SELECTION OF PAYMENT OPTIONS Sample Clauses

SELECTION OF PAYMENT OPTIONS. Either a single lump sum payment or Annuity Payment Option set out in Section 10.03 must commence no later than the Annuitant’s 110th birthday. If a single sum payment is elected, the amount to be paid is the Surrender Value. No partial annuitization is allowed. The Company reserves the right to change the payment frequency if payments are less than $250. If the Contract Value drops to an amount less than that set out in the Contract Data Page a lump sum amount will be paid. Payments can be made monthly, quarterly, semi-annually or annually.
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SELECTION OF PAYMENT OPTIONS. (a) A single sum payment may be elected. If it is, the amount to be paid is the Surrender Value, and will be subject to any applicable Surrender Charge. (b) If a variable annuity payment option is elected, the amount to be applied is the Variable Account Value, as of the Annuity Commencement Date, less Premium Tax, if any. (c) If a fixed annuity payment option is elected, the amount to be applied is the Guaranteed Account Value, as of the Annuity Commencement Date, less Premium Tax, if any. (d) The minimum amount that may be withdrawn from the Annuity Account Value to purchase an annuity payment option is $2,000. If the amount is less than $2,000, the Company may pay the amount in a single sum subject to Sections 8.3. (e) Payments to be made under the annuity payment option selected must be at least $50. The Company reserves the right to make the payments using the most frequent payment interval which produces a payment of not less than $50. (f) The maximum amount that may be applied under any annuity payment option is $1,000,000, unless prior approval is obtained from the Company.
Sample 1
SELECTION OF PAYMENT OPTIONS. (a) A total or partial single sum payment or one of the variable or fixed dollar payment options or a combination of them may be elected. (b) If the Participant or Payee elects to apply any or all of the Guaranteed Account Value to a variable dollar method of payment option, or any or all of the Variable Account Value to a fixed dollar method of payment option, an Intra-Company Transfer must be made prior to the Annuity Commencement Date pursuant to Section 6.
Sample 1
SELECTION OF PAYMENT OPTIONS. 17 11.3 Variable Dollar Payment Options............................................................17 11.4
Sample 1
SELECTION OF PAYMENT OPTIONS. (a) A total or partial single sum payment or one of the variable or fixed dollar payment options or a combination of them may be elected. (b) If the Participant or Payee elects to apply any or all of the Guaranteed Account Value to a variable dollar method of payment option, or any or all of the Variable Account Value to a fixed dollar method of payment option, an Intra-Company Transfer must be made prior to the Annuity Commencement Date pursuant to Section 6. (c) If a single sum payment is elected, the amount to be paid is the amount requested less Premium Tax, if any. (d) If a variable dollar payment option is elected, the amount to be applied is the Variable Account Value, as of the date the amount of the first monthly payment is determined, less Premium Tax, if any. (e) If a fixed dollar method of payment option is elected, the amount to be applied is the Guaranteed Account Value, as of the Annuity Commencement Date, less Premium Tax, if any. (f) Effective the date the first annuity check is cashed, the payment option elected or deemed to have elected under, shall be irrevocable.
Sample 1
SELECTION OF PAYMENT OPTIONS. (a) A total or partial single sum payment or one of the variable or fixed dollar payment options or a combination of them may be elected. (b) If the Owner elects to apply any or all of the Guaranteed Account Value to a variable dollar method of payment option, or any or all of the Variable Account Value to a fixed dollar method of payment option, a Transfer must be made prior to the Annuity Commencement Date. Procedures for Transfers are described in Article VI of the contract. (c) If a single sum payment is elected, the amount to be paid is the Surrender Value and will be subject to any applicable surrender charge. (d) If a variable dollar payment option is elected, the amount to be applied is the Variable Account Value, as of the date the amount of the first monthly payment is determined, less Premium Tax, if any. (e) If a fixed dollar method of payment option is elected, the amount to be applied is the Guaranteed Account Value, as of the Annuity Commencement Date, less Premium Tax, if any. (f) The minimum amount that may be applied under the elected payment option is equal to the minimum initial Contribution as described in Section 4.3 of the Contract. If the amount is less than the minimum initial Contribution, the Company may pay it in a single sum. If any payment to be made under the elected payment option will be less than $50, the Company may make the payments in the most frequent interval which produces a payment of at least $50. The maximum amount that may be applied under any elected payment option is $1,000,000. For the application of any greater amount, the Company's consent is required.
Sample 1

