Common use of INCOME BASE Clause in Contracts

INCOME BASE. The Income Base will be the greater of Income Base A or Income Base B, described below. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It is not available as a Contract Value, Settlement Value, or Death Benefit, nor is it used in the calculation of such values. Also, it does not guarantee performance of any investment option. Income Base A * On the Rider Date, Income Base A is equal to the Contract Value. * After the Rider Date, Income Base A will accumulate interest daily at a rate equivalent to 5% per year and is recalculated each time a purchase payment or withdrawal is made as follows: * for purchase payments, Income Base A is equal to the most recently calculated Income Base plus the purchase payment. * for withdrawals, Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment, as defined below. * The accumulation will continue until the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier. After the first Contract anniversary following 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier, Income Base A will be recalculated only for purchase payments and withdrawals. Income Base A will not exceed the amount equal to: * 200% of the Contract Value as of the Rider Date; plus * 200% of any purchase payments made after the Rider Date (excluding purchase payments made in the twelve-month period immediately prior to the Payout Start Date); minus * withdrawal adjustments for any withdrawals made after the Rider Date. Withdrawal Adjustment for Income Base A A. Prior to the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier: * For the portion of withdrawals in a Contract Year that do not cumulatively exceed 5% of Income Base A, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (i) multiplied by (ii), where (i) is the withdrawal amount (or portion thereof) (ii) is a discount factor calculated using an annual interest rate of 5% and is defined as the quantity (1.05)-K. * K is the portion of the Contract Year remaining between the date of the withdrawal and the Contract anniversary immediately following the withdrawal. . The discount factor has the effect of treating the withdrawal as having occurred at the end of the Contract Year, solely for purposes of calculating the Income Base A. * For the portion of withdrawals in a Contract Year that cumulatively exceed 5% of Income Base A, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (a) divided by (b) with the result multiplied by (c), where (a) is the withdrawal amount (or portion thereof). (b) is the Contract Value immediately prior to the withdrawal. (c) is Income Base A immediately prior to the withdrawal. Each of these withdrawal adjustments will be made as of the date of the withdrawal. B. On or after the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, all withdrawal adjustments are equal to (a) divided by (b) and the result multiplied by (c), where (a), (b), and (c) are defined as above. All such withdrawal adjustments will be made as of the date of the withdrawal. Income Base B On the Rider Date, Income Base B is equal to the Contract Value. After the Rider Date, Income Base B is recalculated each time a purchase payment or withdrawal is made, and is also recalculated on each Contract anniversary as follows: * For purchase payments, Income Base B is equal to the most recently calculated Income Base B plus the purchase payment. * For withdrawals, Income Base B is equal to the most recently calculated Income Base B, reduced by a withdrawal adjustment, as defined below. * On each Contract anniversary, Income Base B is equal to the greater of the Contract Value or the most recently calculated Income Base B. If no withdrawals or purchase payments are made after the Rider Date, Income Base B will be the highest of all the Contract Values on the following dates: the Rider Date and each Contract anniversary after the Rider Date but before the Payout Start Date. Income Base B will be recalculated for purchase payments, withdrawals, and on Contract anniversaries until the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, whichever is earlier. After the first Contract anniversary following the 85th birthday of either the oldest Owner or oldest Annuitant, whichever is earlier, Income Base B will be recalculated only for purchase payments and withdrawals. If this rider is added as part of a rider exchange program that we may offer from time to time (the offering of such programs as well as their terms and conditions will be determined in our sole discretion but will be applied in a non-discriminatory manner), the following provisions apply: * On the Rider Date, Income Base B will be equal to the greatest of: 1. Contract Value on the Rider Date; or 2. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of Income Base B of the Retirement Income Guarantee Rider 2 being terminated under the exchange program; or 3. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of such other Income Base we may specify of a Retirement Income Guarantee Rider being terminated under the exchange program. * After the Rider Date, Income Base B is recalculated as described above. Withdrawal Adjustment for Income Base B A withdrawal adjustment is equal to (a) divided by (b), with the result multiplied by (c), where: (a) is the withdrawal amount. (b) is the Contract Value immediately prior to the withdrawal. (c) is the most recently calculated Income Base B.

