REINSURANCE BENEFITS UNDER FIXED PAYOUT OPTION Sample Clauses

REINSURANCE BENEFITS UNDER FIXED PAYOUT OPTION. Notwithstanding Section 6.01, if the contract owner elects the Fixed Payout Option as provided for in the Rider or if the Ceding Company elects such Fixed Payout Option for contract owners age 90 or older, the Reinsurance Benefit will be determined as follows:
Sample 1
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REINSURANCE BENEFITS UNDER FIXED PAYOUT OPTION. Notwithstanding Section 6.01, if the contract owner elects the Fixed Payout Option as provided for in the Rider or if the Ceding Company elects such Fixed Payout Option for contract owners age 90 or older, the Reinsurance Benefit will be determined as follows: a. The Ceding Company shall calculate the present value of the payments under the Fixed Payout Option using discount factors reflecting the frequency of payment and interest rates derived from the prevailing U.S. Dollar swap curve as of the last Business Day of the Accounting Period during which the contract owner annuitizes. b. If the Contract Value equals or exceeds such present value, there is no Reinsurance
Sample 1
REINSURANCE BENEFITS UNDER FIXED PAYOUT OPTION. Notwithstanding Section 6.01, if the contract owner elects the Fixed Payout Option as provided for in the Rider or if the Ceding Company elects such Fixed Payout Option for contract owners age 90 or older, the Reinsurance Benefit will be determined as follows: a. The Ceding Company shall calculate the present value of the payments under the Fixed Payout Option using discount factors reflecting the frequency of payment and interest rates derived from the prevailing U.S. Dollar swap curve as of the last Business Day of the Accounting Period during which the contract owner annuitizes. b. If the Contract Value equals or exceeds such present value, there is no Reinsurance Benefit. c. If the Contract Value is less than such present value, the Reinsurance Benefit will be the Reinsurer's Quota Share Percentage of the excess of the present value, as determined in Paragraph a, over the Contract Value.
Sample 1

Related to REINSURANCE BENEFITS UNDER FIXED PAYOUT OPTION

  • Deduction Limitation on Benefit Payments If the Bank reasonably anticipates that the Bank’s deduction with respect to any distribution under this Agreement would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the Bank to ensure that the entire amount of any distribution from this Agreement is deductible, the Bank may delay payment of any amount that would otherwise be distributed under this Agreement. The delayed amounts shall be distributed to the Executive (or the Beneficiary in the event of the Executive’s death) at the earliest date the Bank reasonably anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Change in Control Benefit If a Change in Control occurs followed within twenty-four (24) months by Separation from Service prior to Normal Retirement Age, the Bank shall distribute to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Article.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Change in Control Benefits Agreement shall mean any separate agreement between Participant and the Corporation which provides Participant with special vesting acceleration and/or other special benefits with respect to one or more awards of restricted stock units made to Participant for shares of Common Stock, including (to the extent applicable) the restricted stock units evidenced by this Agreement, in the event of a change in control or ownership of the Corporation (whether or not constituting a Change in Control hereunder).

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Benefit Payments Benefit Payments, as referred to in this Agreement, means the sum of (i) Claims, as described in Xxxxxxxxx 0 xxxxx, (xx) Cash Surrender Values, as described in Paragraph 3 below, and (iii) Annuity Payments, as described in Paragraph 7 below.

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