CHARGE FOR PARTIAL AND TOTAL SURRENDERS Sample Clauses

CHARGE FOR PARTIAL AND TOTAL SURRENDERS. A partial or total surrender of a Participant's Account may be subject to a surrender charge. The surrender charge is equal to the lesser of 5% of (a) any Purchase Payment received for the Participant's Account during the most recent 60 months prior to receipt of the surrender request by VALIC at its Home Office, or (b) the amount of the surrender. It is always assumed that the most recent Purchase Payments are withdrawn first, and no surrender charge is ever imposed on any amount not actually withdrawn. If no Purchase Payments have been received during the most recent 60 months or if the Participant's Account has been in effect for 15 years or longer, there will be no charge for partial or total surrenders under that account. There is no surrender charge if the Participant Account has been in effect for 5 years or longer and the Participant has attained age 59 1/2. Up to 10% of the Accumulation Value in any Certificate Year may be withdrawn without a surrender charge. The surrender charge will be applicable only to the amount withdrawn that exceeds 10%. The percentage withdrawn will be calculated as the ratio of the amount withdrawn to the Accumulation Value immediately prior to the withdrawal. If multiple withdrawals are made in a Certificate Year, the percentage withdrawn for each withdrawal will be added together to determine the 10% free withdrawal portion. Once a surrender charge has been imposed on any Purchase Payment, that payment or portion thereof will not thereafter be treated as a Purchase Payment for purposes of the charge. The surrender charge is not imposed upon annuitization at the Annuity Date upon any payments received by an Annuitant or Beneficiary in lieu of annuity payments during the Annuity Period, or upon payments to a Beneficiary when a Participant dies during the Accumulation Period. There is no surrender charge if the Participant is eligible for and has qualified to receive Social Security disability benefits. VALIC may ask for proof of disability. Proof of disability will be made by sending VALIC a certified copy of a Social Security Administration determination of disability. The amount payable upon full surrender in the case of disability will be the Accumulation Value on the date VALIC receives due proof of disability. VALIC may reduce the surrender charge under this Section.
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Related to CHARGE FOR PARTIAL AND TOTAL SURRENDERS

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  • LESSOR'S ACCESS; SHOWING PREMISES; REPAIRS Lessor and Lessor's agents shall have the right to enter the Premises at any time, in the case of an emergency, and otherwise at reasonable times for the purpose of showing the same to prospective purchasers, lenders, or lessees, and making such alterations, repairs, improvements or additions to the Premises or to the Building, as Lessor may reasonably deem necessary. Lessor may at any time place on or about the Premises or Building any ordinary "For Sale" signs and Lessor may at any time during the last one hundred eighty (180) days of the term hereof place on or about the Premises any ordinary "For Lease" signs. All such activities of Lessor shall be without abatement of rent or liability to Lessee.

  • Landlord’s Retention of Contractor Landlord shall independently retain the Contractor to perform the Tenant Improvement Work in accordance with the Approved Construction Drawings.

  • Tenant’s Percentage The ratio of the Rentable Floor Area of the Premises to the total rentable area of the Building, which shall initially be deemed to be one hundred 100% percent.

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  • Maintaining Records; Access to Properties and Inspections; Maintenance of Ratings (a) Keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all requirements of law are made of all dealings and transactions in relation to its business and activities. Each Loan Party will, and will cause each of its subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender to visit and inspect the financial records and the properties of such Person at reasonable times and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any representatives designated by the Administrative Agent or any Lender to discuss the affairs, finances and condition of such Person with the officers thereof and independent accountants therefor.

  • PREMISES PARTIAL DAMAGE - INSURED LOSS If Premises Partial Damage that is an Insured Loss occurs, then Lessor shall, at Lessor's expense, repair such damage (but not Lessee's Trade Fixtures or Lessee-Owned Alterations and Utility Installations) as soon as reasonably possible and this Lease shall continue in full force and effect. In the event, however, that there is a shortage of insurance proceeds and such shortage is due to the fact that, by reason of the unique nature of the improvements in the Premises, full replacement cost insurance coverage was not commercially reasonable and available, Lessor shall have no obligation to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises unless Lessee provides Lessor with the funds to cover same, or adequate assurance thereof, within ten (10) days following receipt of written notice of such shortage and request therefor. If Lessor receives said funds or adequate assurance thereof within said ten (10) day period, Lessor shall complete them as soon as reasonably possible and this Lease shall remain in full force and effect. If Lessor does not receive such funds or assurance within said period, Lessor may nevertheless elect by written notice to Lessee within ten (10) days thereafter to make such restoration and repair as is commercially reasonable with Lessor paying any shortage in proceeds, in which case this Lease shall remain in full force and effect. If Lessor does not receive such funds or assurance within such ten (10) day period, and if Lessor does not so elect to restore and repair, then this Lease shall terminate sixty (60) days following the occurrence of the damage or destruction. Unless otherwise agreed, Lessee shall in no event have any right to reimbursement from Lessor for any funds contributed by Lessee to repair any such damage or destruction. Premises Partial Damage due to flood or earthquake shall be subject to Paragraph 9.3 rather than Paragraph 9.2, notwithstanding that there may be some insurance coverage, but the net proceeds of any such insurance shall be made available for the repairs if made by either Party.

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