Common use of OWNERSHIP PROVISIONS Clause in Contracts

OWNERSHIP PROVISIONS. OWNER -- You may exercise every option and right conferred by this Contract. Where the Contract is owned jointly, the consent of both Owners is required in order to exercise any ownership rights. Upon written request to the Service Center prior to the death of an Owner, you may request the addition, change or removal of an Owner. You must furnish information sufficient to clearly identify a new Owner to us. An addition, change, or removal of an Owner is subject to our approval. If we approve the change, the effective date of the change will be the date the request was signed by you, except for action taken by us prior to receiving the request. Any change is subject to the payment of any proceeds. We may require you to return this Contract to us for endorsement of a change. . Changing the owner may result in certain tax consequences to you. ANNUITANT -- The original Annuitant is shown in the Contract Schedule. Before the Annuity Date, you may add, change, or remove an Annuitant by written request to our Service Center. The addition, change or removal of an Annuitant is subject to our approval. After the Annuity Date, you may not add, change, or remove an Annuitant. For Contracts with non-natural Owners, changing the Annuitant may result in certain tax consequences. We may require you to return this Contract to us for endorsement of a change. There must be at least one Annuitant at all times. If an Annuitant who is not an Owner dies prior to the Annuity Date, a surviving joint Annuitant, if any, will become the sole Annuitant. If there is no surviving joint Annuitant, the Owner may name a new Annuitant. If the Owner does not name a new Annuitant, the youngest Owner will become the new Annuitant. We will not pay a Death Benefit upon the death of an Annuitant unless the sole Owner is a non-natural person. If the sole Owner is a non-natural person, we will pay a Death Benefit of the Contract Value less any applicable premium taxes upon the death of an Annuitant. If the sole Owner is a non-natural person, we will pay the Contract Value less any applicable premium taxes upon a change in an Annuitant. This will terminate the Contract. Joint Annuitants are only permitted in Non-Qualified Contracts. Under Qualified Contracts, the Owner and the Annuitant generally must be the same individual.

OWNERSHIP PROVISIONS. OWNER -- You may Exercise of Contract This Contract belongs to the Owner, who is Rights entitled to exercise every option all rights and right conferred by privileges in connection with this Contract. Where the a Contract is owned jointlyjointly owned, the consent of both Owners is required must join in order any request to exercise any ownership rights. Upon written request to the Service Center prior to the death of an Owner, you may request the addition, change rights or removal privileges of an Owner. You must furnish information sufficient In any case, such rights and privileges can be exercised without the consent of the Beneficiary (other than an irrevocably - designated Beneficiary) or any other person. Such rights and privileges may be exercised only during the lifetime of the Annuitant and prior to clearly identify the Annuity Commencement Date, except as otherwise provided in this Contract. Unless the Owner specifies otherwise, on the Annuity Commencement Date the Annuitant will become the payee. If the Owner or the Annuitant dies prior to the Annuity Commencement Date, the Beneficiary will become the payee. Such payees may thereafter exercise such rights and privileges of ownership which continue. Beneficiary The Owner designated the Beneficiary and any Contingent Beneficiary when applying for this Contract. By written notice to American Franklin at its Administrative Office, a new non-irrevocable Beneficiary or Contingent Beneficiary may be changed by the Owner prior to usthe Annuity Commencement Date or by the Annuitant or other properly-designated payee after the Annuity Commencement Date. An additionChange of Ownership Ownership of a Qualified Contract may not be transferred except to: (1) the Annuitant; (2) a trustee or successor trustee of a pension or profit sharing trust which is qualified under Section 401(a) of the Internal Revenue Code; (3) the employer of the Annuitant, provided that the Qualified Contract after transfer is maintained under the terms of a retirement plan qualified under Section 403(a) of the Internal Revenue Code for the benefit of the Annuitant; (4) the trustee of an individual FORM T1575 retirement account plan qualified under Section 408 of the Internal Revenue Code; or (5) as otherwise permitted from time to time by laws and regulations governing the retirement or deferred compensation plans for which a Qualified Contract may be issued (including but not limited to transfers pursuant to a qualified domestic relations order within the meaning of Section 414(p) of the Internal Revenue Code). In no other case may a Qualified Contract be sold, assigned, transferred, discounted or pledged as collateral. During the lifetime of the Annuitant and prior to the Annuity Commencement Date, the Owner may change the ownership of a Non-Qualified Contract. A change of ownership will not be binding upon American Xxxxxxxx until American Xxxxxxxx receives written