INCOME BASE. The Income Base will be the greater of Income Base A or Income Base B, described below. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It is not available as a Contract Value, Settlement Value, or Death Benefit, nor is it used in the calculation of such values. Also, it does not guarantee performance of any investment option. Income Base A * On the Rider Date, the Income Base A is equal to the Contract Value. * After the Rider Date, the Income Base A will accumulate interest daily at a rate equivalent to 5% per year and is recalculated each time a purchase payment or withdrawal is made as follows: * for purchase payments, the Income Base A is equal to the most recently calculated Income Base plus the purchase payment. * for withdrawals, the Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment, as defined below. * The accumulation will continue until the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier. After the first Contract anniversary Anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier, the Income Base A will be recalculated only for purchase payments and withdrawals. The Income Base A will not exceed the amount equal to: * 200% of the Contract Value as of the Rider Date; plus * 200% of any purchase payments made after the Rider Date (excluding purchase payments made in the twelve-month period immediately prior to the Payout Start Date); * minus * withdrawal adjustments for any withdrawals made after the Rider Date. Withdrawal Adjustment for Income Base AAdjustment A. Prior to the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier: * For the portion of withdrawals in a Contract Year that do not cumulatively exceed 5% of the Income Base ABase, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (i) multiplied by (ii), where (i) is the withdrawal amount (or portion thereof) (ii) is a discount factor calculated using an annual interest rate of 5% and is defined as the quantity (1.05)-K. * K is the portion of the Contract Year remaining between the date of the withdrawal and the Contract anniversary immediately following the withdrawal. . The discount factor has the effect of treating the withdrawal as having occurred at the end of the Contract Year, solely for the purposes of calculating the Income Base A. Base. * For the portion of withdrawals in a Contract Year that cumulatively exceed 5% of the Income Base ABase, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (a) divided by (b) ), with the result multiplied by (c), where (a) is the withdrawal amount (or portion thereof). (b) is the Contract Value immediately prior to the withdrawal. . (c) is the Income Base A immediately prior to the withdrawal. Each of these withdrawal adjustments will be made as of the date of the withdrawal. B. On or after the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, all withdrawal adjustments are equal to (a) divided by (b) and the result multiplied by (c), where (a), (b), and (c) are defined as above. All such withdrawal adjustments will be made as of the date of the withdrawal. Income Base B On the Rider Date, Income Base B is equal to the Contract Value. After the Rider Date, Income Base B is recalculated each time a purchase payment or withdrawal is made, and is also recalculated on each Contract anniversary as follows: * For purchase payments, Income Base B is equal to the most recently calculated Income Base B plus the purchase payment. * For withdrawals, Income Base B is equal to the most recently calculated Income Base B, reduced by a withdrawal adjustment, as defined below. * On each Contract anniversary, Income Base B is equal to the greater of the Contract Value or the most recently calculated Income Base B. If no withdrawals or purchase payments are made after the Rider Date, Income Base B will be the highest of all the Contract Values on the following dates: the Rider Date and each Contract anniversary after the Rider Date but before the Payout Start Date. Income Base B will be recalculated for purchase payments, withdrawals, and on Contract anniversaries until the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, whichever is earlier. After the first Contract anniversary following the 85th birthday of either the oldest Owner or oldest Annuitant, whichever is earlier, Income Base B will be recalculated only for purchase payments and withdrawals. If this rider is added as part of a rider exchange program that we may offer from time to time (the offering of such programs as well as their terms and conditions will be determined in our sole discretion but will be applied in a non-discriminatory manner), the following provisions apply: * On the Rider Date, Income Base B will be equal to the greatest of: 1. Contract Value on the Rider Date; or 2. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of Income Base B of the Retirement Income Guarantee Rider 2 being terminated under the exchange program; or 3. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of such other Income Base we may specify of a Retirement Income Guarantee Rider being terminated under the exchange program. * After the Rider Date, Income Base B is recalculated as described above. Withdrawal Adjustment for Income Base B A withdrawal adjustment is equal to (a) divided by (b), with the result multiplied by (c), where: (a) is the withdrawal amount. (b) is the Contract Value immediately prior to the withdrawal. (c) is the most recently calculated Income Base B.

