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 to this Contract may be allocated to the Fixed Account for the Contract. Purchase Payments allocated to the Fixed Account of the Contract will be credited to the Fixed Sub-account(s) made available by LNY and selected by the Owner. The Owner may allocate Purchase Payments to any of the available Fixed Sub- accounts subject to the following limitations: a. The minimum amount of a Purchase Payment which may be allocated to any one Fixed Sub-account is $2000. b. If the Owner elects to allocate any Purchase Payment to a new Fixed Sub- account not previously selected, that election must be made to LNY in writing. Any Purchase Payment allocated to a Fixed Sub-account will be invested at the Guaranteed Interest Rate in effect for the respective Guaranteed Period on the day the allocation is credited to the Fixed Sub-account.