Common use of CREDITING OF INTEREST ON FIXED ACCOUNT Clause in Contracts

CREDITING OF INTEREST ON FIXED ACCOUNT. LNY will establish the applicable effective annual Guaranteed Interest Rate for each Fixed Subaccount at the beginning of that Guaranteed Period. The Guaranteed Interest Rate will be guaranteed for the duration of the applicable Guaranteed Period. Subsequent Guaranteed Interest Rate(s) will be determined at the beginning of subsequent Guaranteed Period(s) and may be higher or lower than the previous interest rate. A Guaranteed Interest Rate will never be less than the effective annual Minimum Guaranteed Interest Rate shown on the Contract Specifications. A table of guaranteed values for fixed allocations may be found in Article 15. LNY may credit interest at effective annual rates in excess of the Minimum Guaranteed Interest Rate at any time. Prior to the earlier of: a. the Annuity Commencement Date; b. termination of this Contract upon payment of any Death Benefit; or c. surrender of this Contract; LNY guarantees that at the end of each Valuation Period the applicable effective annual interest rate, adjusted for the number of days in the Valuation Period, will be credited to the portion of Contract Value, if any, in the Fixed Account at that time.

CREDITING OF INTEREST ON FIXED ACCOUNT. LNY will establish the applicable effective annual Guaranteed Interest Rate for each the Fixed Subaccount at the beginning of that the one-year Guaranteed Period. The Guaranteed Interest Rate will be guaranteed for the duration of the applicable one-year Guaranteed Period. Subsequent Guaranteed Interest Rate(s) will be determined at the beginning of subsequent Guaranteed Period(s) and may be higher or lower than the previous interest rate. A Guaranteed Interest Rate will never be less than the effective annual Minimum Guaranteed Interest Rate shown on the Contract Specifications. A table of guaranteed values for fixed allocations may be found in Article 15. LNY may credit interest at effective annual rates in excess of the Minimum Guaranteed Interest Rate at any time. Prior to the earlier of: a. the Annuity Commencement Date; b. termination of this Contract upon payment of any Death Benefit; or c. surrender of this Contract; LNY guarantees that at the end of each Valuation Period the applicable effective annual interest rate, adjusted for the number of days in the Valuation Period, will be credited to the portion of Contract Value, if any, in the Fixed Account at that time.