system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
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introductory paragraph of this Agreement. 1.17 Fee Increase Notice Date. The term shall have the meaning set forth in Section 8.08.1. 1.18 Governmental Entity. Any domestic, federal or State, court, governmental or regulatory authority or agency, including State insurance and State securities regulators. 1.19 GIE. The Master Group Annuity Contracts and each Certificate issued by PHL Variable and registered on Form S-1 under the 1933 Act with the SEC under File No. 333-XXXXXX as in effect on the Effective Date, including any riders, endorsements or amendments to the Master Group Annuity Contracts or the Certificates, and each Application. - 3 - 1.20 GIE Fees. The fees due to either PHLVIC or PLIC, as applicable, by a Certificate Owner under a Certificate for coverage under such Certificate. 1.21 Investment Company Act. The Investment Company Act of 1940, as amended. 1.22 IRC. The Internal Revenue Code of 1986, as amended. 1.23 Law. Any law, rule, regulation, order or written interpretation of any governmental body or self regulatory organization, and any writ, judgment, injunction or court decree. 1.24 ICAS. A business unit of ICC which is an investment adviser that is registered with the SEC under the Advisers Act 1.25 ICC GIE Persons. The term shall have the meaning set forth in Section 8.07.1. 1.26 Investors Capital Indemnitees. The term shall have the meaning set forth in Section 12.01. 1.27 ICC. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.28 ICC Licensed Marks. The term shall have the meaning set forth in Section 9.02.2. 1.29 Investors Capital Services. The term shall have the meaning set forth in Section 8.02.1. 1.30 License. The term shall have the meaning set forth in Section 9.02.2. 1.31 Licensee. The term shall have the meaning set forth in Section 9.02.4. 1.32 Licensor. The term shall have the meaning set forth in Section 9.02.4. 1.33 ICC Account. An account established by an ICC Customer that is invested in accordance with a Model managed by ICAS and eligible for coverage under a GIE. 1.34 ICC Customer. A customer or client of ICC who has established an ICC Account. 1.35 Master Group Annuity Contracts. The Master Group Annuity Contracts entered into by and between PHLVIC and ICC or an Affiliate, and by and between PLIC and ICC or an Affiliate 1.36 Memorandum of Understanding. The confidential Memorandum of Understanding, dated as of the Effective Date, entered into by and among PHLVIC, PLIC and ICC. - 4 - 1.37 Models. The confidential and proprietary asset allocation models managed by ICAS more fully described in the Memorandum of Understanding. 1.38 Nonpublic Personal Information. The term shall have the meaning set forth in Section 11.03.1 1.39 Parties. The term "Parties" refers to PHLVIC, PLIC, PEPCO, and ICC collectively and the term "Party" refers to each of them individually. 1.40 PEPCO. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.41 PHL GIE Persons. This term shall have the meaning set forth in Section 8.07.1 1.42 PHL Parties. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.43 PHL Licensed Marks. This term shall have the meaning set forth in Section 9.02.3. 1.44 PHL Services. The term shall have the meaning set forth in Section 7.03.1. 1.45 PHL Variable. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.46 PHLVIC. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.47 PLIC. The term shall have the meaning set forth in the introductory paragraph of this Agreement. 1.48 Prospectus. The prospectus included within a Registration Statement, including supplements thereto filed under Rule 424 under the 1933 Act, prepared by PHL Variable, from and after the date on which each shall have been filed. 1.49 Registration Statement. At any time that this Agreement is in effect, each currently effective registration statement and each currently effective post-effective amendment thereto filed with the SEC under the 1933 Act on Form S-1 or otherwise relating to the GIE including the Prospectus and financial statements included in, and all exhibits to, such registration statement or post- effective amendment prepared by PHL Variable. 1.50 SEC. The United States Securities and Exchange Commission. 1.51 Selling Agreement. The Selling Agreement effective as of December 1, 2002 and the addition of GIE to the Selling Agreement effective as of the Effective Date, by and among the Parties, as amended from time to time, pursuant
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Extract the exact clause related to "Governing Law" from the excerpt above.