Common use of TRANSFERS TO ANOTHER FINANCIAL INSTITUTION Clause in Contracts

TRANSFERS TO ANOTHER FINANCIAL INSTITUTION. (a) At the Request of a Participant: The Withdrawal Value of a Participant's Accounts may be transferred to another financial institution but only under the conditions permitted by the Plan, if any. The transfer may be made directly to that institution or by a payment (or payments) to the Participant who then makes payment to the institution. The transfer will normally be made within seven days after Prudential's receipt of a duly completed transfer request. The transfer will be a full settlement of Prudential's liability for the Participant's Account. (b) At the Contract-Holder's Request: The Contract-Holder may request Prudential to make transfer payments to another financial institution named in the request. The transfer payment will be made on the Transfer Date. The Transfer Date is the later of the day specified in the request and the 90th day after its receipt by Prudential.