notification at its Administrative Office. When such notification is so received, the change will be effective as of the date of the signed request for change, but the change will be without prejudice to American Franklin on account of any payment made, or any action taken by it prior to receiving the change, or removal on account of any tax consequence. Distribution of If an Owner (including the first to die in the Death Benefit case of joint Owners) under a Non-Qualified under Non-Qualified Contract dies prior to the Annuitant and before Contracts the Annuity Commencement Date, the death benefit must be distributed to the designated Beneficiary either (1) within five years after the date of death of the Owner, or (2) over the life of the designated Beneficiary or a period not greater than the expected life of the designated Beneficiary, with annuity payments beginning within one year after the date of death of the Owner. The Beneficiary shall be considered the designated beneficiary for the purposes of Section 72(s) of the Internal Revenue Code. In all cases, any such designated beneficiary will not be entitled to exercise any rights prohibited by applicable federal income tax law. These mandatory distribution requirements will not apply when the designated Beneficiary is the spouse of the deceased Owner, if the spouse elects to continue this Contract in the spouse's own name, as Owner. When the deceased Owner of a Non-Qualified Contract was also the Annuitant, the surviving spouse (if the surviving spouse is the designated Beneficiary) may elect to be named as both Owner and Annuitant and continue this Contract. If the payee under a Non-Qualified Contract dies after the Annuity Commencement Date and before all of the payments under the Annuity Option have been distributed, the remaining amount payable, if any, must be distributed at least as rapidly as under the method of distribution then in effect. If the Owner prior to the Annuity Commencement Date, or the payee thereafter, is not a natural person, then the foregoing distribution requirements shall apply upon the death of the primary Annuitant within the meaning of the Internal Revenue Code. FORM T1575 Periodic Reports American Xxxxxxxx will send to each Owner, at least once during each Contract Year, a statement showing the Owner's Account Value as of a date not more than two months prior to the date of mailing. American Franklin will also send such statements as may be required by applicable state and federal laws, rules and regulations. Owner's Account American Xxxxxxxx will establish an Owner's Account for the Owner under this Contract and will maintain such account during the Accumulation Period. The Owner's Account Value for any Valuation Period will be equal to the Owner's Separate Account Value, if any, plus the Owner's Fixed Account Value, if any, for that Valuation Period. FIXED ACCOUNT Fixed Account Value That portion of a Net Purchase Payment which is allocated to the Fixed Account will be credited to the Owner's Account and allocated to the Guarantee Period(s) selected. The Fixed Account Value of an Owner's Account for any Valuation Period is equal to the sum of the values in each of the Guarantee Periods credited to the Owner's Account for such Valuation Period. The value in any one Guarantee Period on a Valuation Date is the accumulated value of the Net Purchase Payments, renewals and transfers allocated to the Guarantee Period and interest on such amounts at the Guaranteed Interest Rate, minus the accumulated value of withdrawals and transfers out of that Guarantee Period and any Annual Contract Fee allocated to that Guarantee Period, and interest on such amounts at the Guaranteed Interest Rate. Guarantee Periods The Owner is subject may select one or more Guarantee Period(s). The Guarantee Period(s) selected will determine the Guaranteed Interest Rates(s). The Net Purchase Payment or the portion thereof (or amount transferred in accordance with the transfer privilege provision described below) allocated to our approvala particular Guarantee Period will earn interest at the Guaranteed Interest Rate during the Guarantee Period. If we approve Guarantee Periods begin on the changedate as of which American Xxxxxxxx credits the Owner's Account Value to that Guarantee Period or, in the case of a transfer, on the effective date of the change will be transfer. The Guarantee Period is the number of years American Franklin credits the Guaranteed Interest Rate. The expiration date the request was signed by you, except for action taken by us prior to receiving the request. Any change is subject to the payment of any proceedsGuarantee Period is the last day of the Guarantee Period. We Subsequent Guarantee Periods begin on the first day following the expiration date. As a result of Guarantee Period renewals, additional Purchase Payments and transfers of portions of the Owner's Account Value, Guarantee Periods of the same duration may require you to return this Contract to us for endorsement of a changehave different expiration dates and Guaranteed Interest Rates. . Changing American Xxxxxxxx will notify the owner may result Owner in certain tax consequences to you. ANNUITANT -- The original Annuitant is shown in the Contract Schedule. Before the Annuity Date, you may add, change, or remove an Annuitant by written