RECAPTURE CHARGE Sample Clauses

RECAPTURE CHARGE. The Recapture Charge shall be calculated recursively according to the following formula: (a) The Recapture Charge on the Effective Date of this Agreement shall be zero; (b) The Recapture Charge at the end of any Accounting Period shall equal the greater between zero and the Recapture Charge at the end of the prior Accounting Period plus (i) minus (ii) plus (iii), where: (i) equals interest on the Recapture Charge at the end of the Prior Accounting period for the number of days between the end of the prior Accounting Period and the end of the current Accounting Period calculated at an annualized rate equal to 7.00%; (ii) equals amounts payable by the Cedent to the Reinsurer according to Article VII, Paragraph 3(a); and (iii) equals amounts payable by the Reinsurer to the Cedent according to Article VII, Paragraphs 3(b)(i), (ii) and (iii).
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RECAPTURE CHARGE. In the event this Agreement is terminated in accordance with Paragraphs 3 and 4 above, or Paragraph 6 below, a Termination Value shall be calculated in good faith by the Reinsurer as of the effective date of termination according to "best practices" that are appropriate to valuing variable annuities and related cash flows and consistent with the terms of this Agreement. The Ceding Company shall have sixty (60) calendar days to either accept the Termination Value as calculated or raise objections. The parties shall cooperate with each other in order to resolve any disagreement with respect to the Termination Value. If the parties cannot mutually agree on the Termination Value, then the calculation will be submitted to a nationally recognized, independent actuarial firm or the actuarial group of a nationally recognized, independent accounting firm (hereinafter the "Actuarial Firm"), that is mutually acceptable to the parties for determination of a Termination Value which is reasonably consistent with the terms of this Agreement. If the parties cannot reach agreement as to the Actuarial Firm, then such appointment will be decided by the President of the Society of Actuaries. The decision of the Actuarial Firm with respect to the Termination Value will be final and binding upon the parties. The parties will share equally in the costs and expenses, if any, incurred by the Actuarial Firm and the Society of Actuaries. It is recognized and acknowledged by both parties that "best practices" for valuing cash flows linked to variable annuities include: i) commencing with seriatim in force data as of the effective date of termination; ii) fixing actuarial assumptions such as lapse, mortality, mortality improvement, utilization, etc. within a range deemed consistent with market standards; iii) determining market inputs for interest rates, implied volatilities, and other market inputs; and iv) valuing the present value of all the future cash flows using the inputs and assumptions determined above. The discount rate used in the present value of future cash flows described above will not reflect any credit deterioration by the Ceding Company since the Effective Date of this Agreement. If the projected Termination Value is positive, the absolute value shall be paid as a Recapture Charge to the Reinsurer by the Ceding Company. Payment of such amount will be made within thirty (30) days of receipt of the calculation. The terminal accounting date will be the effective date of...
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RECAPTURE CHARGE. The Contract Enhancement may be recaptured upon certain withdrawals. Recapture Charges will be calculated in accordance with the Recapture Charge schedule set forth on the Contract Data Page. The Recapture Charge is equal to the Recapture Charge percentage applied to the portion of Remaining Premium withdrawn. The Recapture Charge will be taken from the Investment Divisions and the Fixed Account Options in the same proportion as the requested withdrawal. The Recapture Charge will be deducted from the remaining Contract Value such that the actual reduction in Contract Value as a result of the withdrawal may be greater than the withdrawal amount requested and paid. For purposes of determining the Recapture Charge, earnings are defined as the excess of the Contract Value over the sum of remaining Contract Enhancements and Remaining Premiums. Withdrawals will be allocated first to earnings, if any (which may be withdrawn free of any Recapture Charge), second to Remaining Premium on a first-in, first-out basis so that all withdrawals will be allocated to Remaining Premium to which the lowest (if any) Recapture Charges apply, and third to Contract Enhancements (which may be withdrawn free of any Recapture Charge.)
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RECAPTURE CHARGE. In the event this Agreement is terminated in accordance with Paragraph 3, 4 or 5 above, or Paragraph 7 below, or Article XII, Paragraph 3, the Ceding Company will pay the Reinsurer a Recapture Charge equal to (i) minus (ii) where, (i) equals the Account Value, as of the terminal accounting date as if such Recapture had not occurred, times the rate for the applicable year, as set forth below: ----------------------------------------- Year Rate ----------------------------------------- 2007-2008 9% ----------------------------------------- 2009 -2010 8% ----------------------------------------- 2011-2012 7% ----------------------------------------- 2013-2014 6% ----------------------------------------- 2015 and later 5% ----------------------------------------- (ii) equals the Rider Benefit Liability, as calculated by the Reinsurer for GAAP purposes, as of the terminal accounting date as if such Recapture had not occurred, which could be positive or negative. The Rider Benefit Liability is a policy and fund level calculation which accounts for the contractual features of each specific guarantee. The guarantees are valued using actuarial assumptions as used by the Reinsurer for GAAP repotting purposes (which are available to the Ceding Company upon request) and capital market assumptions as follows: Correlation ---------------------------------------------------------------------------------------------- Money Class S&P 500 ▇▇▇▇▇▇▇ 2000 Nasdaq 100 SBBIG EAFE Market ---------------------------------------------------------------------------------------------- S&P 500 100.0% 77.0% 70.0% 5.0% 84.0% 0.0% ▇▇▇▇▇▇▇ ▇▇▇▇ 77.0% 100.0% 53.9% 2.6% 64.7% 0.0% Nasdaq 100 70.0% 53.9% 100.0% 2.6% 58.8% 0.0% SBBIG 5.0% 2.6% 2.6% 100.0% 3.7% 0.0% EAFE 84.0% 64.7% 58.8% 3.7% 100.0% 0.0% Money Market 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% ---------------------------------------------------------------------------------------------- - 32 - ---------------------------------------------------------------------------------------------- Money Class S&P 500 ▇▇▇▇▇▇▇ 2000 Nasdaq 100 SBBIG EAFE Market ---------------------------------------------------------------------------------------------- Volatility 18.0% 18.0% 24.0% 4.0% 20.0% 1.0% ---------------------------------------------------------------------------------------------- ----------------------- yield Curve All Years 5.00% ----------------------- If the Recapture Charge is positive, the Ceding Company shall pay such amount to the Rei...
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RECAPTURE CHARGE. For Contracts with a Contract Enhancement, the Recapture Charge is assessed against certain withdrawals from the Contract Value whenever a withdrawal is made of the Premium allocated to the Contract Value that has received a Contract Enhancement, or upon the exercise of the Right to Examine. REQUIRED MINIMUM DISTRIBUTION (RMD). For certain qualified contracts, the Required Minimum Distribution is the amount defined by the Internal Revenue Code and the implementing regulations as the minimum distribution requirement that applies to this Contract only."
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Related to RECAPTURE CHARGE

