Common use of CONTRACT LOANS Clause in Contracts

CONTRACT LOANS. If your contract has been purchased as a tax sheltered annuity as described in Section 403(b) of the Internal Revenue Code, as amended, that is not part of a plan that is subject to the Employee Retirement Income Security Act of 1974, you will have the option of taking a contract loan at any time after the first contract year. If your contract has been purchased in this tax sheltered market, an endorsement attached to this contract will detail the loan requirements.

CONTRACT LOANS. If your contract has been purchased as a tax sheltered annuity as described in Section 403(b) of the Internal Revenue Code, as amended, that is not part of a plan that is subject to the Employee Retirement Income Security Act of 1974, you will have the option of taking a contract loan at any time after the first contract year. If The loan requirements will be contained in an endorsement attached to this contract if your contract has been purchased in this tax sheltered market, an endorsement attached to this contract will detail the loan requirements.