Partial Surrender. 10 Policy Data Page............................................................................................3
Partial Surrender. You may make a Partial Surrender of this Policy once each Policy Year after the first Policy Year by request to Our Principal Office, in a form satisfactory to Us. The maximum amount of any Partial Surrender is the Account Value decreased by the balance of any outstanding Policy Debt. Unless You provide evidence satisfactory to Us that the Insured is still insurable, the Total Face Amount will be reduced to the extent necessary so that (1) does not exceed (2) where
Partial Surrender. (A) Subject to the exercise by Lessee of the Addendum No. 5 Hold Space Option (as hereinafter defined), Addendum No. 5 Option Space Option (as hereinafter defined) and/or Addendum No. 5 Right of Opportunity (as hereinafter defined), the Lease shall be and is hereby irrevocably terminated as to the Additional Give-Back Premises effective as of 11:59 p.m. on the date (the “Addendum No. 5 Partial Termination Date”) that is the earlier to occur of (i) October 31, 2015, and (ii) the 7th Floor Vacation Date (as hereinafter defined). The Lease shall be and is hereby irrevocably terminated as to the Give-Back Storage Space effective as of 11:59 p.m. on October 31, 2015 (the “Give-Back Storage Space Termination Date”). The Lease shall be deemed to be of no further force and effect with regard to the Additional Give-Back Premises effective as of the Addendum No. 5 Partial Termination Date and the Give-Back Storage Space effective as of the Give-Back Storage Space Termination Date, subject to conditions otherwise set forth herein. Lessor and Lessee, as of the Addendum No. 5 Partial Termination Date with respect to the Additional Give-Back Premises and the Give-Back Storage Space Termination Date with respect to the Give-Back Storage Space, shall be and are hereby equally released and discharged from any obligations to observe the terms and conditions of the Lease with regard to the Additional Give-Back Premises and the Give-Back Storage Space; provided, however, that both parties shall comply with the conditions otherwise set forth herein, and Lessee shall remain fully obligated with regard to the Additional Give-Back Premises and the Give-Back Storage Space for all rent and other charges incurred through the Addendum No. 5 Partial Termination Date (including amounts with respect thereto billed subsequent to such date) with respect to the Additional Give-Back Premises and the Give-Back Storage Space Termination Date (including amounts with respect thereto billed subsequent to such date) with respect to the Give-Back Storage Space, all under the terms of the Lease and Lessor shall remain obligated with respect to the terms and conditions of the Lease which expressly survive expiration of the Lease, such as year end reconciliation of Operating Expenses, Operating Costs and Real Estate Taxes, as provided in Section 6 of the Original Lease, as amended by Section 3 of Addendum Xx. 0, Xxxxxxx 0 xx Xxxxxxxx Xx. 0 and Section 3 of Addendum No. 4.
(B) The Lease with regard to...
Partial Surrender. A withdrawal of some, but not all of the Contract Value which sum may be subject to Contingent Deferred Sales Charges, if applicable.
Partial Surrender. You may make a partial surrender at any time before the earliest of:
(1) the death of the Annuitant;
(2) the death of the Owner; or
(3) the maturity date. You may make a partial surrender of up to 10% of the contract value each contract year without incurring a surrender charge. Any surrender in excess of 10% during a contract year will be subject to the surrender charge. We will surrender the amount requested from the contract value on the day we receive written notice for the surrender. We will deduct any applicable surrender charge from the remaining contract value. If the remaining contract value is less than the surrender charge, we will reduce the amount surrendered. You may specify the specific amount to be surrendered from certain subaccounts or the fixed account. The minimum distribution requested must be for at least $100. We will pay partial surrender proceeds in a lump sum. We will pay you the amount requested and cancel units equal to the amount surrendered from the subaccounts and/or the fixed account according to your instructions. In the event that the amount to be surrendered exceeds the subaccount(s) value and/or the fixed account value, we will process the surrender for the amount available and contact you for further instructions. We limit the option to elect a 10% free partial surrender to one per contract year, even if the amount surrendered during that year is less than 10% of the contract value. If you are participating in the systematic partial surrender plan, that is considered the one free partial surrender for the contract year. Certain federal income tax consequences may apply to partial surrenders from the contract. You should consult your tax adviser before requesting any partial surrenders.
