Common use of RIGHT TO SUBSTITUTE Clause in Contracts

RIGHT TO SUBSTITUTE. Under the terms of the Contracts, Phoenix reserves the right, subject to compliance with the law as then in effect, to make substitutions for the securities that are held by an Account under certain circumstances. The Parties acknowledge that Phoenix has the right to substitute other securities for the Shares of AVIF or a Fund already purchased or to be purchased in the future. Phoenix will provide 30 days written notice to AVIF or to AIM prior to effecting any such substitution.