Common use of Indemnification for Failure to Comply with Diversification Requirements Clause in Contracts

Indemnification for Failure to Comply with Diversification Requirements. The Fund, Adviser and Underwriter acknowledge that any failure (whether intentional or in good faith or otherwise) to comply with the diversification requirements specified in Article II, Section 2.12 of this Agreement may result in the Contracts not being treated as variable contracts for federal income tax purposes, which would have adverse tax consequences for Contract owners and could also adversely affect the Company's corporate tax liability. Accordingly, without in any way limiting the effect of Sections 9.2(a) or 9.3(a) hereof and without in anyway limiting or restricting any other remedies available to the Company, the Fund, the Adviser and the Underwriter shall indemnify the Company against any losses, claims, expenses, damages, liabilities and settlements to which the Company is subject due to such failure.

Indemnification for Failure to Comply with Diversification Requirements. The Fund, Adviser and Underwriter acknowledge that any failure (whether intentional or in good faith or otherwise) to comply with the diversification requirements specified in Article II, Section 2.12 of this Agreement may result in the Contracts not being treated as variable contracts for federal income tax purposes, which would have adverse tax consequences for Contract owners and could also adversely affect the Company's ’s corporate tax liability. Accordingly, without in any way limiting the effect of Sections 9.2(a) or 9.3(a) hereof and without in anyway any way limiting or restricting any other remedies available to the Company, the Fund, the Adviser and the Underwriter shall indemnify the Company against any losses, claims, expenses, damages, liabilities and settlements to which the Company is subject due to such failure.