Alternate Variable Rate Basis Clause Samples
The Alternate Variable Rate Basis clause defines how interest or payment rates will be determined if the original variable rate reference becomes unavailable or inappropriate. In practice, this clause specifies a backup benchmark or calculation method, such as switching from LIBOR to another published rate, to ensure continuity in rate-setting. Its core function is to provide a clear and agreed-upon process for adjusting to changes in financial benchmarks, thereby reducing uncertainty and potential disputes between parties.
Alternate Variable Rate Basis. The Company may from time to time publish higher initial rates for variable payment plans under this Contract. These higher rates will not be available to increase payments under payment plans already in effect. When a variable payment plan is effective on an alternate rate basis, the Daily Adjustment Factor described in Section 11.3 will be determined based on the Assumed Investment Rate used in calculating the alternate payment rate. ▇▇.▇.▇.▇▇. (1106) 19 Years 1-4 Not Available 11 $ 9.09 21 $ 5.56 1 $ 83.52 11 $ 7.78 21 $ 4.18 Fixed income installment rates are based on 0.50% interest. ▇▇.▇.▇.▇▇. (1106) 20 55 $ 4.41 $ 4.36 $ 4.23 55 $ 4.04 $ 4.02 $ 3.96 56 4.49 4.44 4.29 56 4.10 4.08 4.01 57 4.58 4.52 4.35 57 4.17 4.14 4.07 58 4.67 4.60 4.41 58 4.24 4.21 4.12 59 4.77 4.69 4.47 59 4.31 4.28 4.18 60 4.87 4.79 4.54 60 4.39 4.36 4.24 61 4.98 4.89 4.60 61 4.48 4.44 4.31 62 5.10 4.99 4.67 62 4.57 4.52 4.37 63 5.23 5.11 4.74 63 4.66 4.61 4.44 64 5.36 5.22 4.81 64 4.77 4.71 4.51 65 5.51 5.35 4.87 65 4.88 4.81 4.58 66 5.67 5.47 4.94 66 5.00 4.92 4.66 67 5.84 5.61 5.00 67 5.12 5.03 4.73 68 6.02 5.75 5.07 68 5.26 5.15 4.80 69 6.21 5.89 5.13 69 5.41 5.28 4.88 70 6.41 6.05 5.19 70 5.57 5.42 4.95 71 6.63 6.20 5.25 71 5.74 5.56 5.02 72 6.86 6.36 5.30 72 5.93 5.71 5.09 73 7.11 6.53 5.35 73 6.13 5.87 5.16 74 7.37 6.70 5.39 74 6.34 6.04 5.23 75 7.65 6.87 5.44 75 6.58 6.22 5.29 76 7.96 7.05 5.47 76 6.83 6.40 5.34 77 8.28 7.23 5.51 77 7.11 6.59 5.39 78 8.63 7.40 5.54 78 7.40 6.78 5.44 79 9.01 7.58 5.56 79 7.72 6.98 5.48 80 9.41 7.76 5.59 80 8.07 7.18 5.52 81 9.84 7.93 5.61 81 8.45 7.38 5.55 82 10.30 8.10 5.62 82 8.86 7.58 5.58 83 10.79 8.27 5.63 83 9.30 7.78 5.60 84 11.31 8.42 5.64 84 9.78 7.98 5.62 85 and over 11.87 8.57 5.65 85 and over 10.30 8.16 5.63 55 $ 3.75 $ 3.89 $ 4.02 $ 4.14 $ 4.23 $ 4.29 $ 4.33 60 3.83 4.02 4.21 4.39 4.54 4.65 4.73 65 3.90 4.13 4.39 4.65 4.89 5.09 5.22 70 3.94 4.22 4.54 4.89 5.26 5.58 5.81 75 3.98 4.28 4.65 5.10 5.59 6.07 6.45 80 4.00 4.32 4.73 5.24 5.86 6.51 7.07 85 and over 4.01 4.34 4.77 5.34 6.04 6.84 7.58 The amount of the payment for any other combination of ages will be furnished by the Company on request. Monