Joint Life Basis Sample Clauses

Joint Life Basis. If you elect the Joint Life Basis: • The Spouse must be listed as the sole primary Beneficiary under the Contract. • The GAWA will be reduced by the rates shown in Appendix A. The rates shown in Appendix A provide the payment amount for a Joint Life election based on your age and your spouse’s age and include the reduction or increase to GAWA payments taken prior to age 65 or later. This reduction will not change even if you subsequently drop the Joint Life Basis election. • You may elect to drop the individual designated under the Joint Life Basis if you are no longer married, but your GAWA payments will not be increased to reflect a Single Life Basis and GAWA payments will be guaranteed only for your life. Also, you may not name a new individual under the Joint Life Basis, even if you remarry.
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Joint Life Basis. If the Joint Life basis is elected, GAWA payments are payable based on the lives of the Participant and the Participant’s spouse and GAWA payments are guaranteed during the lives of both. Upon the death of both the Participant and the Participant’s spouse, the Personal Income Benefit and GAWA payments terminate except as noted below in item (c). Under the Joint Life basis: a. The spouse must be listed as the sole primary beneficiary under the Plan. b. The GAWA will be reduced by the rates shown in Appendix B. This reduction will not change even if the Employer or Employer’s Designee on behalf of the Participant subsequently drops the Joint Life basis election, as described in subsection (c) below. c. After making the election to take GAWA payments on a Joint Life basis, the Employer or Employer’s Designee on behalf of the Participant may instruct us in writing to drop the spouse designated as the Joint Life. No other individual may subsequently be named as a Joint Life, even if that individual would qualify as the Participant’s spouse. The GAWA will not be adjusted to reflect a Single Life basis and GAWA payments will be guaranteed only for the life of the Participant.
Sample 1

Related to Joint Life Basis

  • Settlement Date Basis For purposes of this Agreement, all determinations of whether an investment is to be included as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded as a Portfolio Investment until such sale has settled); provided that no such investment shall be included as a Portfolio Investment to the extent it has not been paid for in full.

  • Interest Rate Basis Interest on this Note will be determined by reference to the applicable Interest Rate Basis or Interest Rate Bases, which may, as described below, include the CD Rate, the CMT Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR, the Prime Rate or the Treasury Rate (each as defined below).

  • Determination of Interest Rate Basis The Calculation Agent shall determine the rate derived from each Interest Rate Basis in accordance with the following provisions.

  • Alternative basis of interest or funding (a) If a Market Disruption Event occurs and the Agent or the Company so requires, the Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. (b) Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties.

  • Legal Basis The coordination of programs serving individuals with disabilities and the development of cooperative agreements between these programs has the following basis in Federal and State law: • The Rehabilitation Act of 1973, as amended by the Workforce Innovation Opportunity Act, 29 U.S.C. 701 et. seq. • 34 Code of Federal Regulations §§ 361, 363, 397 • The Americans with Disabilities Act, as amended • Maryland Education Article, §§ 21-301 – 21-304, Annotated Code of Maryland • Code of Maryland Regulations, 13A, Subtitle 11.

  • Spread; Spread Multiplier; Index Maturity The “Spread” is the number of basis points (one one-hundredth of a percentage point) specified on the face hereof to be added to or subtracted from the related Interest Rate Basis or Interest Rate Bases applicable to this Note. The “Spread Multiplier” is the percentage specified on the face hereof of the related Interest Rate Basis or Interest Rate Bases applicable to this Note by which the Interest Rate Basis or Interest Rate Bases will be multiplied to determine the applicable interest rate. The “Index Maturity” is the period to maturity of the instrument or obligation with respect to which the related Interest Rate Basis or Interest Rate Bases will be calculated.

  • Balance Computation Method For all dividend-bearing Accounts, dividends are calculated by the average daily balance method which applies a daily periodic rate to the average daily balance for the average daily balance calculation period. The average daily balance is determined by adding the full amount of the principal in Your Account for each day of the period and dividing that figure by the number of days in the period. Accrual on Noncash Deposits. For dividend-bearing Accounts, dividends will begin to accrue on the business day that You deposit noncash items (e.g. checks) into Your Account.

  • Interest Factor With respect to this Floating Rate Note, accrued interest is calculated by multiplying the principal amount of such Note by an accrued interest factor. The accrued interest factor is computed by adding the interest factor calculated for each day in the particular Interest Reset Period. The interest factor for each day will be computed by dividing the interest rate applicable to such day by 360, in the case of a Floating Rate Note as to which the CD Rate, the Commercial Paper Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis, or by the actual number of days in the year, in the case of a Floating Rate Note as to which the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis. In the case of a series of Notes that bear interest at floating rates as to which the Constant Maturity Swap Rate is the Interest Rate Basis, the interest factor for each day will be computed by dividing the number of days in the interest period by 360 (the number of days to be calculated on the base is of a year of 360 days with twelve 30-day months (unless (i) the last day of the interest period is the 31st day of a month but the first day of the interest period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of the interest period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)). The interest factor for a Floating Rate Note as to which the interest rate is calculated with reference to two or more Interest Rate Bases will be calculated in each period in the same manner as if only the applicable Interest Rate Basis specified above applied.

  • Discount Percentage The Discount Percentage shall be based upon the monthly average of the net assets of all of the funds on Master Schedule A to Management Contracts (“Group Assets”), as may be updated from time to time, and the monthly average of the net assets of the Fund (computed in the manner set forth in the Trust’s Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month. After determination of the average Group Assets tier bound level in Master Schedule B to Management Contracts, as may be updated from time to time, which is hereby incorporated by reference into this Contract, the Discount Percentage shall be determined on a cumulative basis pursuant to the schedule set forth in Master Schedule B to Management Contracts.

  • Regular Floating Rate Note Unless this Note is specified on the face hereof as a Floating Rate/Fixed Rate Note, this Note (a “Regular Floating Rate Note”) will bear interest at the rate determined by reference to the applicable Interest Rate Basis or Interest Rate Bases: (1) plus or minus the applicable Spread, if any; and/or (2) multiplied by the applicable Spread Multiplier, if any. Commencing on the first Interest Reset Date, the rate at which interest on this Regular Floating Rate Note is payable will be reset as of each Interest Reset Date; provided, however, that the interest rate in effect for the period, if any, from the Original Issue Date to the first Interest Reset Date will be the Initial Interest Rate.

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