INCOME BASE. The Income Base will be the greater of Income Base A or Income Base B, described below. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It is not available as a Contract Value, Settlement Value, or Death Benefit, nor is it used in the calculation of such values. Also, it does not guarantee performance of any investment option. Income Base A * On the Rider Date, Income Base A is equal to the Contract Value. * After the Rider Date, Income Base A will accumulate interest daily at a rate equivalent to 5% per year and is recalculated each time a purchase payment or withdrawal is made as follows: * for purchase payments, Income Base A is equal to the most recently calculated Income Base plus the purchase paymentpayment and its associated Credit Enhancement. * for withdrawals, Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment, as defined below. * The accumulation will continue until the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier. After the first Contract anniversary following 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier, Income Base A will be recalculated only for purchase payments and withdrawals. Income Base A will not exceed the amount equal to: * 200% of the Contract Value as of the Rider Date; plus * 200% of any purchase payments and associated Credit Enhancements made after the Rider Date (excluding purchase payments and associated Credit Enhancements made in the twelve-month period immediately prior to the Payout Start Date); minus * withdrawal adjustments for any withdrawals made after the Rider Date. Withdrawal Adjustment for Income Base A A. Prior to the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier: * For the portion of withdrawals in a Contract Year that do not cumulatively exceed 5% of Income Base A, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (i) multiplied by (ii), where (i) is the withdrawal amount (or portion thereof) (ii) is a discount factor calculated using an annual interest rate of 5% and is defined as the quantity (1.05)-K. * K is the portion of the Contract Year remaining between the date of the withdrawal and the Contract anniversary immediately following the withdrawal. . The discount factor has the effect of treating the withdrawal as having occurred at the end of the Contract Year, solely for purposes of calculating the Income Base A. * For the portion of withdrawals in a Contract Year that cumulatively exceed 5% of Income Base A, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (a) divided by (b) with the result multiplied by (c), where (a) is the withdrawal amount (or portion thereof). (b) is the Contract Value immediately prior to the withdrawal. (c) is Income Base A immediately prior to the withdrawal. Each of these withdrawal adjustments will be made as of the date of the withdrawal. B. On or after the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, all withdrawal adjustments are equal to (a) divided by (b) and the result multiplied by (c), where (a), (b), and (c) are defined as above. All such withdrawal adjustments will be made as of the date of the withdrawal. Income Base B On the Rider Date, Income Base B is equal to the Contract Value. After the Rider Date, Income Base B is recalculated each time a purchase payment or withdrawal is made, and is also recalculated on each Contract anniversary as follows: * For purchase payments, Income Base B is equal to the most recently calculated Income Base B plus the purchase paymentpayment and its associated Credit Enhancement. * For withdrawals, Income Base B is equal to the most recently calculated Income Base B, reduced by a withdrawal adjustment, as defined below. * On each Contract anniversary, Income Base B is equal to the greater of the Contract Value or the most recently calculated Income Base B. If no withdrawals or purchase payments are made after the Rider Date, Income Base B will be the highest of all the Contract Values on the following dates: the Rider Date and each Contract anniversary after the Rider Date but before the Payout Start Date. Income Base B will be recalculated for purchase payments, withdrawals, and on Contract anniversaries until the first Contract anniversary following the 85th birthday of either the oldest Owner or the Annuitant, whichever is earlier. After the first Contract anniversary following the 85th birthday of either the oldest Owner or oldest Annuitant, whichever is earlier, Income Base B will be recalculated only for purchase payments and withdrawals. If this rider is added as part of a rider exchange program that we may offer from time to time (the offering of such programs as well as their terms and conditions will be determined in our sole discretion but will be applied in a non-discriminatory manner), the following provisions apply: * . On the Rider Date, Income Base B will be equal to the greatest of: 1. Contract Value on the Rider Date; or 2. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of Income Base B of the Retirement Income Guarantee Rider 2 being terminated under the exchange program; , or 3. If applicable under the terms of the exchange program that we may be offering, the value (as of the date of the exchange) of such other Income Base we may specify of a Retirement Income Guarantee Rider being terminated under the exchange program. * . After the Rider Date, Income Base B is recalculated as described above. Withdrawal Adjustment for Income Base B A withdrawal adjustment is equal to (a) divided by (b), with the result multiplied by (c), where: (a) is the withdrawal amount. (b) is the Contract Value immediately prior to the withdrawal. (c) is the most recently calculated Income Base B.