WHAT HAPPENS Sample Clauses

WHAT HAPPENS. IF THE If the sole owner (who is not also an SOLE OWNER (WHO IS annuitant) dies during the accumulation period, NOT ALSO AN no death benefit will be paid, and the ANNUITANT) DIES annuitant becomes the new owner. DURING THE ACCUMULATION PERIOD? If the new owner (previously the annuitant) is the deceased owner's spouse, the contract may be continued. If the new owner is someone other than the deceased owner's spouse, the surrender value (described in Section 9) must be: a.) distributed in a single sum to the surviving owner within five (5) years of the deceased owner's death; or b.) taken by the surviving owner as payee under one of the income payment options, provided: 1.) payments under the income payout option begin within one (1) year of the deceased owner's death; and 2.) payments are made over the life of the payee or over a period not greater than the payee's life expectancy.
WHAT HAPPENS. IF AN If an annuitant dies during the accumulation ANNUITANT DIES period, and there is a surviving annuitant, no DURING THE death benefit will be paid and the contract ACCUMULATION PERIOD will continue. AND THERE IS A SURVIVING ANNUITANT?
WHAT HAPPENS. IF AN If an owner dies during the accumulation OWNER DIES DURING period, and there is a surviving owner, no THE ACCUMULATION death benefit will be paid and one of the PERIOD, AND THERE IS A following applies: SURVIVING OWNER? a.) if the deceased owner is not the annuitant, and the surviving owner is the deceased owner's spouse, he or she will become the sole owner and the contract will continue; b.) if the deceased owner is not the annuitant, and the surviving owner is someone other than the deceased owner's spouse, the surrender value (described in Section 9) must be: 1.) distributed in a single sum to the surviving owner within 5 years of the deceased owner's death; or 2.) taken by the surviving owner as payee under one of the income payment options, provided: i.) payments under the income payout option begin within one (1) year of the deceased owner's death; and ii.) payments are made over the life of the payee or over a period not greater than the payee's life expectancy. c.) if the deceased owner is also the sole annuitant, we will pay the death benefit to the beneficiary, as described in Section 10.1.
WHAT HAPPENS. IF HOMEOWNER FAILS TO MAKE PAYMENTS TO THE CLT THAT ARE REQUIRED BY THE LEASE
WHAT HAPPENS. IF AN If you die during the accumulation period, your beneficiary is entitled to a death OWNER DIES DURING THE benefit. If you have a joint owner, the death benefit will be available when the first ACCUMULATION PERIOD? joint owner dies. A beneficiary must make his/her election within sixty (60) days of the date we receive due proof of death. The following death benefit options are available: OPTION A: If the sole beneficiary is the surviving spouse of the deceased owner, the surviving spouse may elect to continue the contract as the new owner.
WHAT HAPPENS. IF THE If the Annuitant dies during the accumulation period, while the owner is living, and no ANNUITANT DIES DURING joint Annuitant has been named, the owner will become the annuitant, until and unless THE ACCUMULATION PERIOD? we receive other written notice. If a joint annuitant has been named, then upon the death of an annuitant, the surviving joint annuitant will become the annuitant.

Related to WHAT HAPPENS

  • Determination of Responsiveness 28.1 The Procuring Entity's determination of a Tender's responsiveness is to be based on the contents of the Tender itself, as defined in ITT28.2.

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  • Termination Payment for Force Majeure Event 30.9.1 If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 55% (fifty five per cent) of the Debt Due less Insurance Cover. 30.9.2 If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to: (a) 55% of the Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; (b) 60.5% (sixty point five per cent) of the Adjusted Equity; and 30.9.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 33.3.2 as if it were Authority’s Default.

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  • Independence from Material Breach Determination Except as set forth in Section X.D.1.c, these provisions for payment of Stipulated Penalties shall not affect or otherwise set a standard for OIG’s decision that Xxxxx has materially breached this IA, which decision shall be made at OIG’s discretion and shall be governed by the provisions in Section X.D, below.