Related to SELECTION OF PAYMENT OPTIONS

  • Termination of Payment Fund Any portion of the Payment Fund that remains undistributed to the holders of Certificates and Book Entry Shares for twelve months after the Effective Time shall be delivered by the Paying Agent to the Parent, upon demand, and any holder of a Certificate or Book Entry Shares who has not theretofore complied with this Article II shall thereafter look only to the Parent for payment of the Merger Consideration, but shall have no greater rights against the Parent than may be accorded to general unsecured creditors of the Parent under applicable law.

  • Payment Options The exercise price shall be paid by one or any combination of the following forms of payment that are applicable to this option, as indicated on the cover page hereof: (i) by check payable to the order of the Company; or (ii) delivery of an irrevocable and unconditional undertaking, satisfactory in form and substance to the Company, by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Optionee to the Company of a copy of irrevocable and unconditional instructions, satisfactory in form and substance to the Company, to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; or (iii) subject to Section 7(b) below, if the Common Stock is then traded on a national securities exchange or on the Nasdaq National Market (or successor trading system), by delivery of shares of Common Stock having a fair market value equal as of the date of exercise to the option price. In the case of (iii) above, fair market value as of the date of exercise shall be determined as of the last business day for which such prices or quotes are available prior to the date of exercise and shall mean (i) the last reported sale price (on that date) of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date) of the Common Stock on the Nasdaq National Market (or successor trading system), if the Common Stock is not then traded on a national securities exchange.

  • Termination of Payments Notwithstanding section 2.2, no payments shall be due to Purchaser xXxx Purchaser has received an aggregate amount under this Note, including payments made by the Company pursuant to section 2.3, equal to (i) the Principal Amount (as defined in the Investor Information Sheet above), multiplied by (ii) the Maximum Payment Multiple. We refer to the result of this multiplication as the “Maximum Payment Amount.”

  • Distribution of Payments On and after the Effective Date, the Agent shall make all payments under the Loan Documents in respect of each Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.

  • Calculation of Payments The State shall use the fee schedule set forth in Attachment E to the contract (Fee Schedule) in determining the value of the work performed up to the time of termination. In the case of partially completed engineering services, eligible costs will be calculated as set forth in Attachment E, Fee Schedule. The sum of the provisional overhead percentage rate for payroll additives and for general and administrative overhead costs during the years in which work was performed shall be used to calculate partial payments. Any portion of the fixed fee not previously paid in the partial payments shall not be included in the final payment.

  • Allocation of Payments The Assignor and the Assignee agree that (i) the Assignor shall be entitled to any payments of principal with respect to the Assigned Interest made prior to the Assignment Date, together with any interest and fees with respect to the Assigned Interest accrued prior to the Assignment Date, (ii) the Assignee shall be entitled to any payments of principal with respect to the Assigned Interest made from and after the Assignment Date, together with any and all interest and fees with respect to the Assigned Interest accruing from and after the Assignment Date, and (iii) the Agent is authorized and instructed to allocate payments received by it for account of the Assignor and the Assignee as provided in the foregoing clauses. Each party hereto agrees that it will hold any interest, fees or other amounts that it may receive to which the other party hereto shall be entitled pursuant to the preceding sentence for account of such other party and pay, in like money and funds, any such amounts that it may receive to such other party promptly upon receipt.

  • Timing of Payments All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later than thirty (30) business days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than ten (10) business days after such written demand by Indemnitee is presented to the Company.

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

  • Coordination of Payments The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

  • Method of Payments Any amount due under this Guarantee shall be paid: (a) in immediately available funds; (b) to such account as the Security Trustee may from time to time notify to the Guarantor; (c) without any form of set-off, cross-claim or condition; and (d) free and clear of any tax deduction except a tax deduction which the Guarantor is required by law to make.

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