Common use of TRANSFERS TO ANOTHER FUNDING AGENT Clause in Contracts

TRANSFERS TO ANOTHER FUNDING AGENT. (a) At the Request of a Participant: The Withdrawal Value of a Participant's Account may be transferred to an individual retirement account or individual retirement annuity contract provided by another financial institution. 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 in 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 a funding agent 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.

TRANSFERS TO ANOTHER FUNDING AGENT. (a) At the Request of a Participant: The Withdrawal Value of a Participant's Account may be transferred to an individual retirement account or individual retirement annuity contract provided by another financial institution. 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 in full settlement of Prudential's liability for the Participant's Account. (b) At the Contract-HolderXxxxxx's Request: The Contract-Holder may request Prudential to make transfer payments to a funding agent 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.