Common use of APPLICATION OF ACCUMULATION VALUE Clause in Contracts

APPLICATION OF ACCUMULATION VALUE. As of the Annuity Commencement Date, Minnesota Mutual shall apply the Participant's Accumulation Value to provide Annuity Payments under the Annuity Payment Option determined in accordance with Section 7.03; provided, however, that the first payment under such Annuity Payment Option must be at least $20.00 in amount. If such first payment would be less than $20.00 in amount, the Participant's Accumulation Value will be paid to the Participant in a lump sum as of his or her Annuity Commencement Date, and the Participant shall thereafter have no further rights under this contract. The requirement that the first payment be at least $20.00 shall be imposed separately for the portion of the Annuity Payments payable as a Fixed Annuity and the portion payable as a Variable Annuity under each of the sub-accounts of the Separate Account.

APPLICATION OF ACCUMULATION VALUE. As of the Annuity Commencement Date, Minnesota Mutual shall apply the Participant's Accumulation Value to provide Annuity Payments under the Annuity Payment Option determined in accordance with Section 7.036.03; provided, however, that the first monthly payment under such Annuity Payment Option must be at least $20.00 in amount. If such first monthly payment would be less than $20.00 in amount, the Participant's Accumulation Value will be paid to the Participant in a lump sum as of his or her Annuity Commencement Date, and the Participant shall thereafter have no further rights under this contract. The 13 requirement that the first monthly payment be at least $20.00 shall be imposed separately for the portion of the Annuity Payments payable as a Fixed Annuity and the portion payable as a Variable Annuity under each of the sub-accounts of the Separate Account.

APPLICATION OF ACCUMULATION VALUE. As of the Annuity Commencement Date, Minnesota Mutual shall apply the Participant's Accumulation Value to provide Annuity Payments under the Annuity Payment Option determined in accordance with Section 7.036.03; provided, however, that the first monthly payment under such Annuity Payment Option must be at least $20.00 in amount. If such first monthly payment would be less than $20.00 in amount, the Participant's Accumulation Value will be paid to the Participant in a lump sum as of his or her Annuity Commencement Date, and the Participant shall thereafter have no further rights under this contract. The requirement that the first monthly payment be at least $20.00 shall be imposed separately for the portion of the Annuity Payments payable as a Fixed Annuity and the portion payable as a Variable Annuity under each of the sub-accounts of the Separate Account.