WITHDRAWALS FROM THE GUARANTEED INTEREST ACCOUNT. After such notice has been received, any withdrawal from the Guaranteed Interest Account that is requested by the Participant or the Employer on behalf of a Participant, other than a withdrawal that is in connection with a "Benefit Distribution" described in subsection (f) below, will be made in accordance with this subsection (a)(2) in lieu of the provisions of Section 5.01. Equitable will accept requests for such withdrawals only after 90 days has elapsed from Equitable's receipt of the notice. Payment of the requested withdrawal will commence, or will be made, within 30 days of the later of (i) receipt of such request at Equitable's Processing Office, or (ii) the end of such 90-day period. Equitable will, subject to the following provisions, pay such withdrawal in annual installments over a period not to exceed 59 months, as described in subsection (d) below and without a Market Value Adjustment described in subsection (g) below or Withdrawal Charge described in Section 9.01. No. 1048-98-GC-OH Page 13 If, during the installment period, the Employer or Participant reports to Equitable that all or part of the balance of the installments are to be paid in connection with a Benefit Distribution, Equitable will pay in a single sum the amount requested. Equitable reserves the right to pay such withdrawal in a single sum in lieu of such annual installments, if the aggregate amount held in the Guaranteed Interest Account with respect to the Contract is less than $1,000,000. Such single sum will be equal to the lesser of (i) the amount of withdrawal requested, minus any Withdrawal Charges that apply pursuant to Section 9.01, and (ii) the amount of withdrawal requested reduced by any Market Value Adjustment that applies pursuant to subsection (g) below, provided, however, that such Market Value Adjustment will not exceed 7%. If a Market Value Adjustment applies, then the amount to be paid will be determined as of the "Calculation Date" defined in subsection (g) below, and will include interest at the then applicable Guaranteed Interest Rate from the Calculation Date to the "Effective Date of Withdrawal" defined in subsection (g) below. In addition, the Participant may request that the withdrawal be paid in a single sum in lieu of such annual installments. If Equitable has agreed, then such single sum will be equal to the amount described in the immediately preceding paragraph, without regard, however, to the 7% limit on a Market Value Adjustment. Any amount to be...
WITHDRAWALS FROM THE GUARANTEED INTEREST ACCOUNT. (A) The amounts in the Guaranteed Interest Account will be paid in annual installments over a period not to exceed 59 months, as described in subsection (d) below.
