Settlement on Death Sample Clauses

Settlement on Death. The Company may require proof that any payee is living on the date a payment is due. All terms on this and the following pages are a part of this contract.
Sample 1
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Settlement on Death. Before The Annuity Date 11 6.02 Settlement On Death Of Payee 11 3.05 Splitting Units 6 Statement of Account 3 2.12 Substitution Of Fund Shares 6 4.06 Surrender Without Percentage Charge 7 2.04 Termination Of Contract 5 4.09 Transaction Fee 8 CONTRACT DATA Group Contract Number [ ] Group Contract Date [ ] Group Contractholder [ ] Issued for Delivery In, and Subject to the Laws of the State of CONTRACT SPECIFICATIONS PLAN [The plan is a tax-deferred annuity purchase program established to meet the requirements of Section 403(b) of the Internal Revenue Code of 1986, as amended (the "Code"). The plan is so established by the employer so that all purchase payments which do not exceed the limitations set forth in the Code will be excluded from the gross income of the Participant. The provisions of the Code and any resolution or plan requirements that may have been established by the employer constitute the plan. Except as otherwise provided in the plan, each participant will have an interest in the account established by his or her purchase payments. This interest cannot be forfeited. Each participant may invoke all rights as owner of his or her account except as may be prohibited by the plan. Any form required under the plan must be submitted to the Company. A participant may elect to receive payments under Annuity Income Options Two, Four or Five only if annuity benefits meet the minimum distribution incidental benefit requirements under the Code. All employees of an employer may elect to have the employer make contributions of more than $200 pursuant to a salary reduction agreement if any employee of the employer may elect to make contributions pursuant to such agreement, except as otherwise permitted in Section 403(b)(12) of the Code. The mutual funds into which the assets of the separate account may be invested are the Money Market Series, the Bond Series and the Growth and Income Series of Security First Trust. ] GUARANTEED MINIMUM INTEREST RATES Prior to the annuity date the minimum interest rates applicable to purchase payments allocated to the general account will be stated in accordance with the participant's certificate, but will not be less than [__%]. Interest is compounded annually and credited daily. GENERAL ACCOUNT EXCESS INTEREST The Company may declare and credit excess interest applicable to purchase payments allocated to the general account at its discretion. Declaration of excess interest is not guaranteed. STATEMENT OF ACCOUNT Prior to the ...
Sample 1
Settlement on Death 
Sample 1

Related to Settlement on Death

  • Payment on Death If an employee dies who was entitled to accumulated annual leave under the provisions of this Article, the heirs of such deceased employee shall be paid an amount of money equal to the number of unused hours of annual leave earned or accrued multiplied by the hourly rate of such deceased employee.

  • Repayment on Termination Date The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

  • Payment on Termination If an employee is terminated after the end of a year of employment, the employee is deemed to have been given any untaken leave from the date of termination and shall be paid for that leave accordingly. The employee shall also be paid for any public holidays falling within the period of leave in addition to payment for the leave. If an employee is terminated before the end of a full year of employment, the employee shall be paid pro-rata annual leave based on the period of service.

  • Payment on Early Termination Upon termination pursuant to Section 14 (Early Termination), District shall pay Contractor as follows: (i) If District terminates this Contract for its convenience under Section 14(a) or 14(b), then District must pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. District shall not be liable for any direct, indirect, or consequential damages. Termination by District shall not constitute a waiver of any other claim District may have against Contractor. (ii) If Contractor terminates this Contract under Section 14(c) due to District’s breach, then District shall pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. (iii) If District terminates this Contract under Sections 14(c) or 14(d) due to Contractor’s breach, then District must pay Contractor for work performed before the termination date less any setoff to which District is entitled and if and only if Contractor performed such work in accordance with this Contract.

  • Payment on Change of Control In the event that a Change of Control of the Company occurs while this Note remains outstanding, upon the written consent of the Majority Holders, the Company shall pay to the Holder at the closing of such Change of Control a cash amount equal to three (3) times the outstanding principal amount of such Note, together with all interest accrued thereon. A “Change of Control” means: (i) a merger or consolidation of the Company (or of a subsidiary of the Company) in which outstanding shares of the Company (or of a subsidiary of the Company) are exchanged for securities or other consideration issued, or caused to be issued, by the acquiring corporation or its subsidiary and after which the Company’s stockholders own less than 50% of the voting stock of the surviving company (other than a bona fide equity financing or a mere reincorporation transaction), (ii) a sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, (iii) a transfer of more than 50% of the Company’s voting securities to any person or group of persons or (iv) any Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, as amended from time to time. For the avoidance of doubt, if this Note is converted pursuant to Section 2(b), Holder shall not be entitled to any payment pursuant to this Section 3.

  • Settlement Method Election Date The third Scheduled Trading Day immediately preceding the First Expiration Date.

  • Placement on Salary Schedule The following rules shall be applicable in determining placement of a teacher on the appropriate salary schedule.

  • Payment Upon Death In the event of death of regular employees, the College will pay to their spouse, or if there is no spouse, to the estate of those deceased, one month's salary exclusive of any amount already earned by those deceased up to the date of which they last served.

  • Date of Settlement The receipt by the Company of immediately available funds in payment for a Book-Entry Security and the authentication and issuance of the Global Security representing such Book-Entry Security shall constitute "settlement" with respect to such Book-Entry Security. All orders of Book-Entry Securities solicited by a Selling Agent or made by a Purchasing Agent and accepted by the Company on a particular date (the "Trade Date") will be settled on a date (the "Settlement Date") which is the third Business Day after the Trade Date pursuant to the "Settlement Procedure Timetable" set forth below, unless the Company and the purchaser agree to settlement on another Business Day which shall be no earlier than the next Business Day after the Trade Date.

  • Settlement Method Election Physical Settlement, Cash Settlement, or Net Share Settlement, at the election of Counterparty as set forth in a Settlement Notice that satisfies the Settlement Notice Requirements; provided that Physical Settlement shall apply (i) if no Settlement Method is validly selected, (ii) with respect to any Settlement Shares in respect of which Dealer is unable, in good faith and in its commercially reasonable discretion, to unwind its commercially reasonable hedge by the end of the Unwind Period (taking into account any Additional Transactions with overlapping “Unwind Periods” (as defined in the applicable Additional Confirmations)) (A) in a manner that, in the reasonable discretion of Dealer, based on advice of counsel, is consistent with the requirements for qualifying for the safe harbor provided by Rule 10b-18 under the Exchange Act (“Rule 10b-18”) or (B) in its commercially reasonable judgment, due to the occurrence of five or more Disrupted Days or to the lack of sufficient liquidity in the Shares on any Exchange Business Day during the Unwind Period, (iii) to any Termination Settlement Date (as defined under “Termination Settlement” in Paragraph 7(g) below) and (iv) if the Final Date is a Settlement Date other than as the result of a valid Settlement Notice, in respect of such Settlement Date; provided, further, that, if Physical Settlement applies under clause (ii) immediately above, Dealer shall provide written notice to Counterparty at least two Scheduled Trading Days prior to the applicable Settlement Date.

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