request to our Service Center. The addition, change or removal of an Annuitant is subject to our approval. After the Annuity Date, you may not add, change, or remove an Annuitant. For Contracts with non-natural Owners, changing the Annuitant may result in certain tax consequences. We may require you to return this Contract to us for endorsement of a change. There must be writing at least one Annuitant at all times. If an Annuitant who is not an Owner dies 30 and no more than 60 days prior to the Annuity Date, a surviving joint Annuitant, if any, expiration date of any Guarantee Period. A new Guarantee Period of the same duration as the previous Guarantee Period will become begin automatically unless American Xxxxxxxx receives written notice at its Administrative Office to the sole Annuitant. If there is no surviving joint Annuitant, contrary from the Owner at least three Valuation FORM T1575 Dates prior to the end of such Guarantee Period. The Owner may name a new Annuitantelect to change to another Guarantee Period or Division which American Franklin offers at such time. If the Owner does not name a new Annuitant, the youngest Owner will become the new Annuitant. We will not pay a Death Benefit upon the death amount of an Annuitant unless Owner's Account Value in a Guarantee Period is less than $500 at the sole Owner is a non-natural person. If end of such Guarantee Period, American Franklin reserves the sole Owner is a non-natural personright to transfer such amount, we will pay a Death Benefit without charge, to the Money Market Division of the Contract Value Separate Account. However, American Franklin will transfer such amount to another available Division at the Owner's request. Guaranteed Interest American Xxxxxxxx will periodically establish an Rates applicable Guaranteed Interest Rate for each Guarantee Period it offers. These rates will be guaranteed for the duration of the respective Guarantee Periods. The Guarantee Periods that American Xxxxxxxx makes available at any time will be determined in its discretion. No Guaranteed Interest Rate shall be less any applicable premium taxes upon the death than an effective annual rate of an Annuitant. If the sole Owner is a non-natural person, we will pay the Contract Value less any applicable premium taxes upon a change in an Annuitant. This will terminate the Contract. Joint Annuitants are only permitted in Non-Qualified Contracts. Under Qualified Contracts, the Owner and the Annuitant generally must be the same individual3.0% per year.

OWNERSHIP PROVISIONS. OWNER -- You may Exercise of Contract This Contract belongs to the Owner, who is Rights entitled to exercise every option all rights and right conferred by privileges in connection with this Contract. Where the a Contract is owned jointlyjointly owned, the consent of both Owners is required must join in order any request to exercise any ownership rights. Upon written request to the Service Center prior to the death of an Owner, you may request the addition, change rights or removal privileges of an Owner. You must furnish information sufficient In any case, such rights and privileges can be exercised without the consent of the Beneficiary (other than an irrevocably - designated Beneficiary) or any other person. Such rights and privileges may be exercised only during the lifetime of the Annuitant and prior to clearly identify the Annuity Commencement Date, except as otherwise provided in this Contract. Unless the Owner specifies otherwise, on the Annuity Commencement Date the Annuitant will become the payee. If the Owner or the Annuitant dies prior to the Annuity Commencement Date, the Beneficiary will become the payee. Such payees may thereafter exercise such rights and privileges of ownership which continue. Beneficiary The Owner designated the Beneficiary and any Contingent Beneficiary when applying for this Contract. By written notice to American Franklin at its Administrative Office, a new non-irrevocable Beneficiary or Contingent Beneficiary may be changed by the Owner prior to usthe Annuity Commencement Date or by the Annuitant or other properly-designated payee after the Annuity Commencement Date. An additionChange of Ownership Ownership of a Qualified Contract may not be transferred except to: (1) the Annuitant; (2) a trustee or successor trustee of a pension or profit sharing trust which is qualified under Section 401(a) of the Internal Revenue Code; (3) the employer of the Annuitant, provided that the Qualified Contract after transfer is maintained under the terms of a retirement plan qualified under Section 403(a) of the Internal Revenue Code for the benefit of the Annuitant; (4) the trustee of an individual FORM T1575Z retirement account plan qualified under Section 408 of the Internal Revenue Code; or (5) as otherwise permitted from time to time by laws and regulations governing the retirement or deferred compensation plans for which a Qualified Contract may be issued (including but not limited to transfers pursuant to a qualified domestic relations order within the meaning of Section 414(p) of the Internal Revenue Code). In no other case may a Qualified Contract be sold, assigned, transferred, discounted or pledged as collateral. During the lifetime of the Annuitant and prior to the Annuity Commencement Date, the Owner may change the ownership of