PURCHASE AND AMOUNT OF ANNUITY. Nationwide will purchase an Annuity by withdrawing the amount to be applied to purchase the Annuity from the Guaranteed Fund. The amount of the Annuity will be determined by dividing the amount withdrawn, less the amount of tax, if any, by the appropriate purchase rate as determined by the procedures of Nationwide for all contracts of this class. If the withdrawal requested plus any applicable expense charges and taxes exceed the amount of the Guaranteed Fund, the amount of the Annuity will be limited to that which can be purchased by the amount of the Guaranteed Fund remaining after withdrawal of any tax or charges.
PURCHASE AND AMOUNT OF ANNUITY. The Contract Owner must provide all of the information which Nationwide shall specify to the Contract Owner as being required in order to determine the amount of consideration required to purchase an Annuity. Nationwide will purchase an Annuity by withdrawing from the Guaranteed Fund the full consideration therefore, plus the amount of tax, if any. In the event a notice to purchase an Annuity is received by Nationwide after the first Annuity payment becomes due, the first payment will be adjusted accordingly if requested by the Contract Owner. The amount of the back payment will be equal to the dollar amount of the payments to be adjusted prior to the first Annuity payment, without increase for delay. If the Withdrawal requested, plus any applicable expense charges and taxes, exceeds the amount of the Guaranteed Fund, the amount of the Annuity and any back payment will be limited to that which can be purchased by the amount of the Guaranteed Fund remaining after Withdrawal of any tax or charges.
PURCHASE AND AMOUNT OF ANNUITY. The Contract Owner must provide all of the information which Nationwide shall specify to the Contract Owner as being required in order to determine the amount of consideration required to purchase an Annuity. Nationwide will purchase an Annuity by withdrawing from the Guaranteed Fund the full consideration therefore, plus the amount of tax, if any. The amount of the annuity will be determined by dividing the amount withdrawn, less the amount of tax, if any, by the appropriate purchase rate, which may not be less favorable than the purchase rate determined by the Purchase Rate Basis set forth on the Contract Specifications Page. In the event a notice to purchase an Annuity is received by Nationwide after the first Annuity payment becomes due, the first payment will be adjusted accordingly if requested by the Contract Owner. The amount of the back payment will be equal to the dollar amount of the payments to be adjusted prior to the first Annuity payment, without increase for delay. If the Withdrawal requested, plus any applicable expense charges and taxes, exceeds the amount of the Guaranteed Fund, the amount of the Annuity and any back payment will be limited to that which can be purchased by the amount of the Guaranteed Fund remaining after Withdrawal of any tax or charges. SAMPLE Notwithstanding the foregoing, any Annuity benefit purchased with respect to an amount equal to the plan participant's account value as determined at the time of its commencement shall not be less than that which would be provided by the application of such amount to purchase a single consideration immediate annuity offered by Nationwide at that time for all contracts of this class.
PURCHASE AND AMOUNT OF ANNUITY. Nationwide will purchase an Annuity by withdrawing the amount to be applied to purchase the Annuity from the Guaranteed Fund. The amount of the annuity will be determined by dividing the amount withdrawn, less the amount of tax, if any, by the appropriate purchase rate, which may not be less favorable than the purchase rate determined by the Purchase Rate Basis set forth on the Contract Specifications Page. If the withdrawal requested plus any applicable expense charges and taxes exceed the amount of the Guaranteed Fund, the amount of the Annuity will be limited to that which can be purchased by the amount of the Guaranteed Fund remaining after withdrawal of any tax or charges. Notwithstanding the foregoing, any Annuity benefit purchased with respect to an amount equal to the plan participant's account value as determined at the time of its commencement shall not be less than that which would be provided by the application of such amount to purchase a single consideration immediate annuity offered by Nationwide at that time for all contracts of this class.
PURCHASE AND AMOUNT OF ANNUITY. The Company will purchase an Annuity by cancelling a number of units in the designated Fund or Funds equal to the quotient of the amount to be applied to purchase the Annuity divided by the applicable unit value on the date of cancellation. The amount of the Annuity will be determined by dividing the dollar value of the units cancelled, less the amount of state premium tax, if any, by the appropriate purchase rate, which may not be less favorable than the purchase rate determined in accordance with the Purchase Rate Basis set forth on the Contract Summary Page. If the number of units requested to be cancelled plus any applicable expense charges and taxes exceed the number therein, the amount of the Annuity will be limited to that which can be purchased by the amount of the Variable Fund remaining after withdrawal of any tax or charges specified in Article [VI].
