FIXED PAYMENT OPTION Sample Clauses

FIXED PAYMENT OPTION. This option provides for Annuity Payments of a fixed amount selected by the Owner. This amount is paid until Contract Value is exhausted. If the Contract Value is held in the Fixed Account, then the number of Annuity Payments will vary as a result of the interest rate (as adjusted periodically) credited on Fixed Account Contract Value. This rate is guaranteed to be no less then the Guaranteed Rate set forth on page 3. If the Contract Value is held in the Separate Account, then the number of Annuity Payments will vary as a result of the investment performance of the Subaccounts chosen. If the Annuitant dies before receiving all of the Annuity Payments, any remaining Annuity Payments will be made to the Designated Beneficiary.
Sample 1Sample 2Sample 3See All (27)
AutoNDA by SimpleDocs
FIXED PAYMENT OPTION. This option provides a fixed payment amount. This amount is paid until the amount applied, including daily interest adjustments, is paid. If the Contract Value is held in the General Account, then the number of payments will vary as a result of the interest rate (as adjusted periodically) credited on the General Account. This rate is guaranteed to be no less than the Guaranteed Rate shown on page 3. If the Contract Value is held in the Separate Account, then the number of payments will vary as a result of the investment performance of the Series chosen. If the Participant dies before receiving all the payments, any remaining payments will be made to the Designated Beneficiary.
Sample 1Sample 2Sample 3See All (18)
FIXED PAYMENT OPTION. This option provides for Annuity Payments of a fixed amount selected by the Owner. This amount is paid until Account Value is exhausted. If the Account Value is held in the Fixed Account, then the number of Annuity Payments will vary as a result of the interest rate (as adjusted periodically) credited on Fixed Account Value. This rate is guaranteed to be no less than the Guaranteed Rate set forth on page 3. If the Account Value is held in the Separate Account, then the number of Annuity Payments will vary as a result of the investment performance of the Subaccounts chosen. If the Annuitant dies before receiving all of the Annuity Payments, any remaining Annuity Payments will be made to the Designated Beneficiary. This Option is available only for Nonqualified Contracts. OPTION 7 AGE RECALCULATION OPTION: This option provides for Annuity Payments based upon the Annuitant's life expectancy, or the joint life expectancy of the Annuitant and a beneficiary, at the Annuitant's attained age (and the Annuitant's beneficiary's attained or adjusted age, if applicable) each year. The Annuity Payments are computed by reference to actuarial tables prescribed by the Treasury Secretary and in accordance with Section 401(a)(9) of the Internal Revenue Code and rules and regulations thereunder. Annuity Payments are made until Account Value is exhausted. If the Account Value is held in the Fixed Account, then the amount of the Annuity Payments will vary as a result of the interest rate (as adjusted periodically) credited on Fixed Account Value. This rate is guaranteed to be not less than the Guaranteed Rate set forth on page 3. If the Account Value is held in the Separate Account, then the amount of the Annuity Payments will vary as a result of the investment performance of the Subaccounts chosen. If the Annuitant dies before receiving the remaining Annuity Payments, Account Value will be paid to the Designated Beneficiary. OPTION 8
Sample 1Sample 2See All (12)
