Participant's life expectancy. The Participant's remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.
Participant's life expectancy. The present value of such premium obligations shall be determined (A) based on an interest rate assumption of the lesser of 5% or the "Applicable Interest Rate," and (B) assuming that the Participant's life expectancy is determined in accordance with the 1994 GAM or the Applicable Mortality Rates, whichever results in a greater present value. For these purposes, it shall be further assumed that each Active Participant will remain so employed until the later of the date of determination or the date the Participant will attain age 65, with annual increases in salary and target incentive bonus amounts assumed to be at the CPI + 2 Rate, and that the Benefit to be payable under the Key Life Plan at the death of the Participant is the highest then available life insurance or death benefit.
