Market Value Adjustment means, on a given date, an amount equal to the lesser of (x) 98% and (y) a percentage determined according to the following formula: Market Value Adjustment = 98% – [(10yrCMTt – 10yrCMTlaunch) ×Duration], where 10yrCMTt = the 10-Year Treasury Constant Maturity Rate published each business day by the Board of Governors of the Federal Reserve System, or, if such rate ceases to be published, a successor rate reasonably determined by the Trustees (the “10-Year CMT”), on such repurchase date; 10yrCMTlaunch = the 10-Year CMT as of the end of the Initial Offering Period; and Duration = an estimate of the duration of the periodic interest payments of a hypothetical coupon-paying U.S. Government Security with a 25-year maturity, calculated by the Trust’s Investment Manager as of the end of the Initial Offering Period;
Market Value Adjustment is a positive or negative adjustment that may apply to surrender, withdrawals, transfers and amounts applied to an income plan, from a Fixed Sub-Account before the end of a Guarantee Period.
Market Value Adjustment. An adjustment to the amount withdrawn or transferred from an MVA Account prior to the end of the applicable Guarantee Period. The adjustment reflects the change in the value of the funds withdrawn or transferred due to the change in the interest rates since the beginning of the Guarantee Period.
Examples of Market Value Adjustment in a sentence
If the Guaranteed Interest Rate is more than 1% lower than the previously declared rate during the prior 12 months, the Owner or Employer may surrender the Contract for the full Account Value (without a Market Value Adjustment) during the 60-day period immediately following the effective date of such interest rate reduction.
Any single sum withdrawal from the Account pursuant to this Section “Termination of this Contract”, will be subject to a Market Value Adjustment.
If the Plan itself is being terminated, the Account Value reduced by any Market Value Adjustment that applies pursuant to subsection (c) above will be paid in a single sum.
Such transfers are subject to AXA Equitable's consent, and will not be treated as a withdrawal for purposes of any Market Value Adjustment which might apply as described below in the Section, “Termination of this Contract.” A transfer directly to a Competing Investment Option will not be permitted.
More Definitions of Market Value Adjustment
Market Value Adjustment means an adjustment for increasing or decreasing the contract value of the account that supports the insurance contract in the event of a Non-benefit Responsive Withdrawal or a contract termination to reflect changes in interest rates or asset values since the receipt of funds by the insurer, according to a formula set forth in the contract.
Market Value Adjustment. Any amount withdrawn, transferred or annuitized prior to the end of that Guarantee Period may be subject to a Market Value Adjustment. The Market Value Adjustment will be calculated by multiplying the amount withdrawn, transferred or annuitized by the formula shown on the Contract Schedule. There will be no Market Value Adjustment on withdrawals from the MVA Account in the following situations:(1) death benefit paid under a Contract; (2) amounts withdrawn to pay fees or charges; (3) amounts withdrawn or transferred from MVA Account during the thirty (30) days prior to the end of the Guaranteed Period; (4) an Owner annuitizes this Contract under an Annuity Option providing for at least sixty (60) monthly Annuity Payments; and (5) any withdrawal subject to the MVA Waiver shown on the Contract Schedule. MVA ACCOUNT VALUES: The MVA Account portion of a Contract at any time is equal to:
Market Value Adjustment is a positive or negative adjustment that may apply to withdrawals or transfers, whether in whole or in part, and amounts applied to an income plan, from a Fixed Sub-Account before the end of a Guarantee Period.
Market Value Adjustment means the greater of (A) zero, and (B) a percentage equal to:
Market Value Adjustment. A Market Value Adjustment will not be applied to any portion of the Current Value which is paid under ECO.
Market Value Adjustment is defined in Section 13.
Market Value Adjustment. With respect to the Guarantee Period Accounts, any amount withdrawn, transferred or annuitized prior to the end of that guarantee period may be subject to a Market Value Adjustment. The Market Value Adjustment will be calculated by multiplying the amount withdrawn, transferred or annuitized by the formula described below: Amount x ( 1 + i ) n/12 ----------------------- ( 1 + j + .001 ) Where: i = rate earned in the account from which funds are being transferred j = current rate for a new Guarantee Period equal to the remaining term in the current Guarantee Period n = number of months remaining in the current Guarantee Period (rounded up)