VARIABLE SUBACCOUNT Clause Samples

The VARIABLE SUBACCOUNT clause establishes a separate account within a larger financial arrangement, where the value of the subaccount fluctuates based on the performance of underlying investments or market indices. Typically used in insurance or investment contracts, this clause allows for the allocation of funds into subaccounts that may be tied to stocks, bonds, or other variable assets, with the account balance rising or falling accordingly. Its core function is to provide flexibility and potential for growth by exposing the subaccount to market performance, while also clearly segregating these variable assets from fixed or guaranteed portions of the contract.
VARIABLE SUBACCOUNT. That division within the Variable Account, the assets of which are invested in shares of a particular Fund. There is a separate Variable Subaccount for each particular Fund. The Owner may allocate new Purchase Payments or Transfers of Contract Value to any available Variable Subaccount. YOU, YOUR -- The Owner and any Joint Owner.
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VARIABLE SUBACCOUNT. That portion of the Variable Account which invests in shares of a particular Fund. There is a separate Variable Subaccount for each particular Fund.
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VARIABLE SUBACCOUNT. A subdivision of the Variable Separate Account, the assets of which are invested in a corresponding Fund.
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VARIABLE SUBACCOUNT a particular subaccount under the Contract into which net Purchase Payments and accumulated value under a variable annuity contract may be allocated. Amounts in each Variable Subaccount are invested in a Separate Account Division.
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VARIABLE SUBACCOUNT. To the extent permitted by applicable law, we reserve the right to postpone payment of any partial withdrawal, full surrender or death benefit proceeds from the Variable Subaccount Value for any period when:
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VARIABLE SUBACCOUNT a particular subaccount under a Participant Account into which net Purchase Payments and accumulated value under a variable annuity contract may be allocated. Amounts in each Variable Subaccount are invested in a Separate Account Division. UITG-585-96 QUlGXST4 5 SECTION 2 PURCHASE PAYMENTS AND THE ACCUMULATION PERIOD 2.01 PURCHASE PAYMENT(S) Purchase Payments may be paid to VALIC at any time during the Accumulation Period for credit to Participant Accounts. Purchase Payments made under a retirement plan are subject to the terms of the plan. When a Purchase Payment is received in the Home Office of VALIC, a deduction will be made to cover any premium taxes due, resulting in a net Purchase Payment. Each net Purchase Payment is allocated by the Contract Owner to Fixed and/or Variable Subaccounts. Each net Purchase Payment allocated to a Variable Subaccount is applied separately to a Division to provide Units. The number of Units is equal to the net Purchase Payment per Variable Subaccount divided by the dollar value of one Unit for the respective Division for the valuation period of receipt. The number of Units will not vary with changes in the dollar value of a Unit. The value of a Unit in each Division may vary from one valuation period to the next.
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VARIABLE SUBACCOUNT a particular subaccount under a Participant Account into which net Purchase Payments and accumulated value under a variable annuity contract may be allocated. Amounts in each Variable Subaccount are invested in a Separate Account Division. Page 4 UITG-CB-585-96 QUlPXST4 5 SECTION 2 PURCHASE PAYMENTS AND THE ACCUMULATION PERIOD 2.01 PURCHASE PAYMENT(S) Purchase Payments may be paid to VALIC at any time during the Accumulation Period for credit to a Participant's Account. Purchase Payments may be subject to the provisions of the Contract Owner's retirement plan. When a Purchase Payment is received in the Home Office of VALIC, a deduction will be made to cover any premium taxes due, resulting in a net Purchase Payment. Each net Purchase Payment is allocated by the Contract Owner to Fixed and/or Variable Subaccounts. Each net Purchase Payment allocated to a Variable Subaccount is applied separately to a Division to provide Units. The number of Units is equal to the net Purchase Payment per Variable Subaccount divided by the dollar value of one Unit for the respective Division for the valuation period of receipt. The number of Units will not vary with changes in the dollar value of a Unit. The value of a Unit in each Division may vary from one valuation period to the next.
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Related to VARIABLE SUBACCOUNT

  • Subaccount An investment division of the Separate Account. Each Subaccount, (a “Variable Investment Option” or “Variable Account”) invests its assets in a separate series or class of shares of a designated investment company.

  • Income Account The Trustee shall collect the dividends and other cash distributions on the Securities in each Trust which would be treated as dividend (other than capital gain dividends) or interest income under the Internal Revenue Code as such become payable (including all monies which would be so treated representing penalties for the failure to make timely payments on the Securities, or as liquidated damages for default or breach of any condition or term of the Securities or of the underlying instrument relating to any Securities and other income attributable to a Failed Contract Obligation for which no Replacement Security has been obtained pursuant to Section 3.12 hereof) and credit such income to a separate account for each Trust to be known as the "Income Account." Any non-cash distributions received by a Trust shall be sold to the extent they would be treated as dividend or interest income under the Internal Revenue Code and the proceeds shall be credited to the Income Account. Except as provided in the preceding sentence, non-cash distributions received by a Trust (other than a non-taxable distribution of the shares of the distributing corporation which shall be retained by a Trust) shall be dealt with in the manner described in Section 3.11, herein, and shall be retained or disposed of by such Trust according to those provisions and the proceeds thereof shall be credited to the Capital (Principal) Account. Neither the Trustee nor the Depositor shall be liable or responsible in any way for depreciation or loss incurred by reason of any such sale. All other distributions received by a Trust shall be credited to the Capital (Principal) Account."

