OPTIONAL RESET Sample Clauses
The OPTIONAL RESET clause allows parties to modify or reset certain terms or conditions of an agreement at specified intervals or upon the occurrence of particular events. In practice, this might apply to financial contracts where interest rates, payment schedules, or other key variables can be periodically adjusted based on market conditions or mutual agreement. The core function of this clause is to provide flexibility and adaptability within the contract, ensuring that the terms remain fair and relevant over time, and helping to manage risks associated with changing circumstances.
OPTIONAL RESET. On or after the GWB First Optional Reset Date specified on the Contract Schedule, you may elect an Optional Reset provided the amount of time that has elapsed since the last Optional or Automatic Reset is at least equal to the GWB Optional Reset Waiting Period specified on the Contract Schedule and provided that the Contract Value exceeds the Benefit Base immediately before the reset, and provided your attained age (or the age of the oldest Joint Owner, or the age of the Annuitant if the Owner is a non-natural person) on the Optional Reset Date does not exceed the Maximum Reset Age. You must provide written notice of your intention to elect an Optional Reset within the GWB Optional Reset Window Period to our Administrative Office or in accordance with our Administrative Procedures. The Optional Reset will take effect on the next Contract Anniversary following receipt of such Optional Reset notice. The optional reset will:
a) reset the Benefit Base and the Guaranteed Withdrawal Amount equal to the Contract Value on the date of the reset plus an amount determined by multiplying any applicable GWB Bonus Rate specified on the Contract Schedule by such Contract Value, subject to a maximum value equal to the GWB Maximum Benefit Base specified on the Contract Schedule.
b) reset the Annual Benefit Payment equal to the GWB Withdrawal Rate multiplied by the Contract Value on the date of the reset, and
c) reset the GWB Fee Rate to the level that the Company currently charges for this Rider upon Optional Reset, up to the Maximum Optional Reset Fee Rate.