Common use of SURRENDERS Clause in Contracts

SURRENDERS. The Owner may, upon Notice to LNL, surrender this Contract for its surrender value at any time prior to the earlier of: the Annuity Commencement Date, or termination of this Contract upon payment of any Death Benefit. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL receives Notice of surrender. Surrenders will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. The surrender value on the Valuation Date of surrender will be the Contract Value, minus the CDSC. LNL reserves the right to surrender this Contract if any withdrawal reduces the total Contract Value to a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law for individual deferred annuities applicable in the state in which this Contract was purchased. LNL may surrender the Contract for its surrender value. Upon receipt of Notice to surrender, LNL will pay the amount of any surrender within the time period required by the Securities and Exchange Commission, unless the Suspension or Deferral of Payments or Transfers from the Variable Account provision (Article 9) is in effect.

SURRENDERS. The Owner may, upon Notice to LNLLNY, surrender this Contract for its surrender value at any time prior to the earlier of: the Annuity Commencement Date, or termination of this Contract upon payment of any Death Benefit. This Contract will terminate upon surrender. The surrender will be effective on the Valuation Date on which LNL LNY receives Notice of surrender. Form 30070BNYFA3 Surrenders will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. The surrender value on the Valuation Date of surrender will be the Contract Value, minus the CDSC. LNL LNY reserves the right to surrender this Contract if any withdrawal reduces the total Contract Value to less than $2,000, and Purchase Payments have stopped for a level at which this Contract may be surrendered in accordance with the terms set forth in the standard nonforfeiture law for individual deferred annuities applicable in the state in which this Contract was purchasedperiod of three full years. LNL may surrender By payment of the Contract for its surrender valueValue, LNY shall be relieved of any further obligation under this Contract. Upon receipt of Notice to surrender, LNL LNY will pay the amount of any surrender within the time period required by the Securities and Exchange Commission, unless the Suspension or Deferral of Payments or Transfers from the Variable Account provision (Article 910) is in effect.. Form 30070BNYFA3