Common use of Termination by Planholder Clause in Contracts

Termination by Planholder. A Planholder may, at any time up to the time of his death, terminate his Plan in accordance with the provisions thereof by notifying the Custodian in writing. The Planholder must instruct the Custodian in writing either to deliver the Fund Shares held in his account to him or to sell his Fund Shares, as his agent, and pay him the net proceeds. If the Planholder requests delivery of his Fund Shares, sufficient shares shall be sold by the Custodian to pay authorized deductions (including a Custodian fee as set forth in the Prospectus) and transfer taxes, leaving no fractional shares, and the balance of Fund Shares shall be delivered to him. Instructions for liquidation of Fund Shares must be in the form of a letter signed by the Planholder. Liquidations of $50,000 or higher must be in the form of a letter signed by a Planholder with the signature guaranteed by an Approved Guarantor. The redemption price shall be the net asset value of Fund Shares next determined after all necessary documents have been received. The proceeds of a liquidation shall be sent to the Planholder within seven days after receipt of all necessary documents by the Custodian. The Custodian reserves the right to delay the mailing of redemption proceeds until checks received for the shares purchased have cleared. The payment period may be extended if the Custodian's right to redeem shares of the Fund has been suspended or restricted because (a) trading on the New York Stock Exchange is restricted or such Exchange is closed for other than customary week-ends or holidays; (b) the SEC has by order permitted such suspension; or (c) an emergency exists, as determined by the SEC, making disposal of portfolio securities or the valuation of the net assets of the Fund not reasonably practicable. (A terminated Plan may be reinstated as provided in paragraph II(A)(10) above).

Termination by Planholder. A Planholder may, at any time up to the time of his death, terminate his Plan in accordance with the provisions thereof by notifying the Custodian in writing. The Planholder must instruct the Custodian in writing either to deliver the Fund Shares held in his account to him or to sell his Fund Shares, as his agent, and pay him the net proceeds. If the Planholder requests delivery of his Fund Shares, sufficient shares shall be sold by the Custodian to pay authorized deductions (including a Custodian fee as set forth in the Prospectus) and transfer taxes, leaving no fractional shares, and the balance of Fund Shares shall be delivered to him. Instructions for liquidation of Fund Shares must be in the form of a letter signed by the Planholder. Liquidations of $50,000 or higher must be in the form of a letter signed by a an Planholder with the signature guaranteed by an Approved Guarantor. The redemption price shall be the net asset value of Fund Shares next determined after all necessary documents have been received. The proceeds of a liquidation shall be sent to the Planholder within seven days after receipt of all necessary documents by the Custodian. The Custodian reserves the right to delay the mailing of redemption proceeds until checks received for the shares purchased have cleared. The payment period may be extended if the Custodian's right to redeem shares of the Fund has been suspended or restricted because (a) trading on the New York Stock Exchange is restricted or such Exchange is closed for other than customary week-ends or holidays; (b) the SEC has by order permitted such suspension; or (c) an emergency exists, as determined by the SEC, making disposal of portfolio securities or the valuation of the net assets of the Fund not reasonably practicable. (A terminated Plan may be reinstated as provided in paragraph II(A)(10) above).be