GUARANTEED PERIODS Sample Clauses
The "Guaranteed Periods" clause defines a specific timeframe during which certain terms, conditions, or benefits of an agreement are assured and cannot be altered or terminated. For example, in an insurance or service contract, this clause might guarantee coverage or service for a set number of years regardless of other changes. Its core practical function is to provide certainty and stability for both parties by ensuring that key aspects of the agreement remain in force for the agreed period, thereby protecting against unexpected changes or cancellations.
GUARANTEED PERIODS. Each individual amount allocated to a Fixed Subaccount will have an associated Guaranteed Period, Guaranteed Interest Rate and Expiration Date and will be treated separately from other amounts allocated to the Fixed Subaccount. Multiple amounts allocated to the same Fixed Subaccount may have different Guaranteed Interest Rates, and Expiration Dates, and Interest Adjustments. The Guaranteed Period begins when the amount is allocated to that Fixed Subaccount and ends on the Expiration Date for the Guaranteed Period selected. A Guaranteed Period may not be selected if its Expiration Date would occur after the Maturity Date. LNY will send written notice to the Owner at the last address known to LNY regarding an upcoming expiration of a Guaranteed Period. LNY will send this notice at least 45 but not more than 75 days prior to the Expiration Date of such Guaranteed Period. The Owner must provide a Notice, prior to the Expiration Date of a previously selected Guaranteed Period, to transfer all or a portion of the value of the amount in a Fixed Subaccount at the Expiration Date. The value may be transferred to one or more of the Fixed Subaccounts or Variable Subaccounts. Such Notice must be in accordance with the transfer provisions of the Contract. However, if the Owner is at least age 55, the Owner may choose a Guarantee Period that does not exceed 5 years. If no Notice from the Owner is received by LNL prior to the Expiration Date of a previously selected Guaranteed Period, a subsequent Guaranteed Period of the same duration, if available, will begin automatically upon the expiration of the preceding Guaranteed Period. If the Notice requests only a portion of the value of the Fixed Subaccount to be transferred, the remaining amount will be automatically invested in a subsequent Guaranteed Period of the same duration, if available, upon the expiration of the preceding Guaranteed Period. In the event the preceding Guaranteed Period is no longer available and no Notice has been received from the Owner, the value of the Fixed Subaccount will be transferred to a new Fixed Subaccount for a Guaranteed Period with the shortest duration currently available. However, if the Owner is at least age 55, LNY will make available a Guarantee Period not to exceed 5 years.
GUARANTEED PERIODS are subject to the following conditions:
a. The Guaranteed Period may be extended if your Money Transfer is created over the weekend or on a public holiday.
b. We must receive sufficient funds from you during the Guaranteed Period to convert your funds at the guaranteed rate. You will see when we have received your funds in your Wise Account or profile. Wise is not responsible for the failure of a third party to send your funds to us in a timely manner.
c. If we receive your funds after the Guaranteed Period, we will not be able to convert your money using the guaranteed rate and your transfer will become a non-guaranteed rate transfer. Accordingly, we may convert your money at the applicable exchange rate at the time we receive your money, or we may email you and ask you if you want to proceed with your transfer at the new exchange rate.
d. If the Wise exchange rate changes by 5% or more during the Guaranteed Period, we can, at our discretion, suspend your transfer for a reasonable period or cancel your transfer and refund the money to you.
e. For certain currencies, including where you are paying for a Money Transfer with Japanese Yen (JPY), the guaranteed rate will only be offered after your address has been verified by us.
f. We may change these guaranteed rate conditions or suspend the guaranteed rate feature at any time.
GUARANTEED PERIODS. Each individual amount allocated to a Fixed Subaccount will have an associated Guaranteed Period, Guaranteed Interest Rate and Expiration Date and will be treated separately from other amounts allocated to the Fixed
GUARANTEED PERIODS. 10 Incontestability .............................. 22