SYSTEMATIC WITHDRAWAL OPTION Sample Clauses

SYSTEMATIC WITHDRAWAL OPTION. ATTACHMENT I ------------ The formula for the interest equivalency amount (IEA) is:
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SYSTEMATIC WITHDRAWAL OPTION. You may elect a systematic withdrawal option if all of the following requirements are satisfied as of the date We receive your request: 1) The Owner is living, 2) The Contract has not reached the Maturity Date, and 3) Your right to examine the Contract has expired. All systematic withdrawals are considered partial withdrawals and will be deducted from each Investment Option in the same proportion as each Investment Option bears to Your Contract Value. Withdrawals may be made monthly, quarterly, semi-annually or annually. However, We reserve the right to change the frequency of payments or discontinue payments if the payment is less than $100. Systematic withdrawals will be processed as of the Valuation Period that We receive proper notification prior to the Transaction Closing Time. You may discontinue systematic withdrawals at any time. The balance remaining in the Contract Value will continue to increase or decrease, depending on the investment experience of the Investment Option(s) in which Your Contract Value resides. If Your Contract Value declines, systematic withdrawals may no longer be supported.
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SYSTEMATIC WITHDRAWAL OPTION. (a) Under this option payments are made in a series of monthly, quarterly, semiannual, or annual installments, as elected by the Participant, over a period not extending beyond the Participant's life expectancy, or the joint and last survivor life expectancy of the Participant and the Participant's Beneficiary, as of the start date. Any election of the systematic withdrawal option is subject to the following requirements: (1) To be eligible to elect payments under the systematic withdrawal option, the value of a Participant's Individual Account must equal or exceed ten thousand dollars ($10,000.00) at the time payments begin under this option. A Participant may not elect the systematic withdrawal option if they have a loan outstanding from the Contract. (2) Each installment payment shall be equal in amount, except for the last payment in the series, which may be less, to the extent that the value of the Participant's Individual Account is insufficient to make a full installment payment. (3) The minimum periodic payment amount that may be elected is one hundred dollars ($100). (4) The maximum amount that may be paid as a periodic installment payment may not exceed, on an annual basis, eighteen percent (18%) of the value of the Participant's Individual Account balance calculated at the time the Systematic Withdrawal Option is implemented. (5) A Participant may elect to have the installment payments (A) equal a certain number of payments, or (B) paid as a specified dollar amount until the Participant's Individual Account is depleted. Under either election, the number of installment payments made shall be limited to the amount that can be provided from the value of the Participant's Individual Account. In no event may installment payments be made over a period of time extending beyond the Participant's life expectancy as of the start date, or the joint and last survivor life expectancy of the Participant and the Participant's Beneficiary as of the start date. (6) A Participant may change an election previously made with regard to the systematic withdrawal option four times during a calendar year, provided the Participant notifies the Insurance Company of such change at least thirty (30) days before such change is to become effective.
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SYSTEMATIC WITHDRAWAL OPTION a) With the Systematic Withdrawal Option (SWO) a portion of the Individual Account Current Value is automatically distributed each year without incurring a Withdrawal Fee. A SWO payment will be calculated on the Individual Account's Current Value. Each payment will be withdrawn from the Individual Account in the same proportion as assets are held in the Funds, the GA Account, and the Fixed Plus Account on the date the payment is made. SWO payments may not be elected if a loan is outstanding under an Individual Account. b) Payments under SWO will comply with the incidental death benefit test set forth in Code Section 401(a)(9).
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Related to SYSTEMATIC WITHDRAWAL OPTION

  • Withdrawal Right Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever any Buyer exercises a right, election, demand or option under a Transaction Document and the Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then such Buyer may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights.

  • Withdrawal of Services 50.1 Notwithstanding anything contained in this Agreement, except as otherwise required by Applicable Law, Verizon may terminate its offering and/or provision of any Service under this Agreement upon thirty (30) days prior written notice to CBB. 50.2 Notwithstanding anything contained in this Agreement, except as otherwise required by Applicable Law, Verizon may with thirty (30) days prior written notice to CBB terminate any provision of this Agreement that provides for the payment by Verizon to CBB of compensation related to traffic, including, but not limited to, Reciprocal Compensation and other types of compensation for termination of traffic delivered by Verizon to CBB. Following such termination, except as otherwise agreed in writing by the Parties, Verizon shall be obligated to provide compensation to CBB related to traffic only to the extent required by Applicable Law. If Verizon exercises its right of termination under this Section, the Parties shall negotiate in good faith appropriate substitute provisions for compensation related to traffic; provided, however, that except as otherwise voluntarily agreed by Verizon in writing in its sole discretion, Verizon shall be obligated to provide compensation to CBB related to traffic only to the extent required by Applicable Law. If within thirty (30) days after Verizon’s notice of termination the Parties are unable to agree in writing upon mutually acceptable substitute provisions for compensation related to traffic, either Party may submit their disagreement to dispute resolution in accordance with Section 14 of this Agreement.

  • Withdrawal Events In the event of the death, retirement, withdrawal, expulsion, or dissolution of a Member, or an event of bankruptcy or insolvency, as hereinafter defined, with respect to a Member, or the occurrence of any other event which terminates the continued membership of a Member in the Company pursuant to the Statutes (each of the foregoing being hereinafter referred to as a “Withdrawal Event”), the Company shall terminate sixty days after notice to the Members of such withdrawal Event unless the business of the Company is continued as hereinafter provided. Notwithstanding a Withdrawal Event with respect to a Member, the Company shall not terminate, irrespective of applicable law, if within aforesaid sixty day period the remaining Members, by the unanimous vote or consent of the Members (other than the Member who caused the Withdrawal Event), shall elect to continue the business of the Company. In the event of a Withdrawal Event with respect to an Member, any successor in interest to such Member (including without limitation any executor, administrator, heir, committee, guardian, or other representative or successor) shall not become entitled to any rights or interests of such Member in the Company, other than the allocations and distributions to which such Member is entitled, unless such successor in interest is admitted as a Member in accordance with this Agreement. An “event of bankruptcy or insolvency” with respect to a Member shall occur if such Member:

  • Early Withdrawal Penalty Unless provided otherwise in the Disclosures, we will assess an early withdrawal penalty on any withdrawal, either partial or in whole, that we allow you to make from your account prior to the account's maturity date. The method for determining that penalty is described in the Disclosures.

  • Withdrawal Conditions; Withdrawal Period 1. Notwithstanding the provisions of Part A of this Section, no withdrawal shall be made for payments made prior to the date of this Agreement. 2. The Closing Date is June 30, 2013.