SURRENDER OPTION Clause Samples

SURRENDER OPTION. The Owner may surrender this Contract for its Contract Value 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

SURRENDER OPTION. 4.01. Upon not less than fifteen (15) months prior written notice to Landlord (each herein called a "Surrender Notice") which may be given one or more times during the period commencing on September 20, 2009 up to and including September 30, 2011 (herein called the "Surrender Notice Period"), Tenant may elect to surrender portions of the Premises (each such portion of the Premises so surrendered is herein called "Surrender Space") consisting of two (2) or more full Office Floors on or above the 6th floor of the Building and containing not more than 280,326 rentable square feet in the aggregate, all of which shall consist of full Office Floors. For example and without limitation, Tenant may initially elect to surrender three full Office Floors containing 90,510 rentable square feet of the Premises, and thereafter send one or more Tranche 1 Surrender Notices during the Surrender Notice Period surrendering additional full Office Floors (but not less than two (2) full Office Floors in any Surrender Notice) comprising up to an additional 189,816 rentable square feet (i.e., the Surrender Space shall not exceed 280,326 rentable square feet in the aggregate, inclusive of any space surrendered under the Original Lease). Any Surrender Notice shall identify the Surrender Space and indicate the date on which such Surrender Space will be surrendered, which date(s) may be no earlier than December 20, 2010, no later than December 31, 2012 and must correspond with the last day of a month (any such date is herein called a "Surrender Date"). Any Surrender Space that is identified in a particular Surrender Notice must be contiguous but such space need not be contiguous with any Surrender Space identified in a subsequent Surrender Space Notice; provided, that, Tenant shall give consideration to keeping Surrender Space contiguous within all or any of the four elevator banks but shall have absolutely no obligation whatsoever to do so. Notwithstanding any of the foregoing, or anything to the contrary contained in the Amended and Restated Lease, if all or any portion of the Surrender Space or Building Systems which service the Surrender Space shall be partially or totally damaged or destroyed by fire or other casualty prior to the Surrender Date, then the Surrender Date with respect to any full floor portion of the Surrender Space so affected shall be postponed until such time as Tenant fully satisfies its restoration obligations with respect thereto in accordance with Section 19...

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on the Valuation Date on which LNL receives a written request at its Home Office. The surrender value will be the value of all of the variable Accumulation Units attributable to this Contract plus the value of the DCA Fixed Account. Any cash payment will be mailed from LNL's Home Office within seven days after the date of surrender; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received by LNL. The Surrender Option is not available after the Annuity Commencement Date.

SURRENDER OPTION. The Owner may surrender this Contract for its Contract Value at any time prior to the earlier of: a. the Annuity Commencement Date; b. termination of the Contract upon payment of any Death Benefit; or c. the Maturity Date. LNY reserves the right to surrender this Contract if any withdrawal reduces the total Contract Value to less than $2,000, and Purchase Payments have stopped for a period of three full years. By payment of the Contract Value, LNY shall be relieved of any further obligation under this Contract. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNY receives a written request for surrender at its Servicing Office. Any payment from the Variable Account will be mailed from LNY's Servicing Office within seven days after the date of surrender; however, LNY may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received in its Servicing Office. Any payment from the DCA Fixed Account may be deferred for a period not to exceed six months after receipt of the surrender request. The Surrender Option is not available after the Annuity Commencement Date.

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value 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. the Maturity Date. LNL reserves the right to surrender this Contract if any withdrawal (see Section 5.02) reduces the total Contract Value to a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law, for individual deferred annuities applicable in the state in which this Contract was purchased. LNL may surrender the Contract for its surrender value. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL receives a written request for surrender at its Home Office. The surrender value on the Valuation Date of surrender will be the sum of "a." and "b.", where: a. is the greater of the Minimum Value of the Fixed Account (see Section 4.08) or the portion of the Contract Value in the Fixed Account after any Market Value Adjustment(s) (see Section 4.06) and; b. is the portion of the Contract Value in the Variable Account. Any payment from the Variable Account will be mailed from LNL's Home Office within seven days after the date of surrender, however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received in its Home Office. Any payment from the Fixed Account may be deferred for a period not to exceed six months after receipt of the surrender request. The Surrender Option is not available after the Annuity Commencement Date.

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on date on which LNL has receives a written request at its Home Office. The surrender value will be the total Account Value less a Surrender Charge and less the Account Charge. The Surrender Charge is calculated as a percentage of the Purchase Payments surrendered. This percentage is based on the number of completed Contract Years between the Contract Year of Purchase Payment and the Contract Year of surrender/withdrawal as shown in the following schedule. The Surrender Charge is calculated separately for each Contract Year's Purchase Payments. A Contract Year is the period from the Contract effective date (month and Day) to the anniversary of the Contract effective date in the following year. Any payment will be by check and mailed from LNL's Home Office within seven days after receipt of the surrender request: however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received. Interest will be credited to money in the fixed portion of this contract during the deferral period. The Surrender Option is not available atter Annuity Payments have begun. Any Account Value payable as a result of annuitization, total and permanent disability of the Annuitant subsequent to the effective date of this Contract and prior to the 65th birthday of the Annuitant, or death of the Annuitant will not be subject to the Surrender Charges. Total and permanent disability is defined as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve months. LNL must be furnished with proof of the existence thereof by way of a physician's statement.

SURRENDER OPTION. You may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on the Valuation Date We receive a Surrender request that You have signed and mailed or faxed to Our Service Office. The Contract Surrender Value will be the total Contract Value on the Valuation Date, less any applicable taxes. Payment will be made within seven days after the date of surrender, subject to the Suspension or Deferral of Payments Provision (see Section 4.10). The surrender option is not available after the Income Date.

SURRENDER OPTION. The Owner may surrender this Contract for its surrender value. On surrender, this Contract terminates. Surrender will be effective on date on which LNL has receives a written request at its Home Office. The surrender value will be the total Account Value on the Valuation Date less a Surrender Charge. The Surrender Charge will be determined as follows: SCHEDULE A For any portion of the Net Purchase Payment that is the result of proceeds transferred from another Lincoln National Life Insurance Company Annuity Contract, either of which did not contain surrender/withdrawal charges, the applicable charge will be 2% of the proceeds if surrender occurs in years 1-5 and no charge if surrender occurs after the Contract has been in force for 5 years. Investment gains and/or interest earnings on such portion of the Net Purchase Payment will be subject to the graded charges shown in Schedule A. For any portion of the Net Purchase Payment that is the result of proceeds transferred from another Lincoln National Life Insurance Company Annuity Contract, either of which contained surrender/withdrawal charges, the applicable charge will be as shown in Schedule A. A Contract Year is the period from the contract effective date (month and day) to the anniversary of the contract effective date in the following year. After the Contract has been in force for 7 Contract Years, there will be no Surrender Charge applied. Any cash payment will be mailed from LNL's Home Office within seven days after the date of surrender; however, LNL may be permitted to defer such payment under the Investment Company Act of 1940, as in effect at the time a request for surrender is received. The Surrender Option is not available after Annuity Payments have begun.

SURRENDER OPTION. 22 ARTICLE 5 Subordination....................................................................25