a Non-Qualified Contract. A change of ownership will not be binding upon American Xxxxxxxx until American Xxxxxxxx receives written notification at its Administrative Office. When such notification is so received, the change will be effective as of the date of the signed request for change, but the change will be without prejudice to American Franklin on account of any payment made, or any action taken by it prior to receiving the change, or removal on account of any tax consequence. Distribution of If an Owner (including the first to die in the Death Benefit case of joint Owners) under a Non-Qualified under Non-Qualified Contract dies prior to the Annuitant and before Contracts the Annuity Commencement Date, the death benefit must be distributed to the designated Beneficiary either (1) within five years after the date of death of the Owner, or (2) over the life of the designated Beneficiary or a period not greater than the expected life of the designated Beneficiary, with annuity payments beginning within one year after the date of death of the Owner. The Beneficiary shall be considered the designated beneficiary for the purposes of Section 72(s) of the Internal Revenue Code. In all cases, any such designated beneficiary will not be entitled to exercise any rights prohibited by applicable federal income tax law. These mandatory distribution requirements will not apply when the designated Beneficiary is the spouse of the deceased Owner, if the spouse elects to continue this Contract in the spouse's own name, as Owner. When the deceased Owner of a Non-Qualified Contract was also the Annuitant, the surviving spouse (if the surviving spouse is the designated Beneficiary) may elect to be named as both Owner and Annuitant and continue this Contract. If the payee under a Non-Qualified Contract dies after the Annuity Commencement Date and before all of the payments under the Annuity Option have been distributed, the remaining amount payable, if any, must be distributed at least as rapidly as under the method of distribution then in effect. If the Owner prior to the Annuity Commencement Date, or the payee thereafter, is not a natural person, then the foregoing distribution requirements shall apply upon the death of the primary Annuitant within the meaning of the Internal Revenue Code. FORM T1575Z Periodic Reports American Xxxxxxxx will send to each Owner, at least once during each Contract Year, a statement showing the Owner's Account Value as of a date not more than two months prior to the date of mailing. American Franklin will also send such statements as may be required by applicable state and federal laws, rules and regulations. Owner's Account American Xxxxxxxx will establish an Owner's Account for the Owner under this Contract and will maintain such account during the Accumulation Period. The Owner's Account Value for any Valuation Period will be equal to the Owner's Separate Account Value, if any, plus the Owner's Fixed Account Value, if any, for that Valuation Period. FIXED ACCOUNT Fixed Account Value That portion of a Net Purchase Payment which is allocated to the Fixed Account will be credited to the Owner's Account and allocated to the Guarantee Period(s) selected. The Fixed Account Value of an Owner's Account for any Valuation Period is equal to the sum of the values in each of the Guarantee Periods credited to the Owner's Account for such Valuation Period. The value in any one Guarantee Period on a Valuation Date is the accumulated value of the Net Purchase Payments, renewals and transfers allocated to the Guarantee Period and interest on such amounts at the Guaranteed Interest Rate, minus the accumulated value of withdrawals and transfers out of that Guarantee Period and any Annual Contract Fee allocated to that Guarantee Period, and interest on such amounts at the Guaranteed Interest Rate. Guarantee Periods The Owner is subject may select one or more Guarantee Period(s). The Guarantee Period(s) selected will determine the Guaranteed Interest Rates(s). The Net Purchase Payment or the portion thereof (or amount transferred in accordance with the transfer privilege provision described below) allocated to our approvala particular Guarantee Period will earn interest at the Guaranteed Interest Rate during the Guarantee Period. If we approve Guarantee Periods begin on the changedate as of which American Xxxxxxxx credits the Owner's Account Value to that Guarantee Period or, in the case of a transfer, on the effective date of the change will be transfer. The Guarantee Period is the number of years American Franklin credits the Guaranteed Interest Rate. The expiration date the request was signed by you, except for action taken by us prior to receiving the request. Any change is subject to the payment of any proceedsGuarantee Period is the last day of the Guarantee Period. We Subsequent Guarantee Periods begin on the first day following the expiration date. As a result of Guarantee Period renewals, additional Purchase Payments and transfers of portions of the Owner's Account Value, Guarantee Periods of the same duration may require you to return this Contract to us for endorsement of a changehave different expiration dates and Guaranteed Interest Rates. . Changing American Xxxxxxxx will notify the owner may result Owner in certain tax consequences to you. ANNUITANT -- The