Common use of Payment of Administration Fee Clause in Contracts

Payment of Administration Fee. (a) The quarterly Administration Fee shall be deducted from each Participant Account by reducing the number of Accumulation Units credited to that Account during the accumulation period. (b) Each calendar quarter, we will deduct the Administration Fee from the Account Value maintained on behalf of each Participant proportionately from the Participant’s Investment Options. The full quarterly Administration Fee will be deducted upon withdrawal of the entire Account Value. (c) If you choose to pay the Administration Fee directly, you must give us Written Notice of your election. We will bill you after the end of each calendar quarter for an amount equal to the Administration Fee times the number of Participants on whose behalf Account Values are maintained as of the last day of the calendar quarter plus the number of Participants that have withdrawn their entire Account Values within that calendar quarter. If the Administration Fee is not paid within 30 days of receipt of the bill, the amount will be deducted from the Account Value as described herein. However, if this automatic deduction of Fees occurs twice within any twenty-four (24) month period, we may begin deducting fees from the assets in your Investment Options.

Payment of Administration Fee. (a) The quarterly Administration Fee shall be deducted from each Participant Account by reducing the number of Accumulation Units credited to that Account during the accumulation period. (b) Each calendar quarter, we will deduct the Administration Fee from the Account Value maintained on behalf of each Participant proportionately from the Participant’s Investment Options. The full quarterly Administration Fee will be deducted upon withdrawal of the entire Account Value. (c) If you choose to pay the Administration Fee directly, you must give us Written Notice of your election. We will bill xxxx you after the end of each calendar quarter for an amount equal to the Administration Fee times the number of Participants on whose behalf Account Values are maintained as of the last day of the calendar quarter plus the number of Participants that have withdrawn their entire Account Values within that calendar quarter. If the Administration Fee Administrative Charge is not paid within 30 days of receipt of the billxxxx, the amount will be deducted from the Account Value as described herein. However, if this automatic deduction of Fees occurs twice within any twenty-four (24) month period, we may begin deducting fees from the assets in your Investment Options.