Partial Surrender. A withdrawal of a portion of the Contract Value including Contingent Deferred Sales Charges, if applicable. Payment Base (PB). The basis for determining the Lifetime Benefit Payment and Rider Charge.
Partial Surrender. You may surrender a portion of the Accumulated Value by giving Written Notice before the Maturity Date and while the Insured is alive. We will deduct a Partial Surrender Charge from every Partial Surrender. The amount of this charge is shown on page 4. A Partial Surrender:
1) Must be at least $500;
2) May be made only once each Contract Month;
3) Will reduce the Accumulated Value by the amount of the Partial Surrender. The reduction will be applied against each subaccount of the Variable Account according to the ratio for this contract of the accumulated value in the subaccount to the sum of the accumulated values in all the subaccounts. With our approval, you may choose other allocations to the subaccounts;
4) Must not reduce the remaining Cash Surrender Value to less than $500;
5) If the Death Benefit Option is B, will affect the Face Amount as follows:
a) If the Death Benefit on the effective date of the Partial Surrender is equal to the Face Amount, then the surrender will reduce the Face Amount by the amount of the Partial Surrender.
b) If the Death Benefit on the effective date of the Partial Surrender is a multiple of the Accumulated Value according to Section 5.1(2)(b), then the Face Amount will be reduced only if, on that day, the amount of the surrender multiplied by the Factor for the Attained Age on that day (see Table of Factors on page 12) exceeds the Death Benefit minus the Face Amount. In that case, the Face Amount will be reduced by:
i) The amount of the Partial Surrender; less
ii) The Death Benefit less the Face Amount prior to the surrender, divided by the Factor applied. Any decrease in Face Amount will be applied in the order specified in Section 5.5(2). The Face Amount may not be reduced to less than $5,000; and
6) Will be effective on the date we receive Written Notice. A Partial Surrender may cause the Death Benefit Guarantee to terminate.
Partial Surrender. 17 Amount Payable on Partial Surrender ..............................................................18 Surrender
Partial Surrender. On or before the Annuity Date and while an Annuitant is living, you may surrender a portion of the Accumulated Value by giving Written Notice. A Market Value Adjustment will apply to Partial Surrenders from Fixed Period Allocations. We will determine any Market Value Adjustment and Surrender Charge on the effective date of the surrender. A Partial Surrender: Must be at least $200; Will reduce the Accumulated Value by the amount surrendered. This is the sum of: The amount you request; Any Market Value Adjustment applied to Fixed Period Allocations; and Any Surrender Charge. The Partial Surrender will be taken from the subaccounts of the Variable Account, Fixed Period Allocations and the Fixed Account according to the ratio for this contract of the accumulated value in each subaccount, each Fixed Period Allocation and the Fixed Account to the Accumulated Value of the contract. Any Market Value Adjustment will be taken from the Fixed Period Allocations only. Any amounts taken from Fixed Period Allocations will be taken in first-in, first-out order. With our approval, you may choose other allocations from the subaccounts, Fixed Period Allocations and the Fixed Account; Must not reduce the contract's remaining Accumulated Value to less than $600; and Will be effective on the later of: The day we receive Written Notice; and The date you specify.
Partial Surrender. At any time and from time to time, Stone may surrender to the Vendor any portion of the Properties by delivering to the Vendor a recordable instrument which transfers to the Vendor all of Stone’s right, title and interest in and to the interest in real property described therein, subject to a grant (in Stone’s discretion), to the extent Vendor may under law grant the same, of surface use rights over and across the land in question to be used by Stone acting reasonably for the purpose of operations on or in the vicinity of the remaining Properties. From and after the date of delivery by Stone of such a recordable instrument, the interest in real property described therein shall no longer constitute a portion of the Properties and shall no longer be subject to this Agreement in any respect.
