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.