Common use of Systematic Withdrawal Clause in Contracts

Systematic Withdrawal. The Custodian and the Sponsor agree that a Planholder may elect to establish a Systematic Withdrawal Program, after the Planholder has completed all regularly scheduled payments (or in the case of IRAs, Keog▇ ▇▇▇ns or other retirement plans, if the Planholder has notified the Sponsor or the Custodian that the Planholder does not intend to make any further Plan payments). Under a Systematic Withdrawal Program, the Planholder can elect to receive monthly or quarterly checks in any amount of $50.00 or more. To provide funds for these payments, the Custodian, as agent for the Planholder, will redeem shares held in the Planholder's account at the net-asset value in effect at the time of each such redemption. The Planholder may change the amount of payments under a Systematic Withdrawal Program or discontinue a Systematic Withdrawal Program at any time. While a Systematic Withdrawal Program is in effect, the Planholder may not elect to receive dividends and distributions on Fund Shares held in his account in cash. A Planholder may not simultaneously maintain an uncompleted Plan and a Systematic Withdrawal Program.