Lump Sum Withdrawals Sample Clauses

Lump Sum Withdrawals. The Annuitant is entitled to withdraw, in whole or in part, the funds held in this Plan in any of the following cases: i) The Annuitant may withdraw all or part of the balance of the funds held under this Plan and receive a payment or a series of payments where a physician certifies that a physical or mental disability has reduced his/her life expectancy; ii) The Annuitant may apply to CIBC Asset Management Inc., acting on behalf of the Trustee, for the lump sum payment to the Annuitant of the entire balance of this Plan, if the Annuitant is at least 65 years of age at the end of the calendar year preceding the calendar year during which the application is made. The Annuitant must provide CIBC Asset Management Inc., on behalf of the Trustee, with a declaration which conforms with that prescribed in schedule 0.2 to the Pension Regulations. The application will be approved only if the total sums credited to the Annuitant in all retirement savings instruments mentioned in that schedule do not exceed 40% of the “maximum pensionable earnings” under the Act respecting the Québec Pension Plan for the calendar year in which the application is made; iii) The Annuitant may, unless the agreed to term of the investments has not expired, require that the total balance of the fund held under this Plan be paid to him/her in a lump sum if he/she has not resided in Canada since at least two years; iv) The seizable portion of the balance of the LIRA may be paid in a lump sum in execution of a judgment rendered in favour of the Annuitant’s Spouse that gives entitlement to a seizure for unpaid alimony; or v) In accordance with the Tax Act, the Annuitant may withdraw funds where an amount is required to be paid to the Annuitant to reduce the amount of tax which is otherwise payable under Part X.1 of the Tax Act.
Sample 1
Lump Sum Withdrawals i) The Annuitant may apply to CIBC Asset Management, acting on behalf of the Trustee, for the lump sum payment to the Annuitant of the entire balance of this LIF, if the Annuitant is at least 65 years of age at the end of the Year preceding the Year when the application is made and the Annuitant provides CIBC Asset Management, on behalf of the Trustee, with a declaration which conforms with that prescribed in schedule 0.2 to the Pension Regulations. The application will be approved only if the total sums credited to the Annuitant's account in the retirement savings instruments referred to in that schedule do not exceed 40% of the “maximum pensionable earnings” under the Act respecting the Québec Pension Plan for the Year in which the application is made; ii) The Annuitant may, unless the agreed to term of the investments has not expired, require that the total balance of the LIF be paid to him/her in a lump sum if he/she has not resided in Canada since at least two years; or iii) The seizable portion of the balance of the LIF may be paid in a lump sum in execution of a judgment rendered in favour of the Annuitant's Spouse, provided the latter is entitled to a right of seizure for unpaid alimony.
Sample 1
Lump Sum Withdrawals. 1. Any cash withdrawals, other than payments under Section VI are subject to the maximum annual income payment described in Section Vl.3. 2. A market value adjustment will apply to a cash withdrawal from a Guaranteed Deposit Account or a Term Deposit Account. Please refer to the "Guaranteed Deposit Account" and 'Term Deposit Account" sections for more information. 3. There are no additional fees charged for the first two (2) lump sum withdrawals from any investment option under the Contract in any calendar year. A $25 fee will apply for each withdrawal thereafter. 4. The effective date of withdrawal from the Daily Interest Account, a Guaranteed Deposit Account or a Term Deposit Account will be within five (5) business days after the date your written request is received by us.
Sample 1
Lump Sum Withdrawals. Lump Sum Withdrawals are allowed up to the entire Cash Value of the Contract subject to the remaining Account Value of the Contract being a minimum of $10,000. Any withdrawal is subject to the calculation outlined in Section 5 (b) above. The Contract will terminate on the date the entire Cash Value of the Contract is withdrawn.
Sample 1
Lump Sum Withdrawals. At any time prior to the Maturity Date provided the Accounts are not locked in, you may withdraw all or a portion of the Cash Value of the Contract. The minimum cash withdrawal amount is $500. If your Contract is a non- registered Contract, you may request to have regularly scheduled monthly, quarterly, semi-annual or annual withdrawals from your Contract. The minimum amount of the regularly scheduled withdrawal is subject to current administration rules. A Market Value Adjustment will apply to a cash withdrawal, scheduled or unscheduled, from a Guaranteed Deposit Account (see Section 8 for more information). There are no fees charged for the first two (2) unscheduled cash withdrawals from any investment option under the Contract in any calendar year. A $25 fee will apply for each unscheduled withdrawal thereafter. For Contracts which are Registered Retirement Savings Plans, in addition to the applicable fees as noted above, applicable withholding tax will be deducted by us and remitted to Canada Revenue Agency. The effective date of withdrawal from the DIA or a GDA will be within five (5) business days after the date your written request is received by us. The Contract will terminate on the date the entire Cash Value of the Contract is withdrawn.
Sample 1
Lump Sum Withdrawals. Overview — when you may withdraw balance 21(1) Under the regulation, you might be entitled to withdraw the balance of your LIF in the following circumstances:
Sample 1
Lump Sum Withdrawals. 1. At any time, you may withdraw all or a portion of the Cash Value of the Contract. The minimum lump sum withdrawal amount is $500. 2. A market value adjustment will apply to a lump sum withdrawal from a Guaranteed Deposit Account or a Term Deposit Account. Please refer to the "Guaranteed Deposit Account" and "Term Deposit Account" sections for more information. 3. There are no additional fees charged for the first two (2) lump sum withdrawals from any investment option under the Contract in any calendar year. A $25 fee will apply for each withdrawal thereafter. 4. The effective date of withdrawal from the Daily Interest Account, a Guaranteed Deposit Account or a Term Deposit Account will be within five (5) business days after the date your written request is received by us. 5. Any applicable withholding tax will be deducted by us and remitted to Canada Revenue Agency. 6. This Contract will terminate on the date the entire Cash Value of the Contract is withdrawn.
Sample 1

Related to Lump Sum Withdrawals

  • Partial Withdrawals At any time any Holder shall be entitled to request a withdrawal of such portion of the Interest held by such Holder as such Holder shall request.

