Common use of SURRENDERS Clause in Contracts

SURRENDERS. The Owner may, upon Notice to LNY, 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 LNY receives Notice of surrender. Surrenders will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. 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 period of three full years. By payment of the Contract Value, LNY shall be relieved of any further obligation under this Contract. Upon receipt of Notice to surrender, 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 provision (Article 10) is in effect.

SURRENDERS. The Owner may, upon Notice to LNY, 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 LNY receives Notice of surrender. Surrenders will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. LNY reserves the right to surrender this Contract if any withdrawal reduces the total Contract Value to less than $2,000, and Gross Purchase Payments have stopped for a period of three full years. By payment of the Contract Value, LNY shall be relieved of any further obligation under this Contract. Upon receipt of Notice to surrender, 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 provision (Article 109) is in effect.