Specified Payment Sample Clauses

A Specified Payment clause defines a predetermined amount of money that one party must pay to the other under certain conditions outlined in the contract. This clause typically applies in situations such as early termination, breach of contract, or failure to meet specific obligations, where the payment amount is agreed upon in advance to avoid disputes. Its core practical function is to provide certainty and streamline the resolution process by clearly stating the financial consequences of particular events, thereby reducing the risk of litigation and ensuring both parties understand their potential liabilities.
Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage shown on Contract Schedule I times the Current Value at time of election. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum initial payment amount;
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Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage of the Certificate Holder's Account Value at time of the election as shown on the Contract Schedule. This annual dollar amount will remain constant. At our discretion, We may require a minimum payment amount; or
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Specified Payment. Payments of a designated Option (SWO) (Cont'd): dollar amount. The annual amount may not be greater than the percentage of the Account's Current Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. The minimum SWO payment amount is shown on Contract Schedule I. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
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Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage of the Account's Current Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. The minimum SWO payment amount is shown on Contract Schedule I. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
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Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage shown on Contract Schedule I times the Current Value at time of election. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum initial payment amount; (2) Specified Period: Payments which are made over a period of time which must be at least 10 years. The annual amount paid each year is calculated by dividing the Current Value as of December 31 of the prior year by the number of payment years remaining; or G2-MGA-95 13 3.05 Systematic Withdrawal (3) Specified Percentage: Payment Option (SWO): of a designated percentage (Cont'd) which cannot be greater than the percentage shown on Contract Schedule I. The percentage may be changed by written request. Aetna reserves the right to limit the number of times the percentage may be changed. The annual amount is calculated by multiplying the Current Value as of December 31 of the year prior to the payment by the designated percentage. Payments upon the Certificate Holder's or Annuitant's death will be made to the Beneficiary in the manner described in 3.07.
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Specified Payment. Payments of a designated Withdrawal dollar amount. The annual amount may not be Option (SWO) greater than the percentage of the Current (Cont'd): Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum payment amount. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
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Specified Payment. Payments of a designated annual dollar amount. The annual amount may not be greater than the percentage of the Current Value at time of election as shown on Contract Schedule I. This amount will remain constant unless a higher amount is required under Code minimum distribution rules. Each year that the specified payment is in effect, Aetna will calculate the minimum required distribution by dividing the Individual Account(s) Current Value as of December 31 of the year prior to the payment year by a life expectancy factor, and distribute this amount if it is larger than the specified payment.
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Specified Payment. Section 6.02(a) Specified Payments ........................................................................................... Section 6.02(a) Stations ..........................................................................................................................
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Related to Specified Payment

  • Delayed Payment Premium balances that remain unpaid for more than thirty (30) days after the Remittance Date will incur interest from the end of the reporting period. The Remittance Date is defined as thirty (30) days after the end of the reporting period. Interest will be calculated using the index specified in Article 13.5 − Interest Rate.

  • Required Payments Unless otherwise provided in this Agreement, any payment of Tax required shall be due within 30 days of a Final Determination of the amount of such Tax.

  • Deferred Payment “Deferred Payment” means any severance pay or benefits to be paid or provided to Executive (or Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

  • Refused Payments We reserve the right to refuse to pay any Receiver. We will attempt to notify the Sender promptly if we decide to refuse to pay a Receiver designated by the Sender. This notification is not required if you attempt to make a prohibited payment under this Agreement.

  • Delayed Payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.