Year Transaction Sample Clauses

Year Transaction. Contract year one --Payment of $1,000 (plus crediting of $10 additional) in Subaccount A Contract year two --Payment of $900 (plus crediting of $9 additional) in Subaccount B Contract year three --Payment of $1,500 (plus crediting of $15 additional) in Subaccount C. In contract year five the contractholder requests a partial withdrawal of $1,600 from Subaccount C which has grown to $7,900. The amount of the contract fund on the date of withdrawal is $3,900, $466 more than the total of the purchase payments made to date plus the additional amounts credited to date. Thus, for purposes of determining sales charges. the $1,600 withdrawal is considered to consist of $466 of earnings and $1,134 of purchase payments. The $466 of earnings are $390 of purchase payments (10% of the contract fund) may be withdrawn without sales charge. A sales charge is required on the remaining $744 of purchase payment being withdrawn. To determine the sales charge we assume that $1,000 of purchase payment being withdrawn is the payment made to Subaccount A in contract year one. The remaining $134 of purchase payment being withdrawn is assumed to be a part of the $900 payment made to Subaccount B in contract year two. Of the first $1,000 purchase payment we have seen that $390 (10% of $3,900) may be withdrawn without sales charge. A 4% sales charge is due on the withdrawal of the other $610 of the payment (4% multiplied by $610 equals $24.40). The $134 portion being withdrawn from the second payment requires a 5% sales charge (5% multiplied by $134 equals $6.70). Thus the total sales charge for withdrawing $1,600 in year five is $31.10. In addition, since $1,134 of purchase payments is being withdrawn and the durations from the start of the contract years of these purchase payments to the contract year of withdrawal is less than eight years, we will recapture additional amounts equal to $11.34 (1% of $1,134). ANNUAL MAINTENANCE CHARGE.--On each contract anniversary before the Annuity Date or at the time of total withdrawal we will deduct a maintenance charge from your contract fund. The maximum amount we will deduct is shown on page 3 of this contract. If on any contract anniversary the contract fund is allocated to more than one subaccount and/or to the fixed account, we will divide the charge on a pro-rata basis, according to the value of each subaccount and/or the fixed account. CONDITIONS FOR WITHDRAWAL OR SURRENDER.--Our consent is needed for a withdrawal if (1) its amount is l...
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Related to Year Transaction

  • Transaction (1) The present Settlement Agreement constitutes a transaction in accordance with Articles 2631 and following of the Civil Code of Quebec, and the Parties are hereby renouncing any errors of fact, of law and/or of calculation.

  • Acquisition Transactions The Company shall provide the holder of this Warrant with at least twenty (20) days’ written notice prior to closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has notice thereof): (i) the sale, lease, exchange, conveyance or other disposition of all or substantially all of the Company’s property or business, or (ii) its merger into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company), or any transaction (including a merger or other reorganization) or series of related transactions, in which more than 50% of the voting power of the Company is disposed of.

  • Merger Transaction 2.1 Merger of Acquisition Sub into the Company. Upon the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL, at the Effective Time (as defined in Section 2.3), Acquisition Sub shall be merged with and into the Company, the separate existence of Acquisition Sub shall cease and the Company will continue as the surviving corporation in the Merger (the “Surviving Corporation”).

  • Concurrent Transactions All documents or other deliveries required to be made by Purchaser or Seller at Closing, and all transactions required to be consummated concurrently with Closing, shall be deemed to have been delivered and to have been consummated simultaneously with all other transactions and all other deliveries, and no delivery shall be deemed to have been made, and no transaction shall be deemed to have been consummated, until all deliveries required by Purchaser and Seller shall have been made, and all concurrent or other transactions shall have been consummated.

  • Formation Transactions The Formation Transactions shall have been or shall be consummated substantially concurrently in accordance with the timing set forth in the respective Formation Transaction Documentation.