original Annuitant is shown in the Contract Schedule. Before the Annuity Date, you may add, change, or remove an Annuitant by written request to our Service Center. The addition, change or removal of an Annuitant is subject to our approval. After the Annuity Date, you may not add, change, or remove an Annuitant. For Contracts with non-natural Owners, changing the Annuitant may result in certain tax consequences. We may require you to return this Contract to us for endorsement of a change. There must be writing at least one Annuitant at all times. If an Annuitant who is not an Owner dies 30 and no more than 60 days prior to the Annuity Date, a surviving joint Annuitant, if any, expiration date of any Guarantee Period. A new Guarantee Period of the same duration as the previous Guarantee Period will become begin automatically unless American Xxxxxxxx receives written notice at its Administrative Office to the sole Annuitant. If there is no surviving joint Annuitant, contrary from the Owner at least three Valuation FORM T1575Z Dates prior to the end of such Guarantee Period. The Owner may name a new Annuitantelect to change to another Guarantee Period or Division which American Franklin offers at such time. If the Owner does not name a new Annuitant, the youngest Owner will become the new Annuitant. We will not pay a Death Benefit upon the death amount of an Annuitant unless Owner's Account Value in a Guarantee Period is less than $500 at the sole Owner is a non-natural person. If end of such Guarantee Period, American Franklin reserves the sole Owner is a non-natural personright to transfer such amount, we will pay a Death Benefit without charge, to the Money Market Division of the Contract Value Separate Account. However, American Franklin will transfer such amount to another available Division at the Owner's request. Guaranteed Interest American Xxxxxxxx will periodically establish an Rates applicable Guaranteed Interest Rate for each Guarantee Period it offers. These rates will be guaranteed for the duration of the respective Guarantee Periods. The Guarantee Periods that American Xxxxxxxx makes available at any time will be determined in its discretion. No Guaranteed Interest Rate shall be less any applicable premium taxes upon the death than an effective annual rate of an Annuitant. If the sole Owner is a non-natural person, we will pay the Contract Value less any applicable premium taxes upon a change in an Annuitant. This will terminate the Contract. Joint Annuitants are only permitted in Non-Qualified Contracts. Under Qualified Contracts, the Owner and the Annuitant generally must be the same individual3.0% per year.

OWNERSHIP PROVISIONS. OWNER -- You OF CERTIFICATE The Annuitant is the original Certificate Owner unless otherwise provided in the application. Before the Annuity Date or any distribution of death benefit, the Certificate Owner has the right to cancel or amend the Certificate if we agree. The Certificate Owner may exercise every option and right conferred by this Contractthe Certificate. Where CHANGE OF CERTIFICATE The Certificate Owner may change the Contract is owned jointly, the consent of both Owners is required in order to exercise any ownership rights. Upon Certificate OWNERSHIP Owner by written request to at any time while the Service Center prior to the death of an Owner, you may request the addition, change or removal of an OwnerCertificate Owner and Annuitant are alive. You The Certificate Owner must furnish information sufficient to clearly identify a the new Owner to usCertificate Owner. An addition, change, or removal of an Owner The change is subject to our approvalany existing assignment of the Certificate. If When we approve the change, record the effective date of the change change, it will be the date the request notice was signed by you, except for action taken by us prior to receiving the request. Any change is subject to the payment of any proceeds. We may require you the Certificate Owner to return this Contract the Certificate to us for endorsement of a change. . Changing the owner may result in certain tax consequences to you. ANNUITANT -- DEATH OF BENEFICIARY The original Annuitant is shown in the Contract Schedule. Before the Annuity Date, you may add, change, or remove an Annuitant by written request to our Service Center. The addition, change or removal of an Annuitant is subject to our approval. After the Annuity Date, you may not add, change, or remove an Annuitant. For Contracts with non-natural Owners, changing the Annuitant may result in certain tax consequences. We may require you to return this Contract to us for endorsement interest of a change. There must be at least one Annuitant at all times. If an Annuitant beneficiary who is not an Owner dies prior before the distribution of the death benefit will pass to the Annuity Date, a surviving joint Annuitantother beneficiaries, if any, will become share and share alike, unless otherwise provided in the sole Annuitantbeneficiary designation. If there no beneficiary survives or is no surviving joint Annuitantnamed, the distribution will be made to the Certificate Owner's estate when a Certificate Owner may name a new Annuitant. If dies, or to the Owner does not name a new Annuitant, estate of the youngest Owner will become the new Annuitant. We will not pay a Death