the Notice. 6.03 After the notification of discontinuance as referenced in section 6.01 or 6.02, additional Deposits by an Annuitant to an AAV and Withdrawal Requests for any Annuitant from an AAV will be accepted by Us until the discontinuance date. 6.04 As of the discontinuance date, We will deduct any outstanding charges. 6.05 The balance of the Contract as of the discontinuance date, reduced by any charges outlined in this Contract, will be paid in a lump sum. If, subsequent to such lump sum payment, We are ordered by any court of competent jurisdiction to refund all or any portion of a loss to any Annuitant, You will reimburse Us for such amounts. 6.06 All payments will be made to a Plan trustee or as directed by You. We will rely on Your Notice to transfer assets to a specified party. We do not need to verify that such specified party has the right to receive any payments. 6.07 This Contract will terminate on the date the last payment is made under the provisions of Article 4 and Article 8. 6.08 Upon termination of this Contract, all liability of the Company under this Contract terminates and the Company will pay the Account Value to the Plan or provide a Rollover Contract as described in Article 5.