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Cash Account Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account shall be deposited during the period it is credited to the Account in one or more deposit accounts at Bank or at Bank's London Branch. Any cash so deposited with Bank's London Branch shall be payable exclusively by Bank's London Branch in the applicable currency, subject to compliance with any Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency.

  • Liquidation Account At the time of the Mutual Holding Company Merger, the Bank shall establish a liquidation account in an amount equal to the greater of (i) the Bank's net worth as of the date of the latest statement of financial condition contained in the final offering circular utilized in the formation of the Mutual Holding Company, or (ii) the percentage of the outstanding shares of the common stock of the Mid-Tier Holding Company owned by the Mutual Holding Company prior to the Mid-Tier Holding Company Merger, multiplied by the Mid-Tier Holding Company's total shareholders' equity as reflected in its latest statement of financial condition contained in the final Prospectus utilized in the Conversion and Reorganization. The function of the liquidation account will be to preserve the rights of certain holders of Deposit Accounts in the Bank who maintain such accounts in the Bank following the Conversion and Reorganization to a priority to distributions in the unlikely event of a liquidation of the Bank subsequent to the Conversion and Reorganization. The liquidation account shall be maintained for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders, if any, who maintain their Deposit Accounts in the Bank after the Conversion and Reorganization. Each such account holder will, with respect to each Deposit Account held, have a related inchoate interest in a portion of the liquidation account balance, which interest will be referred to in this Section 11 as the "subaccount balance." All Deposit Accounts having the same social security number will be aggregated for purposes of determining the initial subaccount balance with respect to such Deposit Accounts, except as set forth below. In the event of a complete liquidation of the Bank subsequent to the Conversion and Reorganization (and only in such event), each Eligible Account Holder and Supplemental Eligible Account Holder, if any, shall be entitled to receive a liquidation distribution from the liquidation account in the amount of the then current subaccount balances for Deposit Accounts then held (adjusted as described below) before any liquidation distribution may be made with respect to the capital stock of the Bank. No merger, consolidation, sale of bulk assets or similar combination transaction with another FDIC-insured institution in which the Bank is not the surviving entity shall be considered a complete liquidation for this purpose. In any such transaction, the liquidation account shall be assumed by the surviving entity. The initial subaccount balance for a Deposit Account held by an Eligible Account Holder and Supplemental Eligible Account Holder, if any, shall be determined by multiplying the opening balance in the liquidation account by a fraction, of which the numerator is the amount of the Qualifying Deposits of such account holder and the denominator is the total amount of Qualifying Deposits of all Eligible Account Holders and Supplemental Eligible Account Holders, if any. For Deposit Accounts in existence at both the Eligibility Record Date and the Supplemental Eligibility Record Date, if any, separate initial subaccount balances shall be determined on the basis of the Qualifying Deposits in such Deposit Accounts on each such record date. Initial subaccount balances shall not be increased, and shall be subject to downward adjustment as provided below. If the aggregate deposit balance in the Deposit Account(s) of any Eligible Account Holder or Supplemental Eligible Account Holder, if any, at the close of business on any December 31 annual closing date, commencing on or after the effective date of the Conversion and Reorganization, is less than the lesser of (a) the aggregate deposit balance in such Deposit Account(s) at the close of business on any other annual closing date subsequent to such record dates or (b) the aggregate deposit balance in such Deposit Account(s) as of the Eligibility Record Date or the Supplemental Eligibility Record Date, if any, the subaccount balance for such Deposit Account(s) shall be adjusted by reducing such subaccount balance in an amount proportionate to the reduction in such deposit balance. In the event of such a downward adjustment, the subaccount balance shall not be subsequently increased, notwithstanding any subsequent increase in the deposit balance of the related Deposit Account(s). The subaccount balance of an Eligible Account Holder or Supplemental Eligible Account Holder, if any, will be reduced to zero if the Account Holder ceases to maintain a Deposit Account at the Bank that has the same social security number as appeared on his Deposit Account(s) at the Eligibility Record Date or, if applicable, the Supplemental Eligibility Record Date. Subsequent to the Conversion and Reorganization, the Bank may not pay cash dividends generally on deposit accounts and/or capital stock of the Bank, or repurchase any of the capital stock of the Bank, if such dividend or repurchase would reduce the Bank's regulatory capital below the aggregate amount of the then current subaccount balances for Deposit Accounts then held; otherwise, the existence of the liquidation account shall not operate to restrict the use or application of any of the net worth accounts of the Bank. For purposes of this Section 11, a Deposit Account includes a predecessor or successor account which is held by an Account Holder with the same social security number.