Common use of THE VARIABLE ACCOUNT Clause in Contracts

THE VARIABLE ACCOUNT. Any portion of the Single Premium under the Contract may be allocated to the Variable Account of the Contract. The Variable Account, which is designated on the Contract Specifications, is for the exclusive benefit of persons entitled to receive benefits under variable annuity contracts. Income, gains and losses (whether or not realized) from the assets allocated to the Variable Account shall be credited to or charged against the Variable Account without regard to other income, gains or losses of Lincoln National. The Variable Account will not be charged with the liabilities arising from any other part of Lincoln National's business. Subject to any required regulatory approvals, Lincoln National reserves the right to eliminate the shares of any Fund and substitute the securities of a different Fund or investment company or mutual fund. Such elimination and substitution may occur if the shares of a Fund are no longer available for investment or, if in the judgment of Lincoln National, further investment in any Fund should become inappropriate in view of the purposes of the Contract. Lincoln National may close any Variable Subaccount to new transfers of Account Value. Lincoln National may add new Variable Subaccounts in which the assets of the Variable Account may be invested. Lincoln National will give the Owner written notice of the elimination and substitution of any Fund as required by law after such substitution occurs.