Effect of Excess Withdrawals during the Withdrawal Phase Sample Clauses

Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base and XXX will be adjusted by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). Numerical Example: Covered Fund Value before XXX = $55,000 Benefit Base = $100,000 XXX %: 5% XXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 - $5,000 = $5,000 Covered Fund Value after XXX = $55,000 - $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 - $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted XXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500 If an Excess Withdrawal occurs, Great-West will adjust the Covered Fund Value, Benefit Base, XXX and Installments as follows: • The Benefit Base, Covered Fund Value, and XXX are adjusted immediately in the event of an Excess Withdrawal. • If such an adjustment results in a lower XXX amount, Great-West will not decrease any remaining Installments scheduled to be paid before the next Ratchet Date unless directed to do so by the GLWB Participant. However, on the next Ratchet Date, Great-West will automatically reduce the amount of the Installments in accordance with Section 9 of this Contract to reflect the adjusted XXX.
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Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the XXX will be considered an Excess Withdrawal. The Benefit Base will be reduced by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the XXX). If an Excess Withdrawal occurs, the XXX and current Benefit Base shall be adjusted on the next Ratchet Date.
Effect of Excess Withdrawals during the Withdrawal Phase. After the Initial Installment Date, a Distribution or Transfer combined with all other amounts in excess of the GXX will be considered an Excess Withdrawal. The Benefit Base will be reduced by the ratio of the new Covered Fund Value (after the Excess Withdrawal) to the previous Covered Fund Value (after the GXX). If an Excess Withdrawal occurs, the GXX and current Benefit Base shall be adjusted on the next Ratchet Date. Numerical Example: Covered Fund Value before GXX = $55,000 Benefit Base = $100,000 GXX %:5% GXX Amount = $100,000 x 5% = $5,000 Total annual withdrawal: $10,000 Excess Withdrawal = $10,000 – $5,000 = $5,000 Covered Fund Value after GXX = $55,000 – $5,000 = $50,000 Covered Fund Value after Excess Withdrawal = $50,000 – $5,000 = $45,000 Covered Fund Value Adjustment due to Excess Withdrawal = $45,000/$50,000 = 0.90 Adjusted Benefit Base = $100,000 x 0.90 = $90,000 Adjusted GXX Amount (assuming no Benefit Base increase on succeeding Ratchet Date) = $90,000 x 5% = $4,500

Related to Effect of Excess Withdrawals during the Withdrawal Phase

  • Permitted Withdrawals From Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Custodial Account (a) The Master Servicer may, from time to time as provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to Section 3.07 that are attributable to the Mortgage Loans for the following purposes:

  • Withdrawal from Agreement A. Any Fund may elect to withdraw from this Agreement effective at the end of any monthly period by giving at least 90 days’ prior written notice to each of the parties to this Agreement. Upon the written demand of all other Funds which are parties to this Agreement a Fund shall withdraw, and in the event of its failure to do so shall be deemed to have withdrawn, from this Agreement; such demand shall specify the date of withdrawal which shall be at the end of any monthly period at least 90 days from the time of service of such demand.

  • Permitted Withdrawals From the Protected Account (a) The Master Servicer may from time to time make withdrawals from the Protected Account for the following purposes:

  • Permitted Withdrawals and Transfers from the Master Servicer Collection Account (a) The Master Servicer will, from time to time on demand of a Servicer or the Securities Administrator, make or cause to be made such withdrawals or transfers from the Master Servicer Collection Account as the Master Servicer has designated for such transfer or withdrawal pursuant to this Agreement and the related Servicing Agreement. The Master Servicer may clear and terminate the Master Servicer Collection Account pursuant to Section 10.01 and remove amounts from time to time deposited in error.

  • Permitted Withdrawals From the Loan Combination Custodial Account (a) The Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

  • Permitted Withdrawals from the Certificate Account (a) The Master Servicer may, from time to time, make withdrawals from the Certificate Account for the following purposes (limited, in the case of Servicer reimbursements, to cases where funds in the respective Custodial P&I Account are not sufficient therefor):

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