Upon annuitization of the Contract Clause Samples

Upon annuitization of the Contract. If a non-natural person is the Owner of the Contract, the Annuitant or Joint Annuitant will be considered the Owner of the Contract for purposes of this provision. The amount of the Interest Adjustment is calculated by multiplying the dollar amount transferred, withdrawn or surrendered by the following amount: (1+ A)/n/ divided by (1 + B)/n/, the result reduced by 1.0, where: A = the yield rate determined at the beginning of the Guaranteed Period, for a U.S. Treasury security with time to maturity equal to the applicable Guaranteed Period;
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Upon annuitization of the Contract. If a non-natural person is the Owner of the Contract, the Annuitant or Joint Annuitant will be considered the Owner of the Contract for purposes of this provision. The amount of the Interest Adjustment is calculated by multiplying the dollar amount transferred, withdrawn or surrendered by the following amount: n n (1+A) divided by (1 + B) , the result reduced by 1.0, where: A = the yield rate determined at the beginning of the Guaranteed Period, for a U.S. Treasury security with time to maturity equal to the applicable Guaranteed Period; B = the yield rate, determined at the time of the transfer, withdrawal or surrender, for a U.S. Treasury security with time to maturity equal to the time remaining in the applicable Guaranteed Period, if greater than one year. For periods remaining of one year or less, the yield rate for one-year U.S. Treasury security is used; n = the number of fractional years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years. Straight-line interpolation is used to determine the yield rate for a U.S. Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Interest Adjustment increases the amount transferred, withdrawn or surrendered while a negative Interest Adjustment decreases it. A negative Interest Adjustment, however, will not reduce the amount transferred, withdrawn, or surrendered (before application of any CDSC) below the value it would have had if the Minimum Guaranteed Interest Rate had been credited to the Fixed Subaccount instead of the actual Guaranteed Interest Rate. If such yields are no longer published, LNY will substitute an appropriate index of publicly traded obligations. A detailed description of this Interest Adjustment formula is on file with the New York Superintendent of Insurance.
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Related to Upon annuitization of the Contract

  • Termination of the Contract 1. The Contractor may terminate the contract if the Partner has inadequately discharged or failed to discharge any of the contractual obligations, insofar as this is not due to force majeure, after notification of the Partner by registered letter has remained without effect for one month. 2. The Partner shall immediately notify the Contractor, supplying all relevant information, of any event likely to prejudice the performance of this contract.

  • Duration of the contract framework agreement or dynamic purchasing system II.2.10) Information about variants II.2.11) Information about options

  • Withdrawal, Substitution, and Modification of Tenders 23.1 A Tenderer may withdraw, substitute, or modify its Tender after it has been submitted by sending a written notice, duly signed by an authorized representative, and shall include a copy of the authorization (the power of attorney) in accordance with ITT19.3, (except that withdrawal notices do not require copies). The corresponding substitution or modification of the Tender must accompany the respective written notice. All notices must be: a) prepared and submitted in accordance with ITT 20 and 21 (except that withdrawal notices do not require copies), and in addition, the respective envelopes shall be clearly marked “WITHDRAWAL,” “SUBSTITUTION,” or “MODIFICATION;” and b) received by the Procuring Entity prior to the deadline prescribed for submission of ▇▇▇▇▇▇▇, in accordance with ITT 22. 23.3 Tenders requested to be withdrawn in accordance with ITT 23.1 shall be returned unopened to the Tenderers. 23.4 No Tender may be withdrawn, substituted, or modified in the interval between the deadline for submission of Tenders and the expiration of the period of Tender validity specified by the Tenderer on the Form of Tender or any extension thereof.

  • ADMINISTRATION OF THE CONTRACT 2.2.1 The Architect will provide administration of the Contract as hereinafter described. 2.2.2 The Architect will be the State's representative during construction and until final payment is due. The Architect will advise and consult with the State. The State's instructions to the Contractor shall be forwarded through the Architect. The Architect will have authority to act on behalf of the State only to the extent provided in the Contract Documents, unless otherwise modified by written instrument in accordance with Subparagraph 2.2.10. 2.2.3 The Architect will visit the site at intervals appropriate to the stage of construction to familiarize himself or herself generally with the progress and quality of the Work and to determine in general if the Work is proceeding in accordance with the Contract Documents. However, the Architect will not be required to make exhaustive or continuous on-site inspections to check the quality or quantity of the Work. On the basis of his or her on-site observations as an architect, he or she will keep the State informed of the progress of the Work, and will endeavor to guard the State against defects and deficiencies in the Work of the Contractor. 2.2.4 The Architect will not be responsible for and will not have control or charge of construction means, methods, techniques, sequences or procedures, or for safety precautions and programs in connection with the Work, and he or she will not be responsible for the Contractor's failure to carry out the Work in accordance with the Contract Documents. The Architect will not be responsible for or have control or charge over the acts or omissions of the Contractor, 2.2.5 The Architect shall at all times have access to the Work wherever it is in preparation and progress. The Contractor shall provide facilities for such access so the Architect may perform his or her functions under the Contract Documents.

  • Variation of the contract The parties undertake not to vary or modify the Clauses. This does not preclude the parties from adding clauses on business related issues where required as long as they do not contradict the Clause.