Common use of THE FIXED OPTION Clause in Contracts

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over in, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a Guarantee Term that ends at the end of that Contract Year. At the end of any Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) Rate during each Guarantee Term on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over ininto, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your the Contract with a Guaranteed Interest Rate for a Guarantee Term of up to one (1) year on that portion of your the Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and living, this Contract is in force, force and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a an initial Guarantee Term that ends at the end of that Contract Year. At the end of any an initial Guarantee Term and each succeeding Guarantee Term, unless you instruct us otherwise, we will roll over your the Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one (1) year, unless you instruct us otherwise. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your the Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert applied to provide an Annuity Optionannuity, including any: fees for withdrawals or transfers; . withdrawal charges; annual feefees; and . charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. VARIABLE INVESTMENT OPTIONS Variable Investment Options - The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;.

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) during each Guarantee Term on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over in, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for a Guarantee Term of up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a an initial Guarantee Term that ends at the end of that Contract Year. At the end of any an initial Guarantee Term and each succeeding Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year, unless you instruct us otherwise. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;.

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) during each Guarantee Term on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over in, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for a Guarantee Term of up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a an initial Guarantee Term that ends at the end of that Contract Year. At the end of any an initial Guarantee Term and each succeeding Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year, unless you instruct us otherwise. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist THE DCA PLUS FIXED OPTION Your initial Purchase Payment allocation to the DCA Plus Fixed Option will begin a Guarantee Term of Subaccounts up to one year. Prior to the Annuity Date, we will credit interest at the Guaranteed Interest Rate(s) during the Guarantee Term on the amount of Purchase Payments that you allocate to the DCA Plus Fixed Option, while the Annuitant is living and this Contract is in force. Your DCA Plus Fixed Option value will be transferred over the remainder of the Separate Accountexisting DCA Plus Guarantee Term. The available Subaccounts as of We will credit the Contract Date are shown Guaranteed Interest Rate in effect on the Contract SpecificationsBusiness Day that the allocation is effective until the Guarantee Term has expired. SEPARATE ACCOUNT - We established and maintain the Separate Account Values under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account DCA Plus Fixed Option are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put held in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under Subject to applicable law, we have sole discretion over the Contract are investment of our general corporate obligationsGeneral Account assets. At the end of a Guarantee Term, the entire DCA Plus Fixed Option will have been transferred to the Variable Investment Options. If requested, all or a portion of additional Purchase Payments may be allocated to the DCA Plus Fixed Option at the Guaranteed Interest rate then in effect. We will stop crediting interest on that portion of your DCA Plus Fixed Option Value that is withdrawn, transferred (including transfers to the Loan Account), or converted to an Annuity Option, including any fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for any premium taxes and/or other taxes. We do not hold ourselves out to be trustees so as of the Separate Account assetsend of the Business Day any such transaction is effective. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;PORTGAZ

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) Rate during each Guarantee Term on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over ininto, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for a Guarantee Term of up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a an initial Guarantee Term that ends at the end of that Contract Year. At the end of any an initial Guarantee Term and each succeeding Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year, unless you instruct us otherwise. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: . fees for withdrawals or transfers; . withdrawal charges; annual fee; and . charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist of Subaccounts of the Separate Account. The available Subaccounts as of the Contract Date are shown in the Contract Specifications. SEPARATE ACCOUNT - We established and maintain the Separate Account under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under the Contract are our general corporate obligations. We do not hold ourselves out to be trustees of the Separate Account assets. We reserve the right, subject to compliance with the law then in effect, and after any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;.

THE FIXED OPTION. We credit interest at the Guaranteed Interest Rate(s) during each Guarantee Term on the amount of Purchase Payments and/or Contract Value that you allocate or transfer to, or roll over in, the Fixed Option, as described below. Account Values under the Fixed Option are held in our General Account. Subject to applicable law, we have sole discretion over the investment of our General Account assets. We will credit your Contract with a Guaranteed Interest Rate for a Guarantee Term of up to one year on that portion of your Purchase Payment and/or Contract Value allocated to the Fixed Option, while the Annuitant is living and this Contract is in force, and prior to the Annuity Date. We will credit the Guaranteed Interest Rate in effect on the Business Day that the allocation and/or transfer is effective for a an initial Guarantee Term that ends at the end of that Contract Year. At the end of any an initial Guarantee Term and each succeeding Guarantee Term, unless you instruct us otherwise, we will roll over your Fixed Option Value attributed to that Guarantee Term to a new Guarantee Term of up to one year, unless you instruct us otherwise. We will credit the Guaranteed Interest Rate in effect at the time of the roll over on the amount of the Fixed Option Value rolled over until the end of such Guarantee Term. We will stop crediting interest on that portion of your Fixed Option Value you withdraw, transfer (including transfers to the Loan Account), or convert to an Annuity Option, including any: fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for premium taxes and/or other taxes. We do so as of the end of the Business Day any such transaction is effective. The Variable Investment Options consist THE DCA PLUS FIXED OPTION Your initial Purchase Payment allocation to the DCA Plus Fixed Option will begin a Guarantee Term of Subaccounts up to one year. Prior to the Annuity Date, we will credit interest at the Guaranteed Interest Rate(s) during the Guarantee Term on the amount of Purchase Payments that you allocate to the DCA Plus Fixed Option, while the Annuitant is living and this Contract is in force. Your DCA Plus Fixed Option value will be transferred over the remainder of the Separate Accountexisting DCA Plus Guarantee Term. The available Subaccounts as of We will credit the Contract Date are shown Guaranteed Interest Rate in effect on the Contract SpecificationsBusiness Day that the allocation is effective until the Guarantee Term has expired. SEPARATE ACCOUNT - We established and maintain the Separate Account Values under the laws of California. Any income, gains or losses (whether or not realized) from the assets of each Variable Account DCA Plus Fixed Option are credited or charged against such Variable Account without regard to our other income, gains or losses. Assets may be put held in our Separate Account to support this Contract and other variable annuity contracts. Assets may be put in our Separate Account for other purposes, but not to support contracts other than variable annuity contracts. The assets of our Separate Account are our property. The portion of the Separate Account assets equal to the reserves and other Contract liabilities with respect to each Variable Account will not be chargeable with liabilities arising out of any other business we conduct. We may transfer assets of a separate account in excess of the reserves and other liabilities with respect to that Variable Account to another separate account or to our General Account. All obligations arising under Subject to applicable law, we have sole discretion over the Contract are investment of our general corporate obligationsGeneral Account assets. At the end of a Guarantee Term, the entire DCA Plus Fixed Option will have been transferred to the Variable Investment Options. If requested, all or a portion of additional Purchase Payments may be allocated to the DCA Plus Fixed Option at the Guaranteed Interest rate then in effect. We will stop crediting interest on that portion of your DCA Plus Fixed Option Value that is withdrawn, transferred (including transfers to the Loan Account), or converted to an Annuity Option, including any fees for withdrawals or transfers; withdrawal charges; annual fee; and charges for any premium taxes and/or other taxes. We do not hold ourselves out to be trustees so as of the Separate Account assets. We reserve end of the right, subject to compliance with the law then in effect, and after Business Day any required regulatory approval, to: o cease offering any Subaccount; o add or change designated investment companies or their portfolios, or other investment vehicles; o add, delete or make substitutions for the securities and other assets that are held or purchased by the Separate Account or any Variable Account; o permit conversion or exchanges between portfolios and/or classes of contracts on the basis of Owners' requests; o add, remove or combine Variable Accounts; o combine the assets of any Variable Account with any other Separate Account of PM or of any of its affiliates; o register or deregister Separate Account B or any Variable Account under the Investment Company Act of 1940 (the "1940 Act"); o operate any Variable Account as a managed investment company under the 1940 Act, or any other form permitted by law;such transaction is effective.