Common use of Withdrawals Payable in Cash or in Shares Clause in Contracts

Withdrawals Payable in Cash or in Shares. All withdrawals will be paid in cash or in shares of one or more Funds, as designated in writing by the Employee or Beneficiary. When required to pay a withdrawal in cash, the Custodian will redeem sufficient shares of one or more Funds in the Employee's Account to provide the amount necessary; any such redemptions will be in accordance with the Employee's instructions (or, in the absence of such instruction, in proportion to the value of the shares of each Fund held in the Account, and the Custodian will be fully protected in so doing). Payment in shares will be effected by reregistering the shares in the name of the payee.

Withdrawals Payable in Cash or in Shares. All withdrawals will be paid in cash or in shares of one or more Funds, as designated in writing by the Employee or Beneficiary. When required to pay a withdrawal in cash, the Custodian will redeem sufficient shares of one or more Funds in the Employee's Account to provide the amount necessary; any such redemptions will be in accordance with the Employee's instructions (or, in the absence of such instruction, in proportion to the value of the shares of each Fund held in the Account, and the Custodian will be fully protected in so doing). Payment in shares will be effected by reregistering the shares in the name of the payee.