Common use of Prudential Clause in Contracts

Prudential. will promptly notify each Participant, and each Beneficiary of a deceased Participant whose Account has not been cancelled, that the request has been received. Each notified person may elect, within 30 days following his receipt of the notice from Prudential, to have his Account cancelled and included in the transfer payment to be made but only under the conditions permitted by the Plan, if any. Each person who does not make this election will have his Account retained under this contract pursuant to its terms. All Accounts of Participants and Beneficiaries who make the election will be cancelled as of the Transfer Date and an amount equal to the sum of the Withdrawal Values, expressed in Units of the cancelled Accounts, times the Unit Value for the day of withdrawal will be transferred within seven days thereafter. Instead of making the transfer payment in cash, Prudential may make all or a part of it in the form of securities representing a uniform percentage of each holding of the separate investment account described in section 2.1. GVA-120-87 (10/11) Serial 320 3.4 The Contract-Holder may notify Prudential that this section 3.4(b) is to be inoperative. This section may be changed as provided in section 5.1.