Basis of Reserves Sample Clauses

Basis of Reserves. MassMutual will hold reserves under this Agreement equal to the minimum required by law.
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Basis of Reserves. The reserve held under this Contract as of any date will be at least equal to 100% of the dollar value as of such date of the accumulation units held in the Active Life Fund, plus the reserve for such Retirement Annuities as have been effected under this Contract computed in accordance with applicable valuation statutes.
Sample 1
Basis of Reserves. All of the reserve values of this policy are the same or more than the minimums required by the laws of the state where the policy was issued. Reserves are computed by the Commissioner's Reserve Valuation Method.. In the states which require it, we have filed a detailed statement with the state insurance department. ----------------------------------------------------------------------------- Section 7. PREMIUM PROVISIONS ----------------------------------------------------------------------------- INITIAL PAYMENT Any part of the initial Net Premium Payment or any subsequent Net Premium Payment made during the free look period that is requested to be allocated to any of the Variable Fund Accounts will be allocated to the Money Market Variable Fund Account on the Effective Date. The Net Premium Payment will remain in the Money Market Variable Fund Account for the Free Look Period plus five days. On the Valuation Date immediately following the end of that period, the initial Net Premium Payment, together with any subsequent Net Premium Payments that have been made, plus any earnings will be allocated among the Variable Fund Accounts in the percentages as directed on the application at the Accumulation Unit value next computed on that date. The initial and all subsequent premium payments must be sent to our Home Office and will not be made effective until the Date Of Receipt by our Home Office. PLANNED PERIODIC PREMIUM PAYMENTS Planned periodic premium payments may be made at the interval indicated on the Policy Information Page. The failure to follow a planned periodic premium schedule will not in itself cause the policy to Lapse. On the other hand, payment of a planned periodic premium will not guarantee that the policy will remain in effect except as provided under the section entitled "Guaranteed Death Benefit" below. The duration of the policy depends upon the policy's cash value. We will send premium notices, if you request, at 3, 6, or 12-month intervals. All planned periodic premium payments must be paid to us at our Home Office. You may change the amount or frequency of planned periodic premium payments, subject to the maximum premium limitation.
Sample 1
Basis of Reserves. Reserves held under this Contract will be at least equal to 100% of Active Life Fund, plus the reserve for such Retirement Annuities as have been purchased under this Contract. The dollar amount of the reserve held for the Active Life Fund shall be the dollar value, as of such date, of the accumulation units then constituting the Active Life Fund. The dollar amount of the reserves at the end of any valuation period for one unit of annuity purchased under this Contract shall be at least equal to the reserve for a similar fixed annuity of $1.00 payable at like time determined on the same actuarial basis as the tables set forth in Article II hereof, multiplied by the dollar value of an annuity unit for the second valuation period following the date of determination.
Sample 1
Basis of Reserves. Reserves held under this Contract will be at least equal to 100% of the dollar value of accumulation units purchased under the provisions of this contract, plus the reserve for such Retirement Annuities as have been purchased under this Contract.
Sample 1

Related to Basis of Reserves

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • Basis of Accrual If the basis of accrual of interest or fees expressed in this Agreement with respect to the currency of any state that becomes a participating state shall be inconsistent with any convention or practice in the London Interbank Market or, as the case may be, the Paris Interbank Market for the basis of accrual of interest or fees in respect of the euro, such convention or practice shall replace such expressed basis effective as of and from the date on which such state becomes a participating member state; provided, that if any Loan in the currency of such state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Loan, at the end of the then current Interest Period.

  • Basis of Settlement Unless otherwise provided, the Insurer is not liable beyond the actual cash value of the property at the time any loss or damage occurs and the loss or damage shall be ascertained or estimated according to such actual cash value with proper deduction for depreciation, however caused, and shall in no event exceed what it would then cost to repair or replace the same with material of like kind and quality.

  • Basis of Bargain The Limited Warranty and Disclaimer and Limited Liability set forth above are fundamental elements of the basis of the agreement between PremiumSoft and you. PremiumSoft would not be able to provide the Software on an economic basis without such limitations. Such Limited Warranty and Disclaimer and Limited Liability inure to the benefit of PremiumSoft's licensors.

  • BASIS OF CONTRACT 1.1. The Order constitutes Buyer’s offer to Seller to purchase the Goods and/or Services and upon its acceptance by Seller the Contract shall be formed. Acceptance by Seller shall be deemed to occur on the earlier of Seller issuing a written acknowledgement of the Order or Seller doing an act consistent with fulfilling the Order. Any terms whatsoever that may be proposed by Seller in accepting Buyer's Order (including any terms which Seller purports to apply in conjunction with an acknowledgement or confirmation of the Order, a quotation, a specification, a delivery note, invoice or similar document) shall be void and of no effect unless expressly agreed by Buyer in writing. 1.2. In the event of any inconsistency or conflict between these T&Cs and the Order, the terms of the Order will prevail.

  • Basis for Determining Interest Rate Inadequate or Unfair In the event that Agent or any Lender shall have determined that: (a) reasonable means do not exist for ascertaining the Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest Period; or (b) Dollar deposits in the relevant amount and for the relevant maturity are not available in the London interbank Eurodollar market, with respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate Loan, or a proposed conversion of a Domestic Rate Loan into a Eurodollar Rate Loan, then Agent shall give Borrowing Agent prompt written, telephonic or telegraphic notice of such determination. If such notice is given, (i) any such requested Eurodollar Rate Loan shall be made as a Domestic Rate Loan, unless Borrowing Agent shall notify Agent no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected type of Eurodollar Rate Loan, (ii) any Domestic Rate Loan or Eurodollar Rate Loan which was to have been converted to an affected type of Eurodollar Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of Eurodollar Rate Loan, and (iii) any outstanding affected Eurodollar Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected Eurodollar Rate Loan, shall be converted into an unaffected type of Eurodollar Rate Loan, on the last Business Day of the then current Interest Period for such affected Eurodollar Rate Loans. Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of Eurodollar Rate Loan or maintain outstanding affected Eurodollar Rate Loans and no Borrower shall have the right to convert a Domestic Rate Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar Rate Loan.

  • Basis of Payment The basis of payment is identified in Attachment E, Fee Schedule. Reimbursement of costs incurred under a work authorization shall be in accordance with Attachment E, Fee Schedule.

  • Basis of Computation Interest accrued hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day year.

  • Basis of Award The Office of Management and Budget, Government Support Services will award this contract in accordance with Title 16, Subsection 9605, Delaware Code.

  • Alternative basis of interest or funding (a) If a Market Disruption Event occurs and the Agent or the Company so requires, the Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. (b) Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties.

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