Ratchet Amount definition

Ratchet Amount means the result of the following calculation on the Contract Date Anniversary: if the Annuity Account Value is greater than the Ratchet Base, then the Annuity Account Value minus the Ratchet Base equals the Ratchet Amount.
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Ratchet Amount means the result of the following calculation on the anniversary of the Participation Date; if the Annuity Account Value is greater than the Ratchet Base, then the Annuity Account Value minus the Ratchet Base equals the Ratchet Amount.
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Examples of Ratchet Amount in a sentence

  • All other annuity payments are guaranteed to equal or exceed the Current Ratchet Amount.

  • The Current Ratchet Amount equals the amount of the last annuity payment in the previous Change Frequency Cycle.

  • If you take a withdrawal from the contract, the Initial Ratchet Amount (if the withdrawal is taken prior to the Date of First Change) or the Current Ratchet Amount (if the withdrawal is taken at any other time) will be reduced in the same manner that the withdrawal reduces the Annuity Units.

  • Annuity payments made prior to the Date of First Change are guaranteed to equal or exceed the Initial Ratchet Amount shown on the Specifications Page.

  • Upon the death of the first Annuitant, the Current Ratchet Amount is adjusted by multiplying it by the Survivor Benefit Percentage.

  • Annuity payments made prior to the Date of First Change are guaranteed to equal or exceed the Initial Ratchet Amount shown on the Specifications page.

  • RATCHET INCREASE “Ratchet Increase” means an additional amount that may increase the GAWA, which is equal to the Ratchet Amount multiplied by: the GAWA on the anniversary of the Participation Date, divided by the immediately preceding Ratchet Base.

  • Permit Consolidated Net Worth as of the end of any fiscal quarter of the Borrower to be less than the sum of (i) $200,000,000, plus (ii) an amount equal to the CNW Ratchet Amount minus (iii) an amount equal to 100% of non-recurring expenses relating to the MDL Acquisition, including restructuring, severance, intangibles and in-process research and development writedowns, in an aggregate amount not to exceed $60,000,000.

  • When the Ratchet Base is increased under Section 4.05 C.3 above, in order to calculate the Ratchet Increase, the Ratchet Amount will be multiplied by: the GAWA, divided by the immediately preceding Ratchet Base.