Common use of ALLOCATION OF PURCHASE PAYMENTS INTO THE FIXED ACCOUNT Clause in Contracts

ALLOCATION OF PURCHASE PAYMENTS INTO THE FIXED ACCOUNT. Any Purchase Payment paid into this Contract may be allocated to the Fixed Account of the Contract. The Owner may allocate Purchase Payments to the Fixed Account subject to the following limitations: a. The minimum amount that may be allocated to the Fixed Account is shown on the Contract Specifications. b. If the Owner elects to allocate any Purchase Payment to the Fixed Account and the Fixed Account was not previously selected, the Owner must first provide LNY with Notice of allocation.