Common use of Time Period for Payment Clause in Contracts

Time Period for Payment. Any partial surrender, cash surrender value or death benefit will usually be paid within seven days of receiving your written request in our Home Office, or receipt and filing of due proof of death. However, we have the right to suspend or delay the date of any surrender, partial surrender or death benefit payment from the sub-accounts for any period during which: (1) the New York Stock Exchange is closed, other than customary weekend and holiday closings, or trading on the New York Stock Exchange is restricted as determined by the Securities and Exchange Commission; or (2) the Securities and Exchange Commission permits by an order the postponement for the protection of contract owners; or (3) The Securities and Exchange Commission determines that an emergency exists that would make the disposal of securities held in the variable account or the determination of the value of the variable account’s net assets not reasonably practicable. For any surrender, partial surrender or transfer from the fixed account, we have the right to postpone making a payment to you for not more than six months from the date of written notice. If payment is not made within 30 days after receipt of documentation necessary to complete the transaction, or such shorter period required by a particular jurisdiction, interest will be added to the amount paid from the date of receipt of documentation at 3% or such higher rate required for a particular state.

Time Period for Payment. Any We will normally pay out any partial surrender, cash surrender value or death benefit will usually be paid within seven days of receiving your written request in our Home Office, or receipt and filing of due proof of death. However, we have the right to suspend or delay the date of any surrender, partial surrender or death benefit payment from the sub-accounts for any period during which: (1) the New York Stock Exchange is closed, other than customary weekend and holiday closings, or trading on the New York Stock Exchange is restricted as determined by the Securities and Exchange Commission; or (2) the Securities and Exchange Commission permits by an order the postponement for the protection of contract owners; or (3) The Securities and Exchange Commission determines that an emergency exists that would make the disposal of securities held in the variable account or the determination of the value of the variable account’s net assets not reasonably practicable. For any surrender, partial surrender or transfer from the fixed account, we have the right to postpone making a payment to you for not more than up to six months from the date of written notice. If payment is not made within 30 days after receipt of documentation necessary to complete the transaction, (or such shorter period required by a particular jurisdiction), we will add interest will be added to the amount paid from the date of receipt of we receive documentation at 3% (or such higher rate required for a particular state).