ADDITIONAL SURRENDER CHARGE Clause Samples

The Additional Surrender Charge clause establishes an extra fee that a policyholder must pay if they terminate or withdraw from a contract, such as an insurance or annuity policy, before a specified period has elapsed. This charge is typically applied on top of any standard surrender charges and is calculated as a percentage of the amount withdrawn or the policy value. Its core practical function is to discourage early termination of the contract, thereby protecting the financial interests of the issuer and helping to cover administrative costs or losses associated with early withdrawal.
ADDITIONAL SURRENDER CHARGE. If you surrender this Policy for its Net Cash Surrender Value within 15 years of the effective date of an increase in Face Amount or if this policy lapses within 15 years of the effective date of an increase in Face Amount, we will deduct an Additional Surrender Charge from the Policy Account Value. The Additional Surrender Charge has two parts: the Deferred Additional Administrative Charge and the Deferred Additional Sales Charge. The amount of such charge or charges will be shown in the Policy Schedule pages issued when you increase the Face Amount. If you request a reduction in Face Amount within 15 years of the effective date of a Face Amount increase, we will deduct a pro rata Additional Surrender Charge from the Policy Account Value as of the effective date of such reduction. The amount of such pro rata Additional Surrender Charge will be the Additional Surrender Charge applicable to the Face Amount increase multiplied by the amount of reduction in the Face Amount increase divided by the amount of the Face Amount increase as of the effective date of such reduction. We will allocate the pro rata Additional Surrender Charge based on the proportion that your Guaranteed Account Value and the value in your Subaccounts bear to the total unloaned Policy Account Value.
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Related to ADDITIONAL SURRENDER CHARGE

  • Payment of Principal, Premium and Interest The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

  • Cancellation Charge In the event of a Network Rail Cancellation or a Train Operator Cancellation the party cancelling the Service (the "Cancelled Service") shall pay a Cancellation Charge, Ct, which shall be equivalent to:

  • Unconditional Right of Holders to Receive Principal, Premium and Interest Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

  • Cancellation OSS Charge ▇▇▇▇▇▇ will incur an OSS charge for an accepted LSR that is later canceled.

  • Payment of Debt or Delinquency to the State Pursuant to §§2107.008 and 2252.903, Texas Government Code, Contractor agrees any payments owing to Contractor under this Agreement may be applied directly toward any debt or delinquency Contractor owes the State of Texas or any agency of the State of Texas, regardless of when it arises, until paid in full.