Contingent immunization consists of identifying both the available immunization target rate and a lower safety net level return with which a client would be minimally satisfied or is a minimum required rate of return.³⁰⁴ The manager can continue to pursue an active strategy until an adverse investment experience drives the then available potential return—combined active return (from actual past experience) and immunized return (from expected future experience)—down to the safety net level; at such time the manager would be obligated to completely immunize the portfolio and lock in the safety net level return. As long as this safety net return is not violated, the manager can continue to actively manage the portfolio. Once the immunization mode is activated because the safety net return is violated, the manager can no longer return to the active mode unless the contingent immunization plan is abandoned.