Common use of QUALIFIED CONTRACT Clause in Contracts

QUALIFIED CONTRACT. A contract that is used as a funding vehicle for a retirement plan qualified for special tax treatment under the Code that may include Sections 401, 403, 408, 408A and 457, as amended. All other contracts are considered non-Qualified contracts. SINGLE PURCHASE PAYMENT -- The value of the account previously maintained for the Owner in a lifetime income option under a prior Group Annuity Contract that is paid into this Contract by the Owner. VALUATION DATE -- Close of the market of each day that the New York Stock Exchange is open for business. A Valuation Date generally ends at 4:00 pm Eastern Time but may close earlier on certain days and as conditions warrant. We process any instructions or transactions We receive after the close of any Valuation Date on the next Valuation Date. VALUATION PERIOD -- The period commencing at the close of business on a particular Valuation Date and ending at the close of business on the next succeeding Valuation Date. VARIABLE ACCOUNT -- The Separate Account created to hold and invest the variable assets allocated to the Variable Subaccount(s) made available by Us and selected by the Owner. The Variable Account for this Contract is shown on the Contract Specifications. VARIABLE ANNUITY PAYMENTS -- Periodic payments made to the Owner or the Owner’s designee by Us on or after the Annuity Commencement Date which vary in amount with the investment experience of each applicable Variable Subaccount.