Actuarial Method Clause Samples

The Actuarial Method clause defines the process for calculating the allocation of interest and principal in loan repayments over time. Typically, this method involves applying each payment first to accrued interest and then to the outstanding principal, with the interest portion determined based on the remaining loan balance and the applicable interest rate. This approach ensures that the lender receives the correct amount of interest over the life of the loan and provides a transparent, standardized way to amortize debt, thereby preventing disputes over payment allocation and ensuring fairness for both parties.
Actuarial Method. The method of allocating a Scheduled Payment with respect to any Contract between principal and interest, pursuant to which (i) the portion of such payment that is allocated to interest is the product of (a) one-twelfth of the Applicable Discount Rate with respect to such Contract multiplied by (b) the applicable Contract Principal Balance (before giving effect to such principal payment) and (ii) the remainder of such payment is allocated to principal.
View SourceView Similar (5)
Actuarial Method. (describe): The actuarial method is the “projected unit credit actuarial cost” method. Under this method, the transfer amount is the actuarial present value of the pension in respect of service accrued to the date of termination, assuming an annual increase in pensionable earnings between the year of termination and the retirement assumptions specified below.
View SourceView Similar (2)
Actuarial Method. The past service liabilities will be calculated for the Transferring Members in accordance with the actuarial assumptions set out in section 2 below using pensionable service to and Salary or Pensionable Salary (as the case requires) over the year to the Completion Date, and adjusted to the Actual Payment Date in accordance with the provisions in sections 3 and 4 below. The past service liabilities will be based on the benefit structure applying for and in respect of such Transferring Member immediately prior to the Completion Date. For this purpose pensionable services includes any additional service resulting from a previous transfer in or the accrued part of any added years secured by additional member contributions. In the event that a Transferring Member's Salary or Pensionable Salary represents less than a full year, it should be grossed up to the annual equivalent. For the avoidance of doubt the past service liabilities shall include the accrued element of the Transferring Member's ill health pension and death in service pensions. It shall take no account of benefits for service after the Completion Date.
View SourceView Similar (2)
Actuarial Method. The actuarial method is the “projected unit credit actuarial cost” method.
View Source
Actuarial Method. Actuarial method" means the method of allocating payments made on a loan between the principal amount and interest whereby a payment is applied first to the accumulated interest and then to the unpaid principal amount.
View Source
Actuarial Method. The method used is generally called “projected benefit method pro rated on service” adjusted to take into account the fact that the value of the benefits accrued during the applicant’s career is not necessarily uniform.
View Source
Actuarial Method. “Actuarial method” means the method of allocating pay­ ments made on a loan between the principal amount and interest whereby a payment is ap­ plied first to the accumulated interest and then to the unpaid principal amount.
View Source

Related to Actuarial Method

  • Lump Sum The Change Order cost is determined by mutual agreement as a lump sum amount changing the Contract Sum allowed for completion of the Work. The Change Order shall be substantiated by documentation itemizing the estimated quantities and costs of all labor, materials and equipment required as well as any ▇▇▇▇-up used. The price change shall include the cost percent allowed for the Contractor's overhead and profit and, if eligible, Time Dependent Overhead Costs.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Life Annuity In addition to the rules imposed by the Act, a life annuity purchased with the property of the Plan must comply with Pension Legislation and must be established for the Annuitant’s life. However, if the Annuitant has a Spouse on the date payments under the life annuity begin, the life annuity must be established for the lives jointly of the Annuitant and the Annuitant’s Spouse, unless the Spouse has provided a waiver in the form and manner required by Pension Legislation. Where the surviving Spouse is entitled to payments under the life annuity after the Annuitant’s death, those payments must be at least 60 percent of the amount to which the Annuitant was entitled prior to the Annuitant’s death. The life annuity may not differentiate based on gender except to the extent permitted by Pension Legislation.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.