Reset Dates Clause Samples
The Reset Dates clause defines specific dates on which certain terms or conditions of an agreement, such as interest rates or payment amounts, are recalculated or adjusted. In practice, this clause is commonly used in financial contracts like loans or derivatives, where the interest rate may be reset periodically based on a reference rate or index. By establishing clear reset dates, the clause ensures predictability and transparency for both parties, reducing the risk of disputes over when adjustments should occur and helping to manage financial risk.
Reset Dates. If you take an excess withdrawal (except as described in the last paragraph of this provision), the next Contract Anniversary will be a Reset Date. The ‘floor’ in Item 2) of the Limits on Changes in the Optimal Withdrawal Amount provision shown on the Rider Schedule does not apply on Reset Dates. Depending on investment performance, not applying the ‘floor’ could substantially reduce the Optimal Withdrawal Amount available in future years. If you have not declined a Benefit Cost change (or the Reset Date occurs before you declined the Benefit Cost change), we calculate the Optimal Withdrawal Amount using a new Payment Factor Table that is based on the number of Covered Person(s), the age of the Covered Person (or the younger of the two Covered Persons), and an assumed interest rate associated with the age of that Covered Person, on the Reset Date. Since a new Table’s payment factors are generally based on a higher age and a lower assumed interest rate, a new Table’s payment factors will generally be lower than the prior Table’s corresponding payment factors. Therefore, depending on investment performance, a new Table could reduce the Optimal Withdrawal Amount available in future years. We will send you an amendment that updates the Rider Schedule and includes the new Payment Factor Table. If you have declined a Benefit Cost change, we continue to calculate the Optimal Withdrawal Amount using the payment factor in effect for the Contract Year during which the Benefit Cost change was declined. The Payment Factor Table (or payment factor, if you’ve declined a Benefit Cost change) used on the most recent Reset Date will be used to calculate Optimal Withdrawal Amounts on future Contract Anniversaries. If the only excess withdrawals occur within 120-day period following the Rider Effective Date (described in the ‘Adjustments to the Optimal Withdrawal Amount on the Rider Effective Date’ provision), the Contract Anniversary next following the most recent such withdrawal will not be a Reset Date. Reduction of the Contract Value to $0 — If an excess withdrawal including applicable surrender charges, if any, reduces the Contract Value to $0, the Contract will terminate as of that date. If a non-excess withdrawal, negative investment performance, and/or deduction of any charges or fees reduces the Contract Value to $0:
Reset Dates. The Reset Dates are December 15, 2018 and each fifth anniversary date thereafter, commencing December 15, 2023.
Reset Dates. November 16, 2032 (the “First Reset Date”) and each five-year anniversary thereof. Initial Fixed Rate: 7.000%, from and including September 9, 2025 to, but excluding, the First Reset Date. Re-Offer Yield to First Reset Date: 7.125% annualized semi-annual yield to derive an annual rate.
Reset Dates. The “Reset Dates” as set forth in Section 1(h) of the Agreement shall be as follows: March 4, 2020 and July 2, 2020.
Reset Dates. On each of (x) the initial Effective Date (as defined in the Registration Rights Agreement) of the initial Registration Statement (as defined in the Registration Rights Agreement) filed pursuant to the Registration Rights Agreement (or, if earlier, the Applicable Date (as defined in the Securities Purchase Agreement) (the “Initial Reset Date”)), and (y) on each one (1) month anniversary of the Applicable Closing Date (each, an “Additional Reset Date”, and together with the Initial Reset Date, each an “Reset Date”), if the Conversion Price in effect on any such applicable Reset Date is less than the Market Price then in effect (each, an “Reset Measuring Price”), on such Reset Date, the Conversion Price shall automatically lower to such applicable Reset Measuring Price.