Common use of NOTICE OF TRANSFER AND TRANSFER PAYMENTS Clause in Contracts

NOTICE OF TRANSFER AND TRANSFER PAYMENTS. The Contract Owner may, at any time, give Written Communications to Nationwide to make one or more Withdrawals from the Guaranteed Fund to provide transfer payments to a Funding Successor. The first Guaranteed Fund Withdrawal will be made on the Transfer Date. The amount transferred may be subject to taxes and applicable charges. In the event that the Contract is terminated by Nationwide as described in Section 7.3 of this Contract, the Termination Fee as described in Section 6.3 of the Contract will be waived.