Variable Amount definition
Examples of Variable Amount in a sentence
The method of calculating the initial payment is different for Variable Amount Income Payments and Fixed Amount Income Payments.
The Income Protection Benefit Rider may be applied only to Variable Amount Income Payments payable under Income Plans 1 or 2, with a Guaranteed Payment Period of at least 120 months, unless otherwise restricted by Internal Revenue Service regulations.
Transfers may not be made from Variable Amount Income Payments to Fixed Amount Income Payments.
The Variable Amount shall be redetermined semi-annually in accordance with this Section 2.14 (a “Scheduled Redetermination”), and, subject to Section 2.14(d), such redetermined Variable Amount shall become effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks and the Lenders on April 1st and October 1st of each year (or as promptly as possible thereafter), commencing April 1, 2015.
If at the end of such 15-Business Day period or 5-Business Day period (as applicable), any Lender has not communicated its approval or disapproval in writing to the Administrative Agent, such silence shall be deemed to be an approval of the Adjusted Variable Amount by such Lender.