Income Payment definition

Income Payment. The series of periodic annuity payments that are paid to the Payee. Income Payments may be variable and fixed, variable only, or fixed only based upon the investment options selected by the Owner.

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Income Payment. “means a payment required to be made under paragraph 7(a) by the Buyer to the Seller.

Income Payment means a payment made to the member or to a dependant, nominee or successor, under a drawdown plan by selling units and/or by making payments from the bank account under that Plan.

Examples of Income Payment in a sentence

• Participation in ▇▇▇▇ and Credit Arrearage Programs:Participation in the Percentage of Income Payment Program (“▇▇▇▇”) administered by your utility may affect your eligibility to take service from a competitive retail electric service provider.

• In accordance with paragraph 146.1(2)(i.2) of the Tax Act, the Plan will not accept a transfer from a registered education savings plan after the registered education savings plan has made an Accumulated Income Payment.

• Low Income Home Energy Program or Percentage of Income Payment Plan: Participation in the Low-Income Home Energy Program or participation in the Percentage of Income Payment Plan (▇▇▇▇) may affect your eligibility to take service from a competitive retail natural gas service provider.

• Customers in the Percentage of Income Payment Plan, with certain arrearages, served by a competitive supplier or other customers determined not eligible for service under the Program by the Public Utilities Commission of Ohio (“PUCO”) or Utility rules are not eligible.

• There shall be included in computing a Subscriber's income for a taxation year each Accumulated Income Payment received in the year.

• The Assured Income Payment Service shall be provided by the Custodian in accordance with the Assured Income Payment Standards.

• The Company will determine the interest rate used in this present value calculation, but in no instance will it be greater than one (1) percentage point higher than the rate used to calculate the initial Income Payment.

• There is no Withdrawal Charge on benefits that are paid under a variable Installment Income or variable Life Income Payment Plan.

• Customers in the Percentage of Income Payment Plan, with certain arrearages or served by a competitive supplier are not eligible.

• The Company will determine the interest rate used in this present value calculation, but in no instance will it be greater than (one) 1 percentage point higher than the rate used to calculate the initial Income Payment.

More Definitions of Income Payment

Income Payment means the sum of the variable annuity payment and the fixed dollar annuity payment; (d) "General Account" means all assets of the Company other than those in a Separate Account. Reserves for any fixed dollar benefits shall be maintained in the General Account; (e) "Separate Account" means those assets of the Company in a segregated investment account entitled "Franklin Life Variable Annuity Fund A" established by the Company pursuant to Illinois law; (f) "Valuation Date" means the date as of which the Separate Account Net Investment Rate is determined; (g) "Valuation Period" means the period, as determined by the Company, of not more than 7 calendar days beginning on the day after any Valuation Date and ending on the next Valuation Date; (h) "Separate Account Annuity Unit" means a unit used to determine the amount of each variable annuity payment. (See provision 4 dealing with Separate Account Annuity Unit values.) (i) "Written Request" means a written request satisfactory to the Company, filed at its Home Office in Springfield, Illinois.

Income Payment shall have the meaning ascribed to it in SECTION 1.04.

Income Payment means the result of (A) times (B), where (A) is Income Before Taxes MINUS actual interest payments made by Borrower to Lender on the $2,750,000 Senior Subordinated Note of even date herewith, and (B) is forty percent (40%) prior to a Change in Control; and, if a Change in Control has occurred, then (B) shall mean a percentage equal to the long term tax-exempt rate as defined in Section 382(f) of the Code.

Income Payment means the sum of the variable annuity payment and the fixed dollar annuity payment; (d) "General Account" means all assets of the Company other than those in the Separate Account or any other separate accounts of the Company. Reserves for any fixed dollar benefits shall be maintained in the General Account; (e) "Separate Account" means those assets of the Company in a segregated investment account entitled "Franklin Life Variable Annuity Fund C" established by the Company pursuant to Illinois law; (f) "Valuation Date" means the date as of which the Separate Account Net Investment Rate is determined. This value is determined on each day that the New York Stock Exchange is open, as of the close of trading on that day; (g) "Valuation Period" means the period, commencing on a Valuation Date and ending on the next Valuation Date; (h) "Separate Account Annuity Unit" means a unit used to determine the amount of each variable annuity payment; (See provision 4 dealing with Separate Account Annuity Unit values.) (i) "Written request" means a written request satisfactory to the Company, filed at its Home Office in Springfield, Illinois.