Delayed Payment Rate. The Delayed Payment Rate at the end of each Accounting Period will be equal to [300 basis points plus [(i) divided by (ii)]] divided by four, where: (i) equals the sum of the one month London Interbank Offered Rates (LIBOR) as published by The Wall Street Journal at the end of each calendar month ending during the current Accounting Period; and (ii) equals the number of calendar months ending during the current Accounting Period. The Delayed Payment Rate is to be applied as the rate payable for an entire calendar quarter. In the event that the delayed period is less than an entire calendar quarter, a pro rata fraction of the Delayed Payment Rate shall be used.
Appears in 12 contracts
Samples: Reinsurance Agreement (Separate Account Va-2l), Reinsurance Agreement (WRL Series Annuity Account), Reinsurance Agreement (Separate Account Va U)
Delayed Payment Rate. The term βDelayed Payment Rate at the end of each Accounting Period will be Rate,β as used in this Agreement, shall mean a rate that is equal to [300 basis points plus [(i) divided by (ii)]] divided by four, where:
(i) equals the sum of the one month London Interbank Offered Rates (LIBOR) as published by The Wall Street Journal at the end of each calendar month ending during the current Accounting Period; and
(ii) equals the number of calendar months ending during the current Accounting Period. The Delayed Payment Rate is to be applied as the rate payable for an entire calendar quarter. In the event that the delayed period of delay is less than an entire calendar quarter, a pro rata fraction of the Delayed Payment Rate shall be used.
Appears in 6 contracts
Samples: Reinsurance Agreement (WRL Series Annuity Account), Reinsurance Agreement (Separate Account Va B), Reinsurance Agreement (Separate Account Va B)
Delayed Payment Rate. The Delayed Payment Rate at the end of each Accounting Period will be equal to [300 basis points plus [(i) divided by (ii)]] divided by four, where:
(i) equals the sum of the one month London Interbank Offered Rates (LIBOR) as published by The Wall Street Journal at the end of each calendar month ending during the current Accounting Period; and
and (ii) equals the number of calendar months ending during the current Accounting Period. The Delayed Payment Rate is to be applied as the rate payable for an entire calendar quarter. In the event that the delayed period is less than an entire calendar quarter, a pro rata fraction of the Delayed Payment Rate shall be used.
Appears in 2 contracts
Samples: Reinsurance Agreement (Separate Account Va Q), Reinsurance Agreement (Separate Account Va B)
