Adjustment Account has the meaning given to it in the Principal SPA;
Adjustment Account. An Adjustment Account is established on the Income Start Date. On this date, the value of the Adjustment Account is the greater of (a) and (b), where: (a) is zero; and (b) is the Guaranteed Payment Floor minus the Level Income Amount, multiplied by the modal factor. The value of the Adjustment Account in subsequent Annuity Years is the greater of (a) and (b), where: (a) is zero; and (b) is (i) plus (ii) minus (iii), where: (i) is the value of the Adjustment Account as of the prior Annuity Year; (ii) is the Variable Income Payment for the current Annuity Year multiplied by the modal factor; and (iii) is the Level Income Amount for the current Annuity Year multiplied by the modal factor. The amount of a transfer from the Subaccounts, providing Variable Income Payments, to the General Account, providing Fixed Income Payments, will be reduced to first pay off the Adjustment Account balance.
Examples of Adjustment Account in a sentence
Where it has been applied, it is posted to the Capital Adjustment Account.
Gains arising before that date have been consolidated into the Capital Adjustment Account.
The gains and losses are therefore reversed out of the General Fund Balance in the Movement in Reserves Statement and posted to the Capital Adjustment Account and (for any sale proceeds greater than £10,000) the Capital Receipts Reserve.
Accumulated gains arising before that date are consolidated into the balance on the Capital Adjustment Account.
Amounts in the Capital Grants Unapplied reserve are transferred to the Capital Adjustment Account once they have been applied to fund capital expenditure.
More Definitions of Adjustment Account
Adjustment Account. An Adjustment Account is established on the Income Start Date. On this date, the value of the Adjustment Account is the greater of (a) and (b), where: (a) is zero; and (b) is the Guaranteed Payment Floor minus the Level Income Amount, multiplied by the modal factor. The value of the Adjustment Account in subsequent Annuity Years is the greater of (a) and (b), where: (a) is zero; and (b) is (i) plus (ii) minus (iii), where: (i) is the value of the Adjustment Account as of the prior Annuity Year; (ii) is the Variable Income Payment for the current Annuity Year multiplied by the modal factor; and; (iii) is the Level Income Amount for the current Annuity Year multiplied by the modal factor. The amount of a transfer from the Subaccounts, providing Variable Income Payments, to the General Account, providing Fixed Income Payments will be reduced to first pay off the Adjustment Account balance. GUARANTEED PAYMENT FLOOR STEP-UP The Guaranteed Payment Floor will automatically increase every [two] years to [75%] of the then current Variable Income Payment, if that result is greater than the prior Guaranteed Payment Floor. The increase will occur on every [second] anniversary of the Income Start Date, up to and including the [tenth] anniversary, at which time you may elect to continue the step-up option for an additional [10]-year period. After each [10]-year period, you may elect to continue the step-up option for an additional [10] years. If you elect to continue the step-up option, the rider charge may be reset to the new charge which may be higher than your previous charge, but will never exceed [1%] annually. If you choose not to continue the step-up option at the end of a [10]-year period, your Guaranteed Payment Floor and associated charge will remain level, at the then current amounts, for the life of the Contract.
Adjustment Account. An Adjustment Account is established on the Annuity Commencement Date. The value of the Adjustment Account on the Annuity Commencement Date is the greater of (a) and (b), where:
Adjustment Account means an interest bearing deposit account, to be opened with designation Osborne Clarke and SJ
Adjustment Account means a deposit account owned and maintained by you to handle Reconcilements, Regulation E claims, other unresolved claims, discrepancies relating to the reconciliation of Reported ATM Withdrawals with Reimbursement for ATM Withdrawals, discrepancies relating to the reconciliation of Reported Other Cash Withdrawals with the amount that we have received for such Electronic Check Authorization Transactions, Point of Sale Transactions and Credit Card Cash Transactions, and/or other discrepancies.
Adjustment Account has the meaning assigned to it in Section 3.1.
Adjustment Account in respect of a Quarterly Pool, means the amount of the Monthly Fees paid or payable to FEP in respect of the period beginning on the first day of the Quarterly Pool and ending on the Sales Cutoff Date accrued daily at the Account Rate from the Sales Cutoff Date to the Anniversary of the Sales Cutoff.
Adjustment Account means a deposit account owned and maintained by the Reconcilement Agent to handle Reconcilements, Reg. E claims or other unresolved claims or discrepancies relating to the reconciliation of Reported ATM Withdrawals with Reimbursement for ATM Withdrawals.