Enhancement Period definition

Enhancement Period. [10] Contract Years following the later of the Rider Effective Date or the date of the most recent Benefit Base Reset. ENHANCEMENT RATE: [5.50%] Age Annual Income Percentage ANNUAL INCOME PERCENTAGE: ------------------------------------- ------------------------------------- [through age 64] [3.50%] [65-74] [4.00%] [75-79] [4.50%] [80 and older] [5.50%] BENEFIT BASE MAXIMUM: [$4,000,000] MAXIMUM ADDITIONAL PURCHASE PAYMENTS: [$25,000] CONTRACT VALUE ALLOCATION: While this rider is in effect, the full Contract Value must be allocated to an allocation plan approved by us for use with this rider. ICC13-70255 Minnesota Life 1 DEFINITIONS BENEFIT BASE The value that is used to determine the amount of Guaranteed Annual Income (GAI) available for withdrawal under this rider. In no event will the Benefit Base exceed the Benefit Base Maximum as shown in the Rider Specifications. BENEFIT BASE ENHANCEMENT The dollar amount added to the Benefit Base on any Contract Anniversary during the Enhancement Period when there are no withdrawals in the prior Contract Year. BENEFIT BASE RESET The Benefit Base is reset on any Contract Anniversary where the Contract Value is greater than the Benefit Base after application of the Benefit Base Enhancement, if any. The Benefit Base will increase to the Contract Value, but will not exceed the Benefit Base Maximum. The Benefit Base will continue to be eligible for an increase due to a Benefit Base Reset on each Contract Anniversary until a Benefit Base Reset is declined as described in the Annual Rider Charge section. DESIGNATED LIFE The person listed in the Rider Specifications upon whose lifetime, along with the Joint Designated Life, will be used to determine the benefits under this rider. The Designated Life is the Owner of the contract. If the Owner of the contract is other than a natural person, such as a trust or other similar entity, the Designated Life is the Annuitant. A Designated Life may be removed due to divorce but otherwise may not be added or changed after the Rider Effective Date. ENHANCEMENT BASE The amount that is multiplied by the Enhancement Rate to calculate any applicable Benefit Base Enhancement. The Enhancement Base will not exceed the Benefit Base Maximum as shown in the Rider Specifications. GUARANTEED ANNUAL INCOME (GAI) The maximum amount that can be withdrawn in any Contract Year after the Benefit Date without affecting the Benefit Base, Enhancement Base, or the GAI in future Contract Years. GUARANTEED IN...

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Enhancement Period. [12] Contract Years following the Rider Effective Date. Enhancement Rate: [7.00%]

Enhancement Period means the period of years during which a Participant shall be eligible to receive an Enhanced Rate of Interest on his Account balance as established under Section 5.2. Such period shall equal the lesser of (i) the number of Years of Service completed by the Participant prior to February 1, 1996, rounded to the next higher whole year, or (ii) ten years.

Examples of Enhancement Period in a sentence

• The Administrative Agent is authorized at any time (i) when an Amortization Event exists or (ii) during a Level Three Enhancement Period, to date and to deliver to the Collection Banks the Collection Notices.

• At any time after the 30th day following the first day of a Level Three Enhancement Period, Originator will not direct any Collections to be remitted to any Collection Account not subject at all times to a Collection Account Agreement.

• Each such audit shall be at the sole cost of such Seller Party, provided that such Seller Party shall be required to pay for (A) during a Level One Enhancement Period, not more than one such audit per year, (B) during a Level Two Enhancement Period, not more than two such audits per year and (C) during a Level Three Enhancement Period, an unlimited number of such audits per year.

• On the date which is 30 days after the first day of a Level Three Enhancement Period, all Collection Accounts shall be Specified Accounts and such Specified Accounts shall be subject to the requirement set forth in clause (v) above.

• At any time after the 30th day following the first day of a Level Three Enhancement Period, such Seller Party will not, and will not permit the Originator to, direct any Collections to be remitted to any Collection Account not subject at all times to a Collection Account Agreement.

• Related fees are due and payable annually in advance of commencement of the applicable Enhancement Period.

• It will take all steps necessary to ensure that those representations in Clause 16.1 which are deemed to be repeated by reason of clause 16.2 remain true and correct when so deemed to be repeated.

• On the date which is thirty (30) days after the first day of a Level Three Enhancement Period, all Collection Accounts shall be Specified Accounts and such Specified Accounts shall be subject to the requirement set forth in clause (v) above.

• The Enhancement Base and Enhancement Period will not be affected by a Benefit Base Reset.

• The consent of Conduit and, other than (A) after the occurrence and during the continuation of an Amortization Event or (B) during a Level Two Enhancement Period or a Level Three Enhancement Period, the Seller (such consent not to be unreasonably withheld) shall be required prior to the effectiveness of any such assignment.

More Definitions of Enhancement Period

Enhancement Period means the period beginning on the date of the consummation of the Acquisition and ending on the last Trading Day of the seventh full Financial Year after the date of the consummation of the Acquisition;

Enhancement Period means the period of time beginning with a Change in Control and ending on the date which is the second anniversary of such Change in Control.

Enhancement Period. [10] Contract Years following the later of the Rider Effective Date or the date of the most recent Benefit Base Reset. ENHANCEMENT RATE: [5.50%]