Payments on Death During the XXX Phase Sample Clauses

Payments on Death During the XXX Phase. If the Owner Dies After the Initial Installment Date as a Single Covered Person If the Owner dies after the Initial Installment date without a second Covered Person, the GLWB will terminate and no further Installments will be paid. The remaining Covered Fund Value shall be distributed to the Beneficiary in accordance with the Code and the terms of this Contract. If permitted by law, the Owner’s surviving spouse who is the sole designated Beneficiary may choose to become a GLWB Elector, in which event an initial Benefit Base shall be established and he or she will be subject to all terms and conditions of this Contract and the Code. Any election made by the Beneficiary is irrevocable. If the Owner Dies After the Initial Installment Date and while a Joint Covered Person is Living Upon the death of an Owner who has selected a joint Covered Person, after the Initial Installment Date and while the second Covered Person is still living, the joint Covered Person / Beneficiary will continue to receive Installments—based on the deceased Owner’s election—until such joint Covered Person’s death. Installments may continue to be paid to the surviving Covered Person based on the XXX% for joint Covered Persons in Section 9.01. After the death of such joint Covered Person, the GLWB will terminate, no further Installments will be paid, and the surviving Covered Person’s Beneficiary will receive any remaining Contract Value distributed in accordance with the Code. Alternatively, the surviving Covered Person may elect to receive his or her portion of the Covered Fund Value as a lump sum distribution or can separately choose to become a GLWB Elector pursuant to the provisions of Section 8.06. In either situation the Ratchet Date will be the date the surviving Covered Person becomes a GLWB Elector. To the extent to that the Beneficiary becomes a GLWB Elector; he or she will be subject to all terms and conditions of this Contract and the Code. Any election made by the Beneficiary pursuant to this section is irrevocable.
Sample 1
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Related to Payments on Death During the XXX Phase

  • Payments on Termination Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement.

  • Death During Payment of a Benefit If the Executive dies after any benefit payments have commenced under Article 2 of this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Payments Upon Death In the event payments are due and owing under this Agreement at the death of the Executive, payment shall be made to such beneficiary as the Executive may designate in writing, or failing such designation, to the executor of his estate, in full settlement and satisfaction of all claims and demands on behalf of the Executive.

  • Payments on Early Termination For the purpose of Section 6(e) of this Agreement:

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

  • Allocations During the Rapid Amortization Period During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:

  • Payments Upon Termination (a) In the event the Employee’s employment is terminated pursuant to Section 4.1, Section 4.2, Section 4.4 or Section 4.6, the Company shall pay to the Employee the compensation and benefits otherwise payable to him or her under Sections 3.1 and 3.4 through the last day of his or her actual employment by the Company.

  • Allocations During the Revolving Period During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Interest and pay or deposit from the Collection Account the following amounts as set forth below:

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