INCOME BASE Sample Clauses

INCOME BASE. The Income Base will be the greater of Income Base A or Income Base B, described below. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It is not available as a Contract Value, Settlement Value, or Death Benefit, nor is it used in the calculation of such values. Also, it does not guarantee performance of any investment option. Income Base A * On the Rider Date, Income Base A is equal to the Contract Value. * After the Rider Date, Income Base A will accumulate interest daily at a rate equivalent to 5% per year and is recalculated each time a purchase payment or withdrawal is made as follows: * for purchase payments, Income Base A is equal to the most recently calculated Income Base plus the purchase payment. * for withdrawals, Income Base A is equal to the most recently calculated Income Base A reduced by a withdrawal adjustment, as defined below. * The accumulation will continue until the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier. After the first Contract anniversary following 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier, Income Base A will be recalculated only for purchase payments and withdrawals. Income Base A will not exceed the amount equal to: * 200% of the Contract Value as of the Rider Date; plus * 200% of any purchase payments made after the Rider Date (excluding purchase payments made in the twelve-month period immediately prior to the Payout Start Date); minus * withdrawal adjustments for any withdrawals made after the Rider Date. Withdrawal Adjustment for Income Base A A. Prior to the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier: * For the portion of withdrawals in a Contract Year that do not cumulatively exceed 5% of Income Base A, calculated as of the Contract anniversary immediately prior to the withdrawal, the withdrawal adjustment for each such withdrawal (or portion thereof) is equal to (i) multiplied by (ii), where (i) is the withdrawal amount (or portion thereof) (ii) is a discount factor calculated using an annual interest rate of 5% and is defined as the quantity (1.05)-K. * K is the portion of the Contract Year remaining between the date of the withdrawal and the Contract anniversary immediately following the withdrawal. . The discount fact...
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INCOME BASE. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It does not provide a Contract Value or guarantee performance of any investment option. Income Base o On the Rider Date, the Income Base is equal to the Contract Value.
Sample 1Sample 2Sample 3See All (4)
INCOME BASE. The Income Base will be the greater of Income Base A or Income Base B, described below. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It does not provide a Contract Value or guarantee performance of any investment option. Income Base A o On the Rider Date, Income Base A is equal to the Contract Value.
Sample 1Sample 2Sample 3See All (4)
INCOME BASE. Prior to the Guaranteed Withdrawal Lock-In Date, on each Valuation Date the Income Base of a Participant [or Eligible Spouse] equals the [Highest Birthday Value] [ Roll-Up Value] [greater of the Highest Birthday Value and the [Roll-Up Value]] as of the Valuation Date immediately prior. Prior to the Guaranteed Withdrawal Lock-In Date, the Income Base is determined only for reference. On the Guaranteed Withdrawal Lock-In Date, the Income Base of a Participant [or Eligible Spouse] equals the [greatest/greater] of his or her: a. Guaranteed Withdrawal Market Value; b. [Roll-Up Value;] or c. [Highest Birthday Value] on the Valuation Date immediately prior to his or her Guaranteed Withdrawal Lock-In Date. Thereafter, the Income Base may be increased or decreased in the manner set forth in Section 3 of this Rider. The Income Base shall not be greater than [$5,000,000].
Sample 1Sample 2
INCOME BASE. Prior to the Guaranteed Withdrawal Lock-In Date, on each Valuation Date the Income Base of a Participant B[or Eligible Spouse] equals the B[Highest Birthday Value] A & B[Roll-Up Value] B[greater of the Highest Birthday Value and the A& B[Roll-Up Value]] as of the Valuation Date immediately prior. Prior to the Guaranteed Withdrawal Lock-In Date, the Income Base is determined only for reference. On the Guaranteed Withdrawal Lock-In Date, the Income Base of a Participant B[or Eligible Spouse] equals the B[greatest/greater] of his or her: a. Guaranteed Withdrawal Market Value; b. A & B[Roll-Up Value;] or
Sample 1
INCOME BASE. Prior to the Guaranteed Withdrawal Lock-In Date, on each Valuation Date the Income Base of a Participant B[or Eligible Spouse] equals the B[Highest Birthday Value] A & B[Roll-Up Value] B[greater of the Highest Birthday Value and the A& B[Roll-Up Value]] as of the Valuation Date immediately prior. Prior to the Guaranteed Withdrawal Lock-In Date, the Income Base is determined only for reference. On the Guaranteed Withdrawal Lock-In Date, the Income Base of a Participant B[or Eligible Spouse] equals the B[greatest/greater] of his or her: a. Guaranteed Withdrawal Market Value; b. A & B[Roll-Up Value;] or c. B[Highest Birthday Value] on the Valuation Date immediately prior to his or her Guaranteed Withdrawal Lock-In Date. Thereafter, the Income Base may be increased or decreased in the manner set forth in Section 3 of this Rider. The Income Base shall not be greater than C[$5,000,000].