Benefit annuitant upon the death of an Annuitant unless the sole annuitant if the Certificate Owner is a non-natural personnot also the Annuitant. If the sole Owner is a non-natural person, we will pay a Death Benefit beneficiary dies within ten days of the Contract Value less any applicable premium taxes upon date of the Certificate Owner's death, the death benefit will be paid as if the Certificate's Owner had survived the beneficiary. If a beneficiary dies within ten days of the death of an Annuitant. If the sole Annuitant and the Certificate Owner is a non-natural personnot the Annuitant, we will pay the death benefit as if the Annuitant survived the beneficiary. If the Certificate Owner, the Annuitant, and the beneficiary die simultaneously, we will pay the death benefit as if the Certificate Owner had survived the Annuitant and the beneficiary. PURCHASE PAYMENT PROVISIONS INITIAL PURCHASE PAYMENT The minimum initial Purchase Payment is shown on the Certificate Schedule. PURCHASE PAYMENT The minimum and maximum Purchase Payments that may LIMITATIONS be made are shown on the Certificate Schedule. We reserve the right to waive or modify these limits and to not accept any Purchase Payment. Subsequent Purchase Payments will be allocated according to the Certificate Owners most recent instructions at the time we receive the Certificate Owners Purchase Payment. PLACE OF PAYMENT All Purchase Payments under the Contract or Certificate must be paid to us at our home office or such other location as we may select. We will notify the Contractholder and Certificate Owner and any other interested parties in writing of such other locations. Purchase Payments received by an agent will begin earning interest after we receive it. Policy Form No. L-8613 Page 10 FIXED ACCOUNT PROVISIONS FIXED ACCOUNT The Fixed Account Certificate Value less is increased by: CERTIFICATE VALUE 1. the Certificate Owner's Purchase Payment allocated to the Fixed Account; 2. amounts transferred from a Guarantee Period or Subaccount to the Fixed Account at the Certificate Owner's request; and 3. the interest credited to amounts so allocated or transferred. Transfers, charges, and withdrawals from the Fixed Account reduce the Fixed Account Certificate Value. During the Accumulation Period, the Fixed Account is restricted to allocations that will be systematically transferred into the Subaccounts and Guarantee Period Accounts. At the time that the Certificate Owner allocates a Purchase Payment or transfer money into the Fixed Account, the Certificate Owner must choose a transfer schedule that is acceptable to us. We will credit interest at an annual effective interest rate of at least 3%. At the time of each allocation, we will guarantee a rate for at least one year or the period over which the transfer is to be effected, if less. Different interest rates may apply to different allocations. Any rate above 3% will be at our discretion. We will not unfairly discriminate between different classes of Certificates. GUARANTEE PERIOD PROVISIONS GUARANTEE PERIOD We hold all amounts allocated to a Guarantee Period in a non-unitized separate account. The assets of this separate account equal to the reserves and other liabilities of this separate account will not be charged with liabilities arising out of any other business we may conduct. The initial Guarantee Periods available under the Certificate are shown in the Certificate Schedule. GUARANTEE PERIOD VALUE On any Valuation Date, the Guarantee Period Value includes: 1. the Certificate Owners Purchase Payments or transfers allocated to the Guarantee Period Value at the beginning of its Guarantee Period; plus 2. interest credited; minus 3. withdrawals and transfers; minus 4. any applicable premium taxes upon portion of the Records Maintenance Charge and charges for other benefits; adjusted for 5. any applicable Market Value Adjustment previously made. The Guarantee Period(s) initially elected and the interest rate(s) initially credited are shown in the Certificate Schedule. The initial interest rate credited to subsequent Purchase Payments will be declared at the time the payment is received. At the end of a change Guarantee Period, the Guarantee Period Value will be transferred to a money market Subaccount unless the Certificate Owner tells us to do otherwise. ACCUMULATED GUARANTEE On any Valuation Date, the Accumulated Guarantee PERIOD VALUE Period Value is the sum of the Guarantee Period Values. At any time during the Accumulation Period, the Accumulated Guarantee Period Value may be allocated to more than one Guarantee Period with our agreement. We calculate the interest credited to the Guarantee Period Value by compounding daily, at daily interest rates, rates which would produce at the end of a Certificate Year a result identical to the one produced by applying an annual interest rate. GUARANTEE PERIOD PROVISIONS (CONTINUED) MARKET VALUE ADJUSTMENT The Market Value Adjustment formula is stated in an Annuitantthe Certificate Schedule. This will terminate formula is applicable for both an upward or downward adjustment to a Guarantee Period Value when, prior to the Contract. Joint Annuitants are only permitted in Non-Qualified Contracts. Under Qualified Contractsend of a Guarantee Period, the Owner and the Annuitant generally must be the same individual.such value is: