Common use of Variable Subaccount Value Clause in Contracts

Variable Subaccount Value. The Variable Subaccount value of a Participant's Account for any valuation period is equal to the value invested under Variable Subaccounts. The value of each of a Participant's Variable Subaccounts is determined by multiplying the Unit value for the Division underlying that subaccount on that date by the number of Units owned by the Participant in the Division underlying the Variable Subaccount. The value of a Unit may increase or decrease according to the investment performance of the Division underlying the Variable Subaccount. The current value of a Unit is equal to the value of such Unit for the immediately preceding valuation period times the Net Investment Factor for the current period. The Net Investment Factor for a Division is the sum of 1.000000 plus the Net Investment Rate for that Division. The Net Investment Rate for any valuation period for a Division is the Gross Investment Rate for that Division for the valuation period less: o the daily charge for the period at an annual rate of 1%; and o charges for any taxes payable by the Separate Account or reserves held for such taxes. The Gross Investment Rate for a Division is computed on each day the New York Stock Exchange is open for trading. It is computed at least once a day at the time trading closes. It covers the valuation period since the last prior computation. The Gross Investment Rate is equal to: o the investment income and capital gains and losses, both realized and unrealized, on the assets of that Division during such period, divided by o the amount of such assets at the beginning of the period. The Gross Investment Rate may be dither positive or negative.

Variable Subaccount Value. The Variable Subaccount value of a Participant's Account this Contract for any valuation period is equal to the value invested under Variable Subaccounts. The value of each of a Participantthe Contract's Variable Subaccounts is determined by multiplying the Unit value for the Division underlying that subaccount on that date by the number of Units owned by the Participant in the Division underlying the Variable Subaccount. The value of a Unit may increase or decrease according to the investment performance of the Division underlying the Variable Subaccount. The current value of a Unit is equal to the value of such Unit for the immediately preceding valuation period times the Net Investment Factor for the current period. The Net Investment Factor for a Division is the sum of 1.000000 plus the Net Investment Rate for that Division. The Net Investment Rate for any valuation period for a Division is the Gross Investment Rate for that Division for the valuation period less: o the daily charge for the period at an annual rate of 1%; , and o charges for any taxes payable by the Separate Account or reserves held for such taxes. The Gross Investment Rate for a Division is computed on each day the New York Stock Exchange is open for trading. It is computed at least once a day at the time trading closes. It covers the valuation period since the last prior computation. The Gross Investment Rate is equal to: o the investment income and capital gains and losses, both realized and unrealized, on the assets of that Division during such period, divided by o the amount of such assets at the beginning of the period. The Gross Investment Rate may be dither either positive or negative.