Sample 1
INCOME BASE. An Annuitant’s Income Base is used to calculate the GAI and the GWB charge. On the GWB Effective Date an Annuitant’s Income Base is equal to the AAV. The guaranteed amounts of the combined Income Bases for all Company annuity contracts, including individual contracts or group annuity certificates with an affiliated company, for which the Annuitant and Secondary Life, if applicable, is a Measuring Life, is subject to the Maximum Income Base noted on the Contract Specifications page. AN-701 9
Sample 1
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INCOME BASE. The Income Base is used solely for the purpose of calculating the amount of the Guaranteed Retirement Income Benefit and the Rider Fee. It is not available as a Contract Value, Settlement Value, or Death Benefit, nor is it used in the calculation of such values. Also, it does not guarantee performance of any investment option. Income Base * On the Rider Date, the Income Base is equal to the Contract Value. * After the Rider Date, the Income Base will accumulate interest daily at a rate equivalent to 5% per year and is recalculated each time a purchase payment or withdrawal is made as follows: * for purchase payments, the Income Base is equal to the most recently calculated Income Base plus the purchase payment and its associated Credit Enhancement. * for withdrawals, the Income Base is equal to the most recently calculated Income Base reduced by a withdrawal adjustment, as defined below. * The accumulation will continue until the first Contract anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier. After the first Contract Anniversary following the 85th birthday of either the oldest Owner or the oldest Annuitant, whichever is earlier, the Income Base will be recalculated only for purchase payments and withdrawals. The Income Base will not exceed the amount equal to: * 200% of the Contract Value as of the Rider Date; plus * 200% of any purchase payments and associated Credit Enhancements made after the Rider Date (excluding purchase payments and associated Credit Enhancements made in the twelve-month period immediately prior to the Payout Start Date); minus * withdrawal adjustments for any withdrawals made after the Rider Date.
Sample 1
INCOME BASE. An Annuitant's Income Base is used to calculate the GAI and the GWB charge. On the GWB Effective Date an Annuitant's Income Base is equal to the AAV. MAXIMUM INCOME BASE The guaranteed amounts of the combined Income Bases for all Company annuity contracts, including individual contracts or group annuity certificates with an affiliated company, for which the Annuitant and Secondary Life, if applicable, is a Measuring Life, is subject to the Maximum Income Base noted on the Contract Specifications page. ADJUSTMENT TO THE INCOME BASE FOR ADDITIONAL DEPOSITS If an additional Deposit is accepted, an Annuitant's Income Base will be increased to equal the additional Deposit plus an Annuitant's Income Base immediately prior to receipt of the additional Deposit. ADJUSTMENT TO THE INCOME BASE FOR WITHDRAWALS Upon each Excess Withdrawal, an Annuitant's Income Base will be reduced in the same proportion that the Excess Withdrawal reduced the AAV. Upon each Conforming Withdrawal an Annuitant's Income Base will not be reduced. AUTOMATIC ANNUAL STEP-UP OF THE INCOME BASE Following an Annuitant's GWB Effective Date, an Automatic Annual Step-Up of an Annuitant's Income Base to equal the AAV may only occur on the Valuation Date immediately prior to the Benefit Year Anniversary, if the following condition(s) is/are satisfied: 1. the Age of the Measuring Life or Lives as of the Valuation Date, is less than the Maximum Age for any Measuring Life applicable to an Automatic Annual Step-Up calculation, as noted on the Contract Specifications page; and 2. the AAV as of that Valuation Date is greater than the Income Base. The Automatic Annual Step-Up will occur after the addition of any Deposits made on behalf of an Annuitant and the deduction of any Withdrawal on behalf of that Annuitant. If the Company creates a new GAI Rate Table for new Deposits, the calculations and provisions contained in the preceding paragraphs of Section 4.04 (with the exception of the Maximum Income Base paragraph) shall apply separately to each GAI Rate Table available to this Contract. As a result, a portion of the total Income Base will be aligned with each GAI Rate Table as described in the Weighted Average GAI Rate (WAGAI Rate) provision described below.
Sample 1