  • Service Charge The Tenant must pay the Service Charge in accordance with Part 1 of Schedule 3. The Tenant must pay: VAT on any consideration in respect of a VAT Supply to the Tenant by the Landlord at the same time as the consideration is paid; and on demand VAT (and interest, penalties and costs where these are incurred because of anything the Tenant does or fails to do) charged in respect of any VAT Supply to the Landlord in respect of the Premises where that VAT is not recoverable by the Landlord from HM Revenue & Customs. The Tenant must not do anything that would result in the disapplication of the option to tax in respect of the Landlord’s interest in the Estate. The Tenant must pay interest on the Rents and on all other sums not paid on or by the due date (or, if no date is specified, not paid within 10 Business Days after the date of demand). Interest will be payable at the Interest Rate for the period starting on the due date (or date of demand) and ending on the date of payment. The Tenant must pay on demand the Landlord’s costs (including legal and surveyor’s charges and bailiff’s and enforcement agent’s fees) and disbursements in connection with: any breach of the Tenant’s obligations in this Lease, including the preparation and service of a notice under section 146 of the 1925 Act; any application by the Tenant for consent under this Lease, whether that application is withdrawn or consent is granted or lawfully refused, except in cases where the Landlord is required to act reasonably and the Landlord unreasonably refuses to give consent; [and] [carrying out works to the Premises to improve their Environmental Performance where the Tenant, in its absolute discretion, has consented to the Landlord doing so; and]45 the preparation and service of a schedule of dilapidations served no later than six months after the End Date. Third party indemnity46 The Tenant must indemnify the Landlord against all actions, claims, demands made by a third party, all costs, damages, expenses, charges and taxes payable to a third party and the Landlord’s own liabilities, costs and expenses incurred in defending or settling any action, claim or demand in respect of any personal injury or death, damage to any property and any infringement of any right, in each case arising from: the state and condition of the Premises or the Tenant’s use of them; the exercise of the Tenant’s rights; or the carrying out of any Permitted Works. In respect of any claim covered by the indemnity in clause 4.7.1, the Landlord must: give formal notice to the Tenant of the claim as soon as reasonably practicable after receiving notice of it; provide the Tenant with any information and assistance in relation to the claim that the Tenant may reasonably require and the Landlord is lawfully able to provide, subject to the Tenant paying to the Landlord all costs incurred by the Landlord in providing that information and assistance; and mitigate its loss (at the Tenant’s cost) where it is reasonable for the Landlord to do so.

