Calculation of Annuity Payments Sample Clauses

Calculation of Annuity Payments. Under the Annuity Payment Options, a stream of annuity payments is purchased on the Contract Maturity Date. The amount of the annuity payment is equal to the Contract Value on the Contract Maturity Date, divided by $1,000 and then multiplied by the applicable annuity payment option rates for the Annuity Payment Option selected in effect on the Contract Maturity Date. A fixed payout annuity payable monthly while the Annuitant is living or, if later, the end of the specified period certain. The period certain may be specified as 5, 10, or 20 years. The period certain must be elected at the time this option is elected.
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Calculation of Annuity Payments. The amount of Annuity Payments will depend on the age of the Annuitant (except in cases where unisex rates are required) as of the Annuity Commencement Date. A choice may be made to receive payments once each month, four times each year, or once each year. The Account Value used to effect Annuity Payments will be calculated as of the Annuity Commencement Date. After the Annuity Commencement Date, the Annuity Payment option can not be changed. We guarantee that the dollar amount of each installment after the first will not be affected by variations in mortality experience from mortality assumptions on which the first installment is based.
Sample 1Sample 2See All (4)
Calculation of Annuity Payments. If the deferred compensation is payable to Director in the form of an annuity, it (i) shall include an assumed interest factor, as calculated by the Company, equal to the average annual rate of interest applicable under subparagraph 3(c) for the last three complete calendar years during which Director rendered services as a member of the Board under paragraph 1 or such shorter period 1) Delete one bracketed clause of time during which Director served on the Board; and (ii) shall be payable in (*2) equal annual installments or in such greater number of installments as shall be not less than half the number of years remaining in Director's life expectancy, determined as of the date on which Director receives his first installment of deferred compensation or as of the date of his death, if earlier. For purposes of the preceding sentence, Director's life expectancy shall be equal to the expected return multiple shown for Director's age in 'Table V. Ordinary Life Annuities--One Life--Expected Return Multiples' in Regulation l.72-9 of the Federal Income Tax Regulations, as in effect on the date of such determination.
Sample 1
Calculation of Annuity Payments. If the cash annuity is selected under subparagraph 6(a), the aggregate fair market value of the Stock Equivalents shall be determined as of the last business day of the second month following the month in which Director ceases to serve on the Company's Board. Such annuity
Sample 1
Calculation of Annuity Payments. If the cash annuity is selected under subparagraph 6(a), the aggregate fair market value of the Stock Equivalents shall be determined as of the last business day of the second month following the month in which Director ceases to serve on the Company's Board. Such annuity (i) shall include an assumed interest factor, as calculated by the Company, equal to the average annual rate of interest which, had the Deferred Cash Election been made, would have applied under subparagraph 3(b) for the last three complete calendar years during which Director rendered ------------------------------------ (footnote continued from previous page)
Sample 1
Calculation of Annuity Payments. If the cash annuity is selected under subparagraph 6(a), the aggregate fair market value of the Stock Equivalents shall be determined as of the last business day of the second month following the month in which Director ceases to serve on the Company's Board. Such annuity (i) shall include an assumed interest factor, as calculated by the Company, equal to the average annual rate of interest which, had the Deferred Cash Election been made, would have applied under subparagraph 3(b) for the last three complete calendar years during which Director rendered services as a member of the Board under paragraph 1 or such shorter period of time during which Director served on the Board; and (ii) shall be payable in (*5) equal annual installments or in such greater number of installments as shall be not less than half the number of years remaining in Director's life expectancy, determined as of the date on which Director receives his first installment of deferred compensation or as of the date of his death, if earlier. For purposes of the preceding sentence, Director's life expectancy shall be equal to the expected return multiple shown for Director's age in 'Table V. Ordinary Life Annuities- -One Life--Expected Return Multiples' in Regulation 1.72-9 of the Federal Income Tax Regulations, as in effect on the date of such determination.
Sample 1

Related to Calculation of Annuity Payments

  • Calculation of Amounts Binding Effect of Interpretations and Actions of Master Servicer...............................

  • Calculation of Payments The State shall use the fee schedule set forth in Attachment E to the contract (Fee Schedule) in determining the value of the work performed up to the time of termination. In the case of partially completed engineering services, eligible costs will be calculated as set forth in Attachment E, Fee Schedule. The sum of the provisional overhead percentage rate for payroll additives and for general and administrative overhead costs during the years in which work was performed shall be used to calculate partial payments. Any portion of the fixed fee not previously paid in the partial payments shall not be included in the final payment.

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Computation of Amounts For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be reflected in Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided that: (i) any income that is exempt from Federal income tax shall be added to such taxable income or losses; (ii) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses; (iii) if the Book Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; (iv) if property that is reflected on the books of the Company has a Book Value that differs from the adjusted tax basis of such property, depreciation, amortization and gain or loss with respect to such property shall be determined by reference to such Book Value; and (v) the computation of all items of income, gain, loss, deduction and expense shall be made without regard to any election pursuant to Section 754 of the Code that may be made by the Company, unless the adjustment to basis of Company property pursuant to such election is reflected in Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m).

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Basis for calculation of periodic payments All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

  • Determination of Rate of Interest and calculation of Interest Amounts The Agent will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. The Agent will calculate the amount of interest (the Interest Amount) payable on the Floating Rate Notes for the relevant Interest Period by applying the Rate of Interest to: (A) in the case of Floating Rate Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note; or (B) in the case of Floating Rate Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amounts (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!