Common use of PAYMENT OF WITHDRAWALS Clause in Contracts

PAYMENT OF WITHDRAWALS. Unless the Owner directs otherwise, partial withdrawals prior to the Annuity Date, and related charges, will be deducted from the Participant's Fixed and Variable Accounts in the following order First from Interest Option B; Next from Interest Option A; Then from each investment account of the Separate Account in the ratio of the Owner's interest in each investment account to the Participant's Variable Account Value; and Finally from Interest Option C. Partial withdrawal of amounts held under Interest Option A or Interest Option C will be made from amounts most recently placed under that option.

Appears in 1 contract

Sources: Group Variable and Fixed Annuity Contract (Penn Mutual Variable Annuity Account Iii)

PAYMENT OF WITHDRAWALS. Unless the Owner Participant directs otherwise, partial withdrawals prior to the Annuity Date, and related charges, will be deducted from the Participant's Fixed and Variable Accounts in the following order First first from Interest Option B; Next next from Interest Option A; Then then from each subaccount of each investment account of the Separate Account in the ratio of the OwnerParticipant's interest in each investment account subaccount to the Participant's Variable Account Value; and Finally finally from Interest Option C. Partial withdrawal of amounts held under Interest Option A or Interest Option C will be made from amounts most recently placed under that option.

Appears in 1 contract

Sources: Group Variable and Fixed Annuity Contract (Penn Mutual Variable Annuity Account Iii)