What is a Net Purchase Payment?
When we refer to net Purchase Payments, we mean the Purchase Payment amount after deduction of any applicable taxes (see Page 3 for the amount of tax, if any). We may waive any deduction of taxes on Purchase Payments. But if we do, we can stop waiving them on future Payments if we give you at least 30 days written notice. When will net Purchase Payments be allocated to the Sub-accounts, Guaranteed Interest Account or Dollar Cost Averaging Plus Account as I have chosen? Any portion of a net Purchase Payment allocated to the Sub-accounts, the Guaranteed Interest Account or the Dollar Cost Averaging Plus Account (if available), will be placed in that Account as chosen on the later of the Effective Date and the Business Day that falls on, or next follows the date we receive the Purchase Payment at our Administrative Office. When we do this, we use the most recent valid allocation choice and Accumulation Period choice (if applicable) we have from you. If we have no valid allocation choice a
