Common use of Eighteen-Month Surrender Clause in Contracts

Eighteen-Month Surrender. The Custodian and the Sponsor agree that a Planholder has a privilege for 18 months (or longer, if required by state law) to surrender his Plan and receive the net asset value of the Fund Shares held in his account at the time, plus the amount by which the Creation and Sales Charges deducted from payments exceed 15% of the payments he has made up to the date of the surrender of the Plan. Upon the written request by the Planholder, the Custodian shall liquidate Fund Shares and pay the proceeds to the Planholder who has exercised the foregoing privilege. Any excess amount due the Planholder shall be paid directly by the Sponsor. The Planholder shall not be entitled to be refunded any custodial fees previously paid. The 18-month period (or such longer period as required by state law) shall run from the date on which the Plan is issued. The Planholder must request his refund in writing, addressed to the Custodian. The Custodian will send to the Planholder a notice within 30 days if either of the following occurs: (a) if, during the first 15 months after the date of the issuance of a Plan, the Planholder has missed three payments or more; or (b) if, following the first 15 months after the date of issuance of the Plan (but prior to 18 months after such date) the Planholder has missed one payment or more. In the event the Sponsor has previously sent a notice in connection with (a) above, a second notice will not be sent even if additional payments are missed. These notices will inform the Planholder of his rights of cancellation as set forth above, of the value of his account at the time the notice is sent and of the amount to which he is entitled.

Eighteen-Month Surrender. The Custodian and the Sponsor agree that a A Planholder has a the privilege for 18 months (or longer, if required by state law) to surrender his Plan or her Plan, but only in accordance with Section 27 of the 1940 Act and the terms and conditions of the applicable Prospectus. Upon surrender, the Planholder will receive a payment in an amount that is the sum of: (1) the net asset value of the Fund Shares held in his account or her Plan Account at the time, plus ; and (2) a refund of the amount by which the Creation and Sales Charges deducted from payments Plan investments exceed 15% of the payments he has Plan investments made up to the date of the surrender of the Plan. Upon In the written request by event the PlanholderPlan is surrendered, the Custodian shall liquidate Fund Shares and pay the proceeds to the Planholder who has exercised the foregoing privilege. Any excess Creation and Sales Charge amount due the Planholder shall be paid directly to the Custodian by the SponsorSponsor for refund to the Planholder. The Planholder shall not be entitled to be refunded any custodial Custodian fees previously paid. The 18-month period (or such longer period as required by state law) shall run from the date on which the Plan is issued. The Planholder must request his a refund in writing, . The request must be signed by the Planholder and be addressed to the Custodian. A cancellation request involving a Plan Account with a current asset value of $100,000 or more (or any other amount specified in the applicable Plan Prospectus) will require a signature guarantee for all Planholders by an acceptable guarantor as described in the Prospectus or as shall otherwise be approved by the Custodian and Sponsor (hereinafter referred to as an "Approved Guarantor"). The Custodian will send to the Planholder a notice (described in Section II(A)(1)(c) above) within 30 days if either following the expiration of the following occurs: (a) if, during the first 15 months after the date of the issuance of a Plan, Plan if the Planholder has missed three payments Plan investments or more; or (b) if, following . The Custodian will also send to the first 15 months after Planholder a notice prior to the date of issuance expiration of the Plan (but prior to 18 months after such date) 18-month period described above if the Planholder has missed one payment Plan investment or moremore after the expiration of the 15-month period but prior to the expiration of the 18-month period. In (If the event the Sponsor Custodian has previously already sent a notice in connection with (a) aboveat 15 months, a second notice will not be sent required even if additional payments investments are missed. .) These notices will inform the Planholder of his the Planholder's rights of cancellation as set forth above, of the value of his account the Plan at the time the notice is sent and of the amount to which he the Planholder is entitled. The Custodian shall inform the selling broker-dealer or, in the absence of such, the Sponsor, in the event such refund procedures are initiated with respect to any Planholder Account.

Eighteen-Month Surrender. The Custodian and the Sponsor agree that a A Planholder has a the privilege for 18 months (or longer, if required by state law) to surrender his Plan or her Plan, but only in accordance with Section 27 of the 1940 Act and the terms and conditions of the applicable Prospectus. Upon surrender, the Planholder will receive a payment in an amount that is the sum of: (1) the net asset value of the Fund Shares held in his account or her Plan Account at the time, plus ; and (2) a refund of the amount by which the Creation and Sales Charges deducted from payments Plan investments exceed 15% of the payments he has Plan investments made up to the date of the surrender of the Plan. Upon In the written request by event the PlanholderPlan is surrendered, the Custodian shall liquidate Fund Shares and pay the proceeds to the Planholder who has exercised the foregoing privilege. Any excess Creation and Sales Charge amount due the Planholder shall be paid directly to the Custodian by the SponsorSponsor for refund to the Planholder. The Planholder shall not be entitled to be refunded any custodial Custodian fees previously paid. The 18-month period (or such longer period as required by state law) shall run from the date on which the Plan is issued. The Planholder must request his a refund in writing, . The request must be signed by the Planholder and be addressed to the Custodian. A cancellation request involving a Plan Account with a current asset value of $100,000 or more (or any other amount specified in the applicable Plan Prospectus) will require a signature guarantee for all Planholders by an acceptable guarantor as described in the Prospectus or as shall otherwise be approved by the Custodian and Sponsor (hereinafter referred to as an "Approved Guarantor"). The Custodian will send to the Planholder a notice (described in Section II(A)(1)(c) above) within 30 days if either following the expiration of the following occurs: (a) if, during the first 15 months after the date of the issuance of a Plan, Plan if the Planholder has missed three payments Plan investments or more; or (b) if, following . The Custodian will also send to the first 15 months after Planholder a notice prior to the date of issuance expiration of the Plan (but prior to 18 months after such date) 18-month period described above if the Planholder has missed one payment Plan investment or moremore after the expiration of the 15-month period but prior to the expiration of the 18-month period. In (If the event the Sponsor Custodian has previously already sent a notice in connection with (a) aboveat 15 months, a second notice will not be sent required even if additional payments investments are missed. .) These notices will inform the Planholder of his the Planholder's rights of cancellation as set forth above, of the value of his account the Plan at the time the notice is sent and of the amount to which he the Planholder is entitled. The Custodian shall inform the selling broker-dealer or, in the absence of such, the Sponsor, in the event such refund procedures are initiated with respect to any Plan Account.