  • Available Relief for a Force Majeure Event 11.7.1 Subject to this Article 11: (a) no Party shall be in breach of its obligations pursuant to this Agreement except to the extent that the performance of its obligations was prevented, hindered or delayed due to a Force Majeure Event; (b) every Party shall be entitled to claim relief in relation to a Force Majeure Event in regard to its obligations, including but not limited to those specified under Article 4.5; (c) For avoidance of doubt, neither Party’s obligation to make payments of money due and payable prior to occurrence of Force Majeure events under this Agreement shall be suspended or excused due to the occurrence of a Force Majeure Event in respect of such Party. (d) Provided that no payments shall be made by either Party affected by a Force Majeure Event for the period of such event on account of its inability to perform its obligations due to such Force Majeure Event.

  • Contact in Event of Unauthorized Transfer If you believe your Card and/or access code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, either call us immediately at:

  • Error Incident An Error Incident is a single or series of NAV Errors that results from the same act, omission, or use of incorrect data. NAV Errors will be corrected as follows: · If an NAV Error is less than ½ of 1% of NAV and results in a Net Benefit, the fund will retain the benefit. · If an NAV Error is less than ½ of 1% of NAV and results in a Net Loss, the Net Loss will be paid to the fund by the party responsible for causing the NAV Error. · In the case of a Material NAV Error, shareholder transactions/accounts will be corrected/ reprocessed at the corrected (restated) NAV, subject to a $10 per-account correction minimum threshold; any residual Net Benefit after correction of shareholder accounts will be retained by the fund and any residual Net Loss (resulting from uncorrected accounts below the $10 minimum threshold) will be paid to the fund by the party responsible for causing the error. If an NAV error is not caused by either the fund accounting agent or TRP, both TRP and the fund accounting agent will provide all reasonable assistance to the fund in its attempt to recover all costs from the responsible third party. · Notwithstanding any contractual provisions to the contrary, to the extent a NAV Error was caused by the actions or omissions of the fund’s accounting agent, any Net Loss or residual Net Loss equal to $5,000 or less that results from the same Error Incident will be paid by the accounting agent. TRP will be responsible for summarizing and reporting to the funds’ Audit Committee or Trust Company’s Board (or designated committee), as applicable, all NAV Errors related to the funds/trusts in conjunction with other relevant error statistics on a quarterly basis. The report will include corrected NAV Errors as well as the aggregate effect of any uncorrected NAV Errors. The report will also include information about shareholder accounts that were corrected in the discretion of TRP in the case of an NAV Error that is not a Material NAV Error. The funds’ Audit Committee and the Trust Company’s Board shall have the authority to adjust these procedures with respect to the funds and trusts, respectively, to the extent necessary or desirable to address NAV Errors by providing notice thereof to TRP and the fund’s accounting agent.

  • Scope of Responsibility Notwithstanding any provision to the contrary, the Escrow Agent is obligated only to perform the duties specifically set forth in this Escrow Agreement, which shall be deemed purely ministerial in nature. Under no circumstances will the Escrow Agent be deemed to be a fiduciary to any Party or any other person under this Escrow Agreement. The Escrow Agent will not be responsible or liable for the failure of any Party to perform in accordance with this Escrow Agreement. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document other than this Escrow Agreement, whether or not an original or a copy of such agreement has been provided to the Escrow Agent; and the Escrow Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. References in this Escrow Agreement to any other agreement, instrument, or document are for the convenience of the Parties, and the Escrow Agent has no duties or obligations with respect thereto. This Escrow Agreement sets forth all matters pertinent to the escrow contemplated hereunder, and no additional obligations of the Escrow Agent shall be inferred or implied from the terms of this Escrow Agreement or any other agreement.

  • Right to Grieve Disciplinary Action Employees shall have the right to grieve written censures or warnings, and adverse employee appraisals. Employees shall have the right to rebut in writing any disciplinary notice and that rebuttal will be placed in the employee file, but will not be part of the formal disciplinary record. Should an employee dispute any such entry in his/her file, he/she shall be entitled to recourse through the Grievance Procedure and the eventual resolution thereof shall become part of his/her personal record.