Partial Surrender Clause Samples

Partial Surrender. 10 Policy Data Page............................................................................................3

Partial Surrender. Whenever a Retirement Benefit intended to be secured under the Policy becomes payable by the Schemes under the Schemes’ Rules, MPF is obliged, in accordance with the provisions of this Clause 9 and subject (for the avoidance of doubt) to Clause 2.4, to provide the Trustee with an amount in the Base Currency required to pay the Retirement Benefit, or to undertake the provision of a corresponding annuity as set out in Clause 9.5 below. For the purposes of this Clause 9, “retirement benefit” shall include (without limitation) where permitted by the CIF Deed or the Schemes’ Rules as appropriate (i) a transfer payment on withdrawal of a member of the Schemes, (ii) a payment to an employer participating in the CIF or the Schemes, (iii) any expense of the CIF or the Schemes and (iv) any deferred annuity in accordance with the Schemes’ Rules.

Partial Surrender. A withdrawal of some, but not all of the Contract Value which sum may be subject to Contingent Deferred Sales Charges, if applicable.

Partial Surrender. You may make a Partial Surrender of this Policy once each Policy Year after the first Policy Year by request to Our Principal Office, in a form satisfactory to Us. The maximum amount of any Partial Surrender is the Account Value decreased by the balance of any outstanding Policy Debt. Unless You provide evidence satisfactory to Us that the Insured is still insurable, the Total Face Amount will be reduced to the extent necessary so that (1) does not exceed (2) where

Partial Surrender. (A) Subject to the exercise by Lessee of the Addendum No. 5 Hold Space Option (as hereinafter defined), Addendum No. 5 Option Space Option (as hereinafter defined) and/or Addendum No. 5 Right of Opportunity (as hereinafter defined), the Lease shall be and is hereby irrevocably terminated as to the Additional Give-Back Premises effective as of 11:59 p.m. on the date (the “Addendum No. 5 Partial Termination Date”) that is the earlier to occur of (i) October 31, 2015, and (ii) the 7th Floor Vacation Date (as hereinafter defined). The Lease shall be and is hereby irrevocably terminated as to the Give-Back Storage Space effective as of 11:59 p.m. on October 31, 2015 (the “Give-Back Storage Space Termination Date”). The Lease shall be deemed to be of no further force and effect with regard to the Additional Give-Back Premises effective as of the Addendum No. 5 Partial Termination Date and the Give-Back Storage Space effective as of the Give-Back Storage Space Termination Date, subject to conditions otherwise set forth herein. Lessor and Lessee, as of the Addendum No. 5 Partial Termination Date with respect to the Additional Give-Back Premises and the Give-Back Storage Space Termination Date with respect to the Give-Back Storage Space, shall be and are hereby equally released and discharged from any obligations to observe the terms and conditions of the Lease with regard to the Additional Give-Back Premises and the Give-Back Storage Space; provided, however, that both parties shall comply with the conditions otherwise set forth herein, and Lessee shall remain fully obligated with regard to the Additional Give-Back Premises and the Give-Back Storage Space for all rent and other charges incurred through the Addendum No. 5 Partial Termination Date (including amounts with respect thereto billed subsequent to such date) with respect to the Additional Give-Back Premises and the Give-Back Storage Space Termination Date (including amounts with respect thereto billed subsequent to such date) with respect to the Give-Back Storage Space, all under the terms of the Lease and Lessor shall remain obligated with respect to the terms and conditions of the Lease which expressly survive expiration of the Lease, such as year end reconciliation of Operating Expenses, Operating Costs and Real Estate Taxes, as provided in Section 6 of the Original Lease, as amended by Section 3 of Addendum ▇▇. ▇, ▇▇▇▇▇▇▇ ▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇. ▇ and Section 3 of Addendum No. 4. (B) The Lease with regard to...

Partial Surrender. You may make a partial surrender at any time before the earliest of: (1) the death of the Annuitant; (2) the death of the Owner; or (3) the maturity date. You may make a partial surrender of up to 10% of the contract value each contract year without incurring a surrender charge. Any surrender in excess of 10% during a contract year will be subject to the surrender charge. We will surrender the amount requested from the contract value on the day we receive written notice for the surrender. We will deduct any applicable surrender charge from the remaining contract value. If the remaining contract value is less than the surrender charge, we will reduce the amount surrendered. You may specify the specific amount to be surrendered from certain subaccounts or the fixed account. The minimum distribution requested must be for at least $100. We will pay partial surrender proceeds in a lump sum. We will pay you the amount requested and cancel units equal to the amount surrendered from the subaccounts and/or the fixed account according to your instructions. In the event that the amount to be surrendered exceeds the subaccount(s) value and/or the fixed account value, we will process the surrender for the amount available and contact you for further instructions. We limit the option to elect a 10% free partial surrender to one per contract year, even if the amount surrendered during that year is less than 10% of the contract value. If you are participating in the systematic partial surrender plan, that is considered the one free partial surrender for the contract year. Certain federal income tax consequences may apply to partial surrenders from the contract. You should consult your tax adviser before requesting any partial surrenders.

Partial Surrender. You may make a Partial Surrender at any time prior to the Income Date by giving notice to Us. After the first Contract year, Partial Surrenders of up to 10% of the Contract’s Accumulation Value as of the last Contract Anniversary may be made without a Surrender Charge or MVA.

Partial Surrender. 17 Amount Payable on Partial Surrender .........................................................................18 Surrender

Partial Surrender. You may surrender a portion of the Accumulated Value by giving Notice while the Insured is living. A Partial Surrender: 1) Will reduce the Accumulated Value by the amount of the Partial Surrender. This is the sum of: a) The surrender amount that we pay to you; b) Any taxes that we withhold; c) Any Partial Surrender Charge applied (see Section 9.4); and d) Any Decrease Charge applied due to the resulting decrease in Face Amount. The reduction will be taken from the subaccounts of the Variable Account and from the Fixed Accounts according to their Account Ratios on the effective date of the surrender. With our approval, you may choose other allocations of the Partial Surrender; 2) Must be at least $200; 3) Must not reduce the remaining Cash Surrender Value to less than $300; 4) May not be made if it would reduce the Face Amount to less than the Minimum Face Amount shown on page 3A. If the Death Benefit is Option 1, a Partial Surrender will affect the Face Amount as follows: a) If the Death Benefit on the effective date of the Partial Surrender is equal to the Face Amount, then the Face Amount will be decreased by the surrender amount that we pay to you and by any taxes that we withhold. b) If the Death Benefit on the effective date of the Partial Surrender is based on the Table of Death Benefit Factors on page 4A (see Section 6.2), then the Face Amount will be decreased only if, on that day, the surrender amount that we pay to you plus any taxes that we withhold exceeds the Death Benefit minus the Face Amount. In that case, the Face Amount will be decreased by: i) The surrender amount that we pay to you plus any taxes that we withhold; Less: ii) The Death Benefit less the Face Amount prior to the surrender. Any decrease in the Face Amount and any Decrease Charge will be applied in the order specified in Section 7.2(2). Any Decrease Charge will be deducted from the subaccounts of the Variable Account and from the Fixed Accounts according to their Account Ratios on the effective date of the surrender; and 5) Will be effective on the day we receive Notice. A Partial Surrender may cause the No-Lapse Guarantee to become inactive (see Section 5.4).