  • MANAGEMENT CHARGE 16.1 In consideration of the establishment and award of this Framework Agreement and the management and administration by the Authority of the same, the Supplier agrees to pay to the Authority the Management Charge in accordance with Clause 16.2 below. 16.2 The Authority shall be entitled to submit invoices to the Supplier in respect of the Management Charge due each Month based on the Management Information provided pursuant to Framework Agreement Schedule 8 (Management Information), and adjusted: 16.2.1 in accordance with paragraph 5.5 of Framework Agreement Schedule 8 (Management Information) to take into account of any Admin Fee(s) that may have accrued in respect of the late provision of Management Information; and 16.2.2 pursuant to paragraph 6 (Default Management Charge) of Framework Agreement Schedule 8 (Management Information) to take into account any under payment of the Management Charge. 16.3 Unless agreed otherwise, the Supplier shall pay the amount stated in any invoice submitted under Clause 16.2 within thirty (30) Days of the date of issue of the invoice. 16.4 The Management Charge shall apply to the full Charges as specified in each and every Order and shall not be varied as a result of any reduction in the Charges due to the application of any service credits and/or any other deductions made under any Call-Off Contract. 16.5 The Management Charge shall be exclusive of VAT. The Supplier shall pay the VAT on the Management Charge at the rate and in the manner prescribed by Law from time to time. 16.6 Interest shall be payable on any late payments of the Management Charge under this Framework Agreement in accordance with the Late Payment of Commercial Debts (Interest) Act 1998.

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

  • Sales Charge Shares shall be sold by you at net asset value plus a front-end sales charge not in excess of 8.5% of the offering price, but which front-end sales charge shall be proportionately reduced or eliminated for larger sales and under other circumstances, in each case on the basis set forth in the current Prospectus and/or SAI. The redemption proceeds of shares offered and sold at net asset value with or without a front-end sales charge may be subject to a contingent deferred sales charge ("CDSC") under the circumstances described in the current Prospectus and\or SAI. You may reallow such portion of the front-end sales charge to dealers or cause payment (which may exceed the front-end sales charge, if any) of commissions to brokers through which sales are made, as you may determine, and you may pay such amounts to dealers and brokers on sales of shares from your own resources (such dealers and brokers shall collectively include all domestic or foreign institutions eligible to offer and sell the Shares), and in the event the Fund has more than one Series or class of Shares outstanding, then you may impose a front-end sales charge and/or a CDSC on Shares of one Series or one class that is different from the charges imposed on Shares of the Fund's other Series or class(es), in each case as set forth in the current Prospectus and/or SAI, provided the front-end sales charge and CDSC to the ultimate purchaser do not exceed the respective levels set forth for such category of purchaser in the current Prospectus and/or SAI.

  • Service Charges No service charge shall be made for any exchange or registration of transfer of Warrants.