FIXED PAYMENT OPTION. This option provides a fixed payment amount. This amount is paid until the initial amount applied, including daily interest adjustments, is paid. If the Contract Value is held in the Fixed Account, then the number of payments will vary as a result of the interest rate (as adjusted periodically) credited on the Fixed Account. If the Contract Value is held in the Variable Account, then the number of payments will vary as a result of the investment performance of the specific Sub-Accounts chosen. If all the Annuitants dies before receiving all the payments, any remaining payments will be made to the Designated Beneficiary. 00-00000-00 BP 602081 -------------------------------------------------------------------------------- ANNUITY OPTION RATES -------------------------------------------------------------------------------- SINGLE LIFE INCOME OPTIONS Table A - Monthly Payments for a fixed term and afterwards as long as the Annuitant lives per $1,000 of benefit amount GUARANTEED MONTHLY PAYMENTS -------------------------------------------------------------------------------- Age of Payee 0 60 120 180 240 Unit Refund MALE -------------------------------------------------------------------------------- 55 4.45 4.44 4.41 4.37 4.30 4.31 56 4.52 4.51 4.48 4.43 4.36 4.37 57 4.60 4.59 4.56 4.50 4.42 4.44 58 4.68 4.67 4.64 4.57 4.47 4.51 59 4.77 4.76 4.72 4.65 4.53 4.58 60 4.87 4.85 4.81 4.72 4.60 4.65 61 4.97 4.95 4.90 4.80 4.66 4.73 62 5.07 5.05 5.00 4.89 4.72 4.82 63 5.19 5.17 5.10 4.97 4.79 4.90 64 5.31 5.29 5.20 5.06 4.85 5.00 65 5.44 5.41 5.32 5.15 4.92 5.09 66 5.58 5.55 5.44 5.24 4.98 5.20 67 5.73 5.69 5.56 5.34 5.05 5.30 68 5.89 5.84 5.69 5.44 5.11 5.41 69 6.06 6.00 5.82 5.54 5.17 5.53 70 6.24 6.17 5.97 5.64 5.23 5.66 FEMALE 55 4.11 4.11 4.10 4.08 4.05 4.05 56 4.17 4.17 4.16 4.14 4.10 4.10 57 4.23 4.23 4.22 4.19 4.15 4.15 58 4.30 4.29 4.28 4.25 4.21 4.21 59 4.37 4.36 4.35 4.32 4.27 4.27 60 4.44 4.44 4.42 4.38 4.33 4.34 61 4.52 4.51 4.49 4.45 4.39 4.40 62 4.60 4.59 4.57 4.52 4.45 4.47 63 4.69 4.68 4.65 4.60 4.52 4.55 64 4.78 4.77 4.74 4.68 4.58 4.63 65 4.88 4.87 4.84 4.76 4.65 4.71 66 4.99 4.98 4.93 4.85 4.72 4.80 67 5.10 5.09 5.04 4.94 4.79 4.89 68 5.23 5.21 5.15 5.04 4.86 4.99 69 5.36 5.34 5.27 5.14 4.94 5.09 70 5.50 5.48 5.39 5.24 5.01 5.20 Rates not shown will be provided on request. -------------------------------------------------------------------------------- JOINT & LAST SURVIVOR TABLE B - MONTHLY FEMALE MALE AGE INSTALLMENTS AGE 55 60 62 65 70 -------...
Sample 1See All (4)
FIXED PAYMENT OPTION. This option provides a fixed payment amount. This amount is paid until the amount applied is paid. The number of payments will vary as a result of the investment performance of the Subaccounts chosen. If all the Annuitants die before receiving all the payments, any remaining payments will be made to the Designated Beneficiary.
Sample 1Sample 2Sample 3
FIXED PAYMENT OPTION. Proceeds originating in the Fixed Account are applied to a Payment Option providing a fixed monthly benefit. The dollar amount of the annuity payments is determined by applying those proceeds in the Fixed Account to the applicable annuity table. These annuity payments are fixed and do not change from month to month. On the Option Effective Date, the proceeds from each Sub-Account are applied to the selected Payment Option independently to determine the initial amount of monthly payment associated with each Sub-Account. The dollar amount of the first monthly payment made from each Sub-Account is then divided by the Annuity Unit Value for that Sub-Account