ANNUAL PERMITTED WITHDRAWALS. A Certificate Owner may begin taking withdrawals at any time. The date of the first withdrawal is the Annual Permitted Withdrawal Start Date. The sum of the withdrawals during a Certificate Year must not exceed the Annual Permitted Withdrawal Amount. Any amount withdrawn in a Certificate Year in excess of the Annual Permitted Withdrawal Amount is an Excess Withdrawal. The total annual amount that may be withdrawn as Annual Permitted Withdrawals during a Certificate Year is equal to the Annual Permitted Withdrawal Amount, as calculated below. The Annual Permitted Withdrawal Amount is calculated on the Annual Permitted Withdrawal Start Date and on each Certificate Anniversary. Any portion of an Annual Permitted Withdrawal Amount not withdrawn during a Certificate Year is not available as part of subsequent Certificate Years' Annual Permitted Withdrawal Amount. If the total amount withdrawn in a Certificate Year is greater than the Annual Permitted Withdrawal Amount, the amount in excess is an Excess Withdrawal. Excess Withdrawals will affect the Benefit Base, calculated below, and may reduce or eliminate the benefits payable under this Contract. A Certificate will terminate and no benefits will be payable under this Contract if the Designated Account value is reduced to zero in connection with a withdrawal if any portion is an Excess Withdrawal. ANNUAL PERMITTED WITHDRAWAL AMOUNT The maximum amount that may be withdrawn each Certificate Year from a Designated Account without reducing the benefits under this Contract is the Annual Permitted Withdrawal Amount. The Annual Permitted Withdrawal Amount will be calculated on the Annual Permitted Withdrawal Start Date and on each Certificate Anniversary. The Annual Permitted Withdrawal Amount is equal to the greater of:
