Common use of Initial Purchase Payment Clause in Contracts

Initial Purchase Payment. The Initial Purchase Payment is the Purchase Payment we receive on and before the Issue Date and is shown on the Contract Schedule. We reserve the right to decline any Purchase Payment. The Initial Purchase Payment cannot be greater than the Maximum Total Purchase Payments shown on the Contract Schedule without our prior approval. Additional Purchase Payments are Purchase Payments we receive after the Issue Date and during the Accumulation Phase. Additional Purchase Payments must be greater than or equal to the Minimum Additional Purchase Payment shown on the Contract Schedule. We may decline any Additional Purchase Payment. Total Purchase Payments cannot be greater than the Maximum Total Purchase Payments without our prior approval. This contract is not in default if you do not make Additional Purchase Payments.