Exchange of Annuity Units Clause Samples

Exchange of Annuity Units. The Annuitant may exchange the dollar value of all or a portion of the Annuity Units in a Subaccount for an equivalent dollar amount of Annuity Units of another Subaccount. The limit on exchanges of Annuity Units is shown in the table in the Transfer section. After the exchanges, the number of Annuity Units in the Subaccount from which you are transferring will be reduced by the number of Annuity Units exchanged. The number of Annuity Units in the Subaccount to which the exchange is made will be increased by the number of Annuity Units acquired in the exchange. FIXED ANNUITY PAYMENTS Fixed Annuity Payments are Annuity Payments which remain fixed as to dollar amount throughout the Annuity Period. As of the Annuity Date, any Subaccount Accumulation Value applied to purchase fixed Annuity Payments will be allocated to the Guaranteed Interest Account. The fixed Annuity Payment will be that amount shown in the attached Tables. If the fixed Annuity Payment is credited at an interest rate above the guaranteed minimum rate, the dollar amount of each payment will be greater than the guaranteed dollar amount for the time period that the higher rate is declared. COMBINATION ANNUITY PAYMENTS Combination Annuity Payments are Annuity Payments where a portion of the payment is variable and a portion of the payment is fixed as to dollar amount. If a combination Annuity Payment is elected, at least 25% of the proceeds must be allocated to each elected option. As of the Annuity Date, we will allocate proceeds between the Guaranteed Interest Account and the Subaccounts to meet the proportions selected. Any amount of Accumulation Value to be transferred to or from the Guaranteed Interest Account will be allocated among the Subaccounts in which you are invested in the same proportion that each Subaccount Accumulation Value bears to your Variable Account Accumulation Value. Once a combination Annuity Payment is selected, the Annuitant may subsequently increase the allocation to a fixed Annuity Payment, but may not increase the allocation to a variable Annuity Payment. ANNUITY PAYMENT OPTIONS Under each Annuity Payment Option, the payment period is elected from one of the following:
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Exchange of Annuity Units. After the Annuitization Start Date, Annuity Units of any variable subaccount may be exchanged for units of any other variable subaccounts. This may be done no more than once in any contract year. Unless We agree otherwise You may use a maximum of ten variable subaccounts at any one time. No exchanges may be made to or from any Fixed Annuity after the Annuitization Start Date. RiverSource Life Insurance Company 70100 Ameriprise Financial Center Minneapolis MN 55474 1.800.862.7919 Flexible Purchase Payments Deferred Variable Annuity Contract • Surrender charges may be waived under specified conditions • This contract is nonparticipating — dividends are not payable
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Exchange of Annuity Units. After annuity payouts begin, Annuity Units of any Variable Sub-Account may be exchanged for units of any of the other Variable Sub-Accounts. This may be done no more than once a year. Once annuity payouts start, no exchanges may be made to or from any fixed annuity. 13076(LA)-15 19 13076(LA)-15 20 13076(LA)-15 21
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Exchange of Annuity Units. After the Annuitization Start Date, Annuity Units of any variable subaccount may be exchanged for units of any other variable subaccounts. This may be done no more than once in any contract year. Unless We agree otherwise You may use a maximum of ten variable subaccounts at any one time. No exchanges may be made to or from any Fixed Annuity after the Annuitization Start Date. Contract Number: 9925-0000000 Contract Date: May 2, 2022 Contract Type: Nonqualified Application Date: May 2, 2022 Annuitant: ▇▇▇▇ ▇▇▇ Annuitization Start Date: May 2, 2062 Owner: ▇▇▇▇ ▇▇▇ Owner’s Age on Application Date: 55 Owner’s Date of Birth: March 1, 1967 Owner’s Sex: Male Annuitant’s Date of Birth: March 1, 1967 Annuitant’s Sex: Male Application Signed State: NY Department of Financial Services: 800.342.3736 Initial Purchase Payment: $100,000.00 Minimum Additional Purchase Payment: $50 1st contract year $ 1,000,000 $ 100,000 $ 0 Each contract year thereafter $ 100,000 $ 50,000 $ 0 Total per Owner $ 1,000,000 $ 100,000 $ 100,000 We reserve the right to limit subsequent purchase payments on a non-discriminatory basis as described in the Payment Limits provision. Initial Base M&E Risk Fee + Optional Death Benefit Rider Fee = Initial Annual M&E Risk Fee The Base M&E Risk Fee and Annual M&E Risk Fee is subject to change as described in the Mortality and Expense (M&E) Risk Charge provision.
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Exchange of Annuity Units. After the Annuitization Start Date, Annuity Units of any variable subaccount may be exchanged for units of any other variable subaccounts. This may be done no more than once in any contract year. Unless We agree otherwise You may use a maximum of ten variable subaccounts at any one time. No exchanges may be made to or from any Fixed Annuity after the Annuitization Start Date. RiverSource Life Insurance Co. of New York ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 1.800.541.2251 Contract Number: 9925-0000000 Contract Date: May 2, 2022 Contract Type: Nonqualified Application Date: May 2, 2022 Annuitant: ▇▇▇▇ ▇▇▇ Annuitization Start Date: May 2, 2062 Owner: ▇▇▇▇ ▇▇▇ Owner’s Age on Application Date: 55 Owner’s Date of Birth: March 1, 1967 Owner’s Sex: Male Annuitant’s Date of Birth: March 1, 1967 Annuitant’s Sex: Male Application Signed State: NY Department of Financial Services: 800.342.3736 Initial Purchase Payment: $100,000.00 Minimum Additional Purchase Payment: $50 1st contract year $ 1,000,000 $ 100,000 $ 0 Each contract year thereafter $ 100,000 $ 50,000 $ 0 Total per Owner $ 1,000,000 $ 100,000 $ 100,000 We reserve the right to limit subsequent purchase payments on a non-discriminatory basis as described in the Payment Limits provision. The Base M&E Risk Fee and Annual M&E Risk Fee is subject to change as described in the Mortality and Expense (M&E) Risk Charge provision.
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Related to Exchange of Annuity Units