on the Option Effective Date to determine the number of units of each annuity payment associated with that Sub-Account. Except as may be affected by the transfer of units between Sub-Accounts, the number of units remains fixed for the entire payment period. The dollar values of subsequent payments made from individual Sub-Accounts are determined by multiplying the fixed number of units in each Sub-Account by its Annuity Unit Value on the date of payment. The total monthly payment made from a Payment Option on a variable basis is the sum of the monthly payments made from each Sub-Account. The Mortality and Expense Risk Charge and the Administration Charge remain applicable while a Variable Payment Option is operational, as they are reflected in the determination of the Annuity Unit Value. No Annual Contract Fee or Rider Charges continue during a Payment Option.
Sample 1Sample 2
FIXED PAYMENT OPTION. This option provides a fixed payment amount. This amount is paid until the amount applied, including daily interest adjustments, is paid. If the Contract Value is held in the Fixed Account, then the number of payments will vary as a result of the interest rate (as adjusted periodically) credited on the Fixed Account. This rate is guaranteed to be no less than the Guaranteed Rate shown on page 3. If the Contract Value is held in the Separate Account, then the number of payments will vary as a result of the investment performance of the Subaccounts chosen. If all the Annuitants die before receiving all the payments, any remaining payments will be made to the Designated Beneficiary. ANNUITY TABLES -------------------------------------------------------------------------------- TABLE A SETTLEMENT OPTIONS ONE, TWO, AND THREE MINIMUM INITIAL MONTHLY INSTALLMENTS PER $1,000 OF AMOUNT APPLIED
Sample 1
AutoNDA by SimpleDocs
FIXED PAYMENT OPTION. This option provides a fixed payment amount. This amount is paid until the amount applied, including daily interest adjustments, is paid. If the Contract Value is held in the General Account, then the number of payments will vary as a result of the interest rate (as adjusted periodically) credited on the General Account. This rate is guaranteed to be no less than the Guaranteed Rate shown on page 3. If the Contract Value is held in the Separate Account, then the number of payments will vary as a result of the investment performance of the Series chosen. If the Participant dies before receiving all the payments, any remaining payments will be made to the Designated Beneficiary. 22 GV6322K (9-97) -------------------------------------------------------------------------------- ANNUITY PAYMENT PROVISIONS (CONTINUED) -------------------------------------------------------------------------------- OPTION 7 PERIOD CERTAIN OPTION: This option provides payments for a fixed period of 5, 10, 15 or 20 years. Payments will be made until the end of this period. If the Participant dies prior to the end of the period, the remaining payments will be made to the Designated Beneficiary. Table C shows some of the guaranteed rates for this option. OPTION 8 JOINT AND CONTINGENT SURVIVOR OPTION: This option provides payments for the life of the Participant. Payments will be made to the Participant as long as he or she is living. Upon the death of the Participant, payments will be made to a second person named by the Participant as long as he or she is living. If such person is not living upon the death of the Participant, no further payments will be made. Table B shows some of the guaranteed rates for this option.
Sample 1