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following: (a) remittances to the related Certificate Account; (b) reimbursement to itself for advances which have been recovered by subsequent collections including late payments, Liquidation Proceeds or Insurance Proceeds, to the extent funds on deposit recovered by such subsequent collections relate to the Mortgage Loans as to which such advances were made; (c) interest earnings on deposits to the related Custodial P&I Account, but only to the extent that such interest has been credited; (d) removal of amounts deposited in error; (e) removal of charges or other such amounts deposited on a temporary basis in the account; (f) removal of Servicing Fees to the extent deposited therein; and (g) termination of the account.

  • Deposits and Withdrawals 22.1 The Client may deposit funds into the Client Account at any time during the course of this Agreement. Deposits will be made via the methods and in the currencies accepted by the Company as amended from time to time. The detailed information about deposit options is shown on the Website. 22.2 The Company shall have the right to request the Client at any time any documentation to confirm the source of funds deposited into the Client Account. The Company shall have the right to reject a deposit of the Client if the Company is not duly satisfied as to the legality of the source of funds. 22.3 If the Client makes a deposit, the Company shall credit the relevant Client Account with the relevant amount actually received by the Company within one Business Day following the amount is cleared in the bank account of the Company. 22.4 If the funds sent by the Client are not deposited in the Client Account when they were supposed to, the Client shall notify the Company and request from the Company to make a banking investigation of the transfer. The Client agrees that any charges of the investigation shall be paid by the Client and deducted from his Client Account or paid directly to the bank performing the investigation. The Client understands and aggress that in order to perform the investigation the Client shall have to provide the Company with the requested documents and certificates. 22.5 The Company shall effect withdrawals of Client funds upon the Company receiving a relevant request from the Client. The withdrawal method accepted by the Company shall be the same used for the Client deposit, unless this is not possible due to technical or other applicable legal or regulatory reasons. 22.6 Upon the Company receiving an instruction from the Client to withdraw funds from the Client Account, the Company shall pay the said amount within five (5) Business Days, if the following requirements are met: (a) the withdrawal instruction includes all required information; (b) the instruction is to make a transfer to the originating account (whether that is a bank account, a payment system account etc.) from which the money was originally deposited in the Client Account or at the Client’s request to a bank account belonging to the Client; (c) the account where the transfer is to be made belongs to the Client; (d) at the moment of payment, the Client’s Balance exceeds the amount specified in the withdrawal instruction including all payment charges; (e) there is no Force Majeure event which prohibiting the Company from effecting the withdrawal. 22.7 It is agreed and understood that the Company will not accept third party or anonymous payments in the Client Account and will not allow to make withdrawals to any other third party or anonymous account. 22.8 The Company reserves the right to reasonably decline a withdrawal request of the Client asking for a specific transfer method and the Company has the right to suggest an alternative. 22.9 All payment and transfer charges of third parties will be borne by the Client and the Company shall debit the relevant Client Account for these charges. 22.10 Withdrawal fees may apply. The applicable fees may be found on the Company’s Website. 22.11 The Client may send the request for internal transfer of funds to another Client Account held by him with the Company. Internal transfers shall be subject to the Company’s policy from time to time. 22.12 Mistakes made by the Company during transfer of funds shall be refunded to the Client. It is understood that should the Client provide wrong instructions for a transfer, the Company may be unable to correct the mistake and the Client may have to bear the loss.

  • Withdrawals The Owner may, upon Notice to LNY, withdraw a part of the surrender value of this Contract at any time prior to the earlier of: the Annuity Commencement Date, termination of this Contract upon payment of any Death Benefit, or surrender of this Contract. Withdrawals will be subject to the withdrawal and surrender requirements as shown on the Contract Specifications. A withdrawal will be effective on the Valuation Date that LNY receives Notice to withdraw. The Notice must specify from which Variable Subaccount and/or any Fixed Account the withdrawal will be made. If no allocation is specified, LNY will withdraw the amount requested on a pro-rata basis from each Variable Subaccount and/or any Fixed Account. Upon receipt of Notice of withdrawal, LNY will pay the amount of any withdrawal within the time period as required by the Securities and Exchange Commission unless the Suspension or Deferral of Payments or Transfers provision (Article 10) is in effect. Xxxxxxxxxxx will be accomplished at Accumulation Unit values as of the Valuation Date the Notice for withdrawal is received. A partial withdrawal will result in a proportional reduction in any Death Benefit payable under the Contract. Withdrawals from a Fixed Subaccount will be subject to an Interest Adjustment unless the withdrawal is effective on the Expiration Date of the Guaranteed Period. If a request for a withdrawal from a Fixed Subaccount is received during the 45 but not more than 75 day period immediately preceding the Expiration Date of that Guaranteed Period, the withdrawal will be effective as of the Expiration Date unless an immediate withdrawal is requested. If an immediate withdrawal is requested, the withdrawal will occur on the Valuation Date the Notice for a withdrawal is received. If a Notice for a withdrawal is received at any time other than during the 45 but not more than 75 day period, the withdrawal will be accomplished as of the Valuation Date the Notice for a withdrawal is received.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • No Withdrawal No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement.