Interest Adjustment definition
Interest Adjustment is a positive or negative adjustment that reflects changes in interest rates related to the fixed income assets purchased in support of the Contract. The “Equity Adjustment” is a positive or negative adjustment that reflects changes in economics related to the Index. The Interest Adjustment and Equity Adjustment on any date are determined based on the provisions of the Interim Value Endorsement. Unless you direct otherwise, all partial Withdrawals will be taken first from the Fixed Segment Options (shown on the Segment Contract Schedule), beginning with the Fixed Segment Option with the shortest Segment Term Period. To the extent there are not enough funds in the Fixed Segment Options to cover the entire Withdrawal, we will deduct the remaining balance from the other Segment Options in which you have funds, beginning with Segment Options that have the shortest Segment Term Period. If you have multiple Segment Options with the same Segment Term Period, we will deduct the remaining balance pro rata across those Segment Options. A “Free Withdrawal” is a Withdrawal amount on which no Withdrawal Charges apply. The Free Withdrawal amount available to you in the first Contract Year will be equal to the Free Withdrawal Percentage multiplied by the Purchase Payment. In subsequent Contract Years, the Free Withdrawal amount available to you will be equal to the Free Withdrawal Percentage multiplied by the Contract Value as of the Contract Anniversary on the first day of that Contract Year. The Free Withdrawal Percentages are shown on the Contract Schedule. Any unused portion of the Free Withdrawal amount for a Contract Year cannot be carried over to the following Contract Year. If the amount of a Withdrawal in any Contract Year exceeds the Free Withdrawal amount for that Contract Year, the excess Withdrawal will be subject to any applicable Withdrawal Charge. If you surrender your Contract, a Withdrawal Charge will be applied to any Free Withdrawal previously taken during the same Contract Year. To take a Withdrawal from your Contract, you must notify us. The minimum amount that you may request to be withdrawn from your Contract at any time is $500. If you request a Withdrawal that causes the Contract Value to be less than $2,000, we will treat your request as a surrender of your Contract. We reserve the right to pay Withdrawal amounts directly to you. We may defer payment of any Withdrawals of any type from your Contract for up to six months if the insurance regulat...
Interest Adjustment has the meaning given in Schedule 5;
Interest Adjustment means the aggregate amount of all unpaid interest as of the close of business on the Closing Date which is not more than 30 days past due under the terms of the Loan Documents in respect of the Loans (other than Loans with respect to REO Property for which there is no Interest Adjustment).
Examples of Interest Adjustment in a sentence
If the Index required to be used to determine the Mortgage Interest Rate for a Mortgage Loan is not available on an Interest Adjustment Date, the Servicer, will select an index that is based on comparable information, over which the Servicer has no control and that is readily verifiable.
Interest on such Eurodollar Loan shall be payable on each Interest Adjustment Date with respect to an Interest Period (provided that if an Interest Period shall exceed three months, the interest must be paid every three months, commencing three months from the beginning of such Interest Period).
With respect to each Adjustable Rate Mortgage Loan, Countrywide shall adjust the Mortgage Interest Rate on the related Interest Adjustment Date and shall adjust the Monthly Payment on the related Payment Adjustment Date in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note.
An Estimated Interest Adjustment shall not bear interest, unless not paid when due as provided in the preceding sentence.
Interest on such LIBOR Loans shall be payable on each Interest Adjustment Date with respect to an Interest Period (provided that if an Interest Period exceeds three (3) months, the interest must be paid every three (3) months, commencing three (3) months from the beginning of such Interest Period).
More Definitions of Interest Adjustment
Interest Adjustment has the meaning set out in the Pension Plan and Employee Benefit Plan Agreement.
Interest Adjustment. Any withdrawal from a Fixed Subaccount prior to the end of a Guarantee Period may also be subject to an Interest Adjustment as described on Page 12 which may increase, decrease, or have no effect on the applicable account values(s). An Interest Adjustment would not apply to a withdrawal effective at the end of a Guarantee Period. DEATH BENEFIT REQUIREMENTS PRIOR TO THE ANNUITY COMMENCEMENT DATE: None ANNUITY PAYMENT REQUIREMENTS: Determination of the First Annuity Payment Date: For 100% Fixed Annuity Payment, the Annuity Payment Date must be at least 30 days after the Annuity Commencement Date. If any portion of the annuity payment will be on a variable basis, the Annuity Payment Date will be 14 days after the Annuity Commencement Date. The Annuity Unit value, if applicable, and Contract Value used to effect annuity payments will be determined as of the Annuity Commencement Date. Minimum Annuity Payment Amount: $50 Minimum Guaranteed Interest Rate for the Fixed Annuity Payment: 2.75% Assumed Investment Rate for the Variable Annuity Payment: Between 3.0% - 5.0% WITH A MORTALITY AND EXPENSE RISK AND ADMINSTRATIVE CHARGE OF 1.40%, THE SMALLEST RATE OF INVESTMENT RETURN REQUIRED TO ENSURE THAT THE DOLLAR AMOUNT OF VARIABLE ANNUITY PAYMENTS DOES NOT DECREASE IS:
Interest Adjustment. Any withdrawal from a Fixed Subaccount prior to the end of a Guarantee Period may also be subject to an Interest Adjustment as described on Page 12 which may increase, decrease, or have no effect on the applicable account values(s). An Interest Adjustment would not apply to a withdrawal effective at the end of a Guarantee Period.
Interest Adjustment has the meaning set forth in Section 4.2.
Interest Adjustment is a positive or negative adjustment that approximates the change in the value of the fixed income assets purchased in support of the contract. The Interest Adjustment applies only during the Withdrawal Charge Period. On any day during the Withdrawal Charge Period, the Interest Adjustment for any Segment Option equals A x B, where: A is the portion of the Segment Value that is subject to a Withdrawal Charge on this date, immediately prior to any Withdrawal; and B is the Interest Adjustment Factor. Interest Adjustment Factor The “Interest Adjustment Factor” for any Index-Linked Segment Option equals (RN/12 – 1) x (1 – C), where: N is the number of complete months remaining before the Segment Term Period expires; R is equal to (1 + A) / (1 + B), where: A is the Beginning Interest Adjustment Index Value; B is the Closing Interest Adjustment Index Value; and C is equal to D x (1 – E), where: D is the value of certain derivative instruments on the Segment Start Date for the applicable Index-Linked Segment Option; and E is the number of days elapsed from the Segment Start Date to the day we calculate the Segment Interim Value, divided by the number of days in the Segment Term Period. On each Business Day, we calculate the value of the derivative instruments for each Index-Linked Segment Option based on the estimated market value of a set of put and call options as determined by an option pricing formula. Our method of estimating the current value of the derivative instruments is on file with the New York Department of Financial Services.
Interest Adjustment shall have the meaning assigned thereto in Section 2.2.
Interest Adjustment. An adjustment to the amount withdrawn, transferred or annuitized from an IA Account prior to the end of the applicable Guarantee Period. The adjustment reflects the change in the value of the funds withdrawn or transferred due to the change in the interest rates since the beginning of the Guarantee Period.