Common use of INCOME BASE Clause in Contracts

INCOME BASE. Prior to the Guaranteed Withdrawal Lock-In Date, on each Valuation Date the Income Base of a Participant [or Eligible Spouse] equals the [Highest Birthday Value] [ Roll-Up Value] [greater of the Highest Birthday Value and the [Roll-Up Value]] as of the Valuation Date immediately prior. Prior to the Guaranteed Withdrawal Lock-In Date, the Income Base is determined only for reference. On the Guaranteed Withdrawal Lock-In Date, the Income Base of a Participant [or Eligible Spouse] equals the [greatest/greater] of his or her: a. Guaranteed Withdrawal Market Value; b. [Roll-Up Value;] or c. [Highest Birthday Value] on the Valuation Date immediately prior to his or her Guaranteed Withdrawal Lock-In Date. Thereafter, the Income Base may be increased or decreased in the manner set forth in Section 3 of this Rider. The Income Base shall not be greater than [$5,000,000].