Related to INCOME BASE

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

  • Share Class Annual Compensation Rate Class R-1 1.00% Class R-2 0.75% Class R-2E 0.60% Class R-3 0.50% Class R-4 0.25% Class R-5 No compensation paid Class R-5E No compensation paid Class R-6 No compensation paid If you hold Plan accounts in an omnibus account (i.e., multiple Plans in one account on the books of the Funds), Plans that are added to the omnibus account after May 15, 2002 may invest only in R shares, and you must execute an Omnibus Addendum to the Selling Group Agreement, which you can obtain by calling our Home Office Service Team at 800/421-5475, extension 8.

  • Gross Income Allocations In the event any Partner has a deficit balance in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated to restore pursuant to Treasury Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 6.1(d)(v) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital Account as adjusted after all other allocations provided for in this Section 6.1 have been tentatively made as if this Section 6.1(d)(v) were not in this Agreement.

  • Fixed Income Funds This document is an attachment to the Participant Agreement with respect to the procedures to be used by (i) the Distributor and the Transfer Agent in processing an order for the creation of Shares, (ii) the Distributor and the Transfer Agent in processing a request for the redemption of Shares and (iii) the Participant and the Transfer Agent in delivering or arranging for the delivery of requisite cash payments, Portfolio Deposits or Shares, as the case may be, in connection with the submission of orders for creation or requests for redemption. The Participant is first required to have signed the Participant Agreement. Upon acceptance of the Participant Agreement by the Distributor and the Transfer Agent, the Transfer Agent will assign a PIN Number to each Authorized Person authorized to act for the Participant. This will allow the Participant through its Authorized Person(s) to place an order with respect to Shares.

  • Benefit Increases Benefit payments may be increased as provided in Section 2.1.3.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Fiscal and Taxable Year The fiscal and taxable year of the Partnership shall be the calendar year.

  • EBITDA The term “EBITDA” shall mean, with respect to any fiscal period, “Consolidated EBITDA” as defined in the Credit Agreement, provided that the following should also be excluded from the calculation of EBITDA to the extent not already excluded from the calculation of Consolidated EBITDA under the Credit Agreement: (i) Non-Cash Charges (as defined in the Credit Agreement) related to any issuances of equity securities; (ii) fees and expenses relating to the Acquisition; (iii) financing fees (both cash and non-cash) relating to the Acquisition; (iv) covenant-not-to-compete payments to certain members of the Company’s senior management and related expenses; (v) expenses (or any portion thereof) incurred outside of the ordinary course of business that are approved by the Board which the Board determines in its good faith discretion are in the best interest of the Company but which will have a disproportionately adverse impact on the Company’s short term financial performance, affecting the Company’s ability to achieve financial targets related to the vesting of the Class C Units under the Incentive Unit Subscription Agreements or the Company’s annual bonus plan; (vi) costs and expenses incurred in connection with evaluating and consummating acquisitions not contemplated by the Company’s annual plan, as such plan is approved by the Board in good faith; (vii) related party expenditures that are subject to the prior written consent of the Majority Executives pursuant to Section 2.3(a) of the Securityholders Agreement but have failed to receive such consent; (viii) advisors’ fees and expenses incurred outside the ordinary course of business related solely to Vestar’s activities that are unrelated to the Company; (ix) costs associated with any put option or call option contemplated by any Rollover Subscription Agreement or Incentive Unit Subscription Agreement; (x) costs associated with any proposed initial Public Offering or Sale of the Company (as such terms are defined in the Securityholders Agreement); (xi) expenses related to any litigation arising from the Acquisition; (x) management fees and costs related to the activities giving rise to such fees that are paid to, paid for or reimbursed to Vestar and its Affiliates; and (xii) material expenditures or incremental expenditures inconsistent with prior practice (to the extent that prior practice is relevant) required by Board (where Management Managers (as defined in the Securityholders Agreement) unanimously dissent) unless such expenditures are reasonably likely to result in any benefit (whether economic or non-economic) to the Company as determined by the Board in its good faith discretion.

  • Over-Allowance Amount On the Cost Proposal Delivery Date and, in any event, prior to the commencement of the construction of the Tenant Improvements, Tenant shall deliver to Landlord cash in an amount (the “Over-Allowance Amount”) equal to the difference between (i) the amount of the Cost Proposal and (ii) the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the Cost Proposal Delivery Date). The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. If, after the Cost Proposal Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements as a result of requests made by Tenant or as otherwise specified in Section 5.01(h) below, any additional costs which arise in connection with such revisions, changes or substitutions shall be paid by Tenant to Landlord immediately upon Landlord’s request as an addition to the Over-Allowance Amount and, in any event, prior to the commencement of the construction of the revisions, changes or substitutions. Promptly following completion of construction of the Tenant Improvements and payment of all costs incurred in connection therewith, Landlord shall prepare and deliver to Tenant a reasonably detailed reconciliation of (i) the total cost of the Tenant Improvements, including all Tenant Improvement Allowance Items, and (ii) the total amount of the Tenant Improvement Allowance and the Over-Allowance Amount payments previously made by Tenant pursuant to the foregoing provisions of this Section. To the extent that such reconciliation discloses that the total costs of the Tenant Improvements exceeds the amount of the Tenant Improvement Allowance plus all Over-Allowance Amount previously paid by Tenant, Tenant shall pay the amount of such shortfall to Landlord within thirty (30) days after receipt of such reconciliation. To the extent that such reconciliation discloses that the total costs of the Tenant Improvements is less than the amount of the Tenant Improvement Allowance plus all Over-Allowance Amounts previously paid by Tenant, Landlord shall pay the amount of such overage to Tenant at the time that Landlord delivers such reconciliation to Tenant.

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