  • Distribution of Additional Shares, Rights, etc If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration statement under the Securities Act of 1933 in effect that will cover that Distribution. The Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933 or the Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares will be eligible for public resale in the United States without further registration under the Securities Act of 1933.

  • Transfer or Exchange of Beneficial Interests for Definitive Notes If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are registered.

  • EXCHANGE OF GLOBAL NOTES 4.1 The Agent shall determine the Exchange Date for each Temporary Global Note in accordance with its terms. Immediately after determining any Exchange Date, the Agent shall notify its determination to the Issuer, the other Paying Agents, the relevant Dealer, Euroclear and Clearstream, Luxembourg. 4.2 Where a Temporary Global Note is to be exchanged for a Permanent Global Note, the Agent is authorised by the Issuer and instructed: (a) in the case of the first Tranche of any Series of Notes, to prepare and complete a Permanent Global Note in accordance with the terms of the Temporary Global Note applicable to the Tranche by attaching a copy of the applicable Final Terms to a copy of the master Permanent Global Note; (b) in the case of the first Tranche of any Series of Notes, to authenticate the Permanent Global Note; (c) in the case of the first Tranche of any Series of Notes if the Permanent Global Note is a CGN, to deliver the Permanent Global Note to the common depositary which is holding the Temporary Global Note representing the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to hold on behalf of the Issuer pending its exchange for the Temporary Global Note; (d) in the case of the first Tranche of any Series of Notes if the Permanent Global Note is a NGN, to deliver the Permanent Global Note to the common safekeeper which is holding the Temporary Global Note representing the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to effectuate (in the case of a Permanent Global Note which is a Eurosystem-eligible NGN) and to hold on behalf of the Issuer pending its exchange for the Temporary Global Note; (e) in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a CGN, to attach a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series and to enter details of any exchange in whole or part; and (f) in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a NGN, to deliver the applicable Final Terms to the specified common safekeeper for attachment to the Permanent Global Note applicable to the relevant Series. 4.3 Where a Global Note is to be exchanged for Definitive Notes in accordance with its terms, the Agent is authorised by the Issuer and instructed: (a) to authenticate the Definitive Notes in accordance with the provisions of this Agreement; and (b) to deliver the Definitive Notes to or to the order of Euroclear and/or Clearstream, Luxembourg. 4.4 Upon any exchange of all or a part of an interest in a Temporary Global Note for an interest in a Permanent Global Note or upon any exchange of all or a part of an interest in a Global Note for Definitive Notes, the Agent shall (i) procure that the relevant Global Note shall, if it is a CGN, be endorsed by or on behalf of the Agent to reflect the reduction of its nominal amount by the aggregate nominal amount so exchanged and, where applicable, the Permanent Global Note shall be endorsed by or on behalf of the Agent to reflect the increase in its nominal amount as a result of any exchange for an interest in the Temporary Global Note or (ii) in the case of any Global Note which is a NGN, instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such exchange. Until exchanged in full, the holder of an interest in any Global Note shall in all respects be entitled to the same benefits under this Agreement as the holder of Definitive Notes and Coupons authenticated and delivered under this Agreement, subject as set out in the Conditions. The Agent is authorised on behalf of the Issuer and instructed (a) in the case of any Global Note which is a CGN, to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented by it by the amount so exchanged and, if appropriate, to endorse the Permanent Global Note to reflect any increase in the nominal amount represented by it and, in either case, to sign in the relevant space on the relevant Global Note recording the exchange and reduction or increase, (b) in the case of any Global Note which is a NGN, to instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such exchange and (c) in the case of a total exchange, to cancel or arrange for the cancellation of the relevant Global Note. 4.5 The Agent shall notify the Issuer immediately after it receives a request for the issue of Definitive Notes in accordance with the provisions of a Global Note and the aggregate nominal amount of the Global Note to be exchanged. 4.6 The Issuer undertakes to deliver to the Agent sufficient numbers of executed Definitive Notes with, if applicable, Coupons and Talons attached, to enable the Agent to comply with its obligations under this Agreement.

  • Reservation of Class A Ordinary Shares The Company shall at all times reserve and keep available a number of its authorized but unissued Class A ordinary shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

  • Exchange of Stock (a) The Werke Shareholders agree to transfer to WICK, and WICK agrees to purchase from the Werke Shareholders, all of the Werke Shareholders' right, title and interest in the WERKE Stock, representing 100% of the issued and outstanding stock of WERKE, free and clear of all mortgages, liens, pledges, security interests, restrictions, encumbrances, or adverse claims of any nature. (b) At the Closing (as defined in Section 2 below), upon surrender by the Werke Shareholders of the certificates evidencing the WERKE Stock, duly endorsed for transfer to WICK or accompanied by stock powers executed in blank by the Werke Shareholders, WICK will cause 11,000,000 shares (subject to adjustment for fractionalized shares as set forth below) of the common voting stock, par value $.001 of WICK (the "WICK Stock") to be issued to the Werke Shareholders (or their designees), in full satisfaction of any right or interest which each Shareholder held in the WERKE Stock. The WICK Stock will be issued to the Werke Shareholders on a pro rata basis, in the same proportion as the percentage of their ownership interest in WERKE, as set forth on EXHIBIT A (subject to adjustment as set forth below), at the Closing. As a result of the exchange of the WERKE Stock for the WICK Stock, WERKE will become a wholly owned subsidiary of WICK. (c) EXHIBIT A, may be amended by WERKE at or prior to the Closing in order to give effect to the conversion by STPF of its interest in STWP into equity in WERKE and to reflect other changes in the capital structure of WERKE which may be caused by investment into WERKE by third parties prior to the Closing. Any additional shareholders which are added to EXHIBIT A, at or prior to Closing will agree to be bound by the terms of this Agreement, either directly or by signing the Agreement to Appoint Shareholders Representative attached hereto as EXHIBIT B, however, their failure to do so prior to Closing will not effect the validity or enforceability of this Agreement as between the present parties. In no event shall WICK be required to issue any additional securities, other than as set forth herein, as a result of any changes in the capital structure of WERKE at or prior to the Closing.