Related to FIXED PAYMENT OPTION

  • Deferred Payment “Deferred Payment” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Deferred Payments “Deferred Payments” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries), that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Yield Payments On the Settlement Date for each Purchaser Interest of the Financial Institutions, Seller shall pay to the Agent (for the benefit of the Financial Institutions) an aggregate amount equal to the accrued and unpaid Yield for the entire Tranche Period of each such Purchaser Interest in accordance with Article II.

  • Misdirected Payments If the Seller receives a misdirected payment of a Pool Asset from any Account Debtor or Obligor, the Seller shall remit such funds to a Collection Account no later than two (2) Business Days following receipt thereof. Until remitted to a Collection Account, the Seller shall hold such funds in trust as the Affected Parties’ exclusive property and safeguard such funds for the benefit of the Affected Parties.

  • Earn-Out Payment As part of the Consideration, the Acquirer shall cause the REIT to pay to the Contributor (or its designee), within sixty (60) days after the "Calculation Date" (as defined below), an amount equal to the Earn-Out Payment (as calculated below); provided, however, that the amount of the Earn-Out Payment shall not exceed $1,800,000. If during the period beginning on the date on which the Project is open for business and available for use by paying overnight guests and ending on the date which is thirty-six (36) full calendar months after the last day of the month in which such opening date occurs (the "Calculation Date") the cumulative "Operating Profit" for the Project (as that term is defined in that certain Management Agreement to be entered into as of Closing (the "Management Agreement") between the TRS Affiliate (as defined below) and Crestline Hotels & Resorts, Inc.) is more than $9,500,000, then the Earn-Out Payment shall be equal to fifty percent (50%) of the difference between (a) the actual amount of the cumulative Operating Profit (as of the Calculation Date) for such 3-year period, and (b) $9,500,000. In the event the cumulative Operating Profit for such 3-year period is $9,500,000 or less, then no Earn-Out Payment shall be payable. If the Contributor is entitled to the Earn-Out Payment pursuant to this Section 1.3, then the Contributor (or its designee) shall receive the Earn-Out Payment in the form of Units, provided the Contributor (or its designee) continues to be an "accredited investor" as described herein. The number of Units delivered to the Contributor (or its designee) shall be equal to the calculated amount of the Earn-Out Payment divided by the average closing price per Common Share of the REIT for the twenty (20) trading days immediately preceding the Calculation Date.

  • Optional Principal Payments 11 2.8 Method of Selecting Types and Interest Periods for New Advances..........................................12 2.9 Conversion and Continuation of Outstanding Advances......................................................12 2.10 Changes in Interest Rate, etc...........................................................................12 2.11

  • Earnout Payment In addition to the Closing Payment Shares, if Madhouse meets certain performance requirements during a three-year performance period ending December 31, 2022 as set forth on Schedule II (the “Earnout Provisions”), then the Purchaser shall make the one-time payment (the “Earnout Payment”) determined in accordance with the Earnout Provisions, payable to the Seller and the long-term incentive plan (described below). As set forth in more detail in, and subject to, the Earnout Provisions, the Earnout Payment will be made in the form of (a) the Purchaser issuing to the Seller additional Purchaser Common Shares (the “Earnout Payment Shares”) in the amount calculated pursuant to the Earnout Provisions, (b) a cash payment, (c) a subordinated promissory note issued by the Purchaser to the Seller, or (d) a combination of the foregoing payment methods. The Earnout Payment shall be made by the Purchaser within five (5) Business Days after a final determination of payment due to the Seller pursuant to this Section 3.1. The Purchaser hereby covenants and agrees to perform its obligations set forth in the Earnout Provisions and to maintain the highest number of Purchaser Common Shares potentially issuable under the terms of the Earnout Provisions (which number shall not be less than 22,200,000) available for issuance with respect to Earnout Payment Shares without any restriction or limitation thereof, at all times after the Closing until all of the payment obligations set forth in the Earnout Provisions have been satisfied or have expired. The amount of the Earnout Payment (i) is subject to reduction as set forth in the Earnout Provisions and Article VIII and, (ii) as set forth in the Earnout Provisions, has been partially and irrevocably assigned by Seller to fund a long-term incentive plan to be established for the benefit of designated individuals employed by or associated with the Group Company business, in a manner that shall be determined in Seller’s discretion, provided that Seller shall not receive any portion of such assigned Earnout Payment.

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

  • Required Payments Unless otherwise provided in this Agreement, any payment of Tax required shall be due within 30 days of a Final Determination of the amount of such Tax.

  • Distributions Payable in Cash; Redemption Payments In the event that the Board of the Investment Company shall declare a distribution payable in cash, the Investment Company shall deliver to FTIS written notice of such declaration signed on behalf of the Investment Company by an officer thereof, upon which FTIS shall be entitled to rely for all purposes, certifying (i) the amount per share to be distributed, (ii) the record and payment dates for the distribution, and (iii) that all appropriate action has been taken to effect such distribution. Once the amount and validity of any dividend or redemption payments to shareholders have been determined, the Investment Company shall transfer the payment amounts from the Investment Company's accounts to an account or accounts held in the name of FTIS, as paying agent for the shareholders, in accordance with any applicable laws or regulations, and FTIS shall promptly cause payments to be made to the shareholders.

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