Common use of Specified Payment Clause in Contracts

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

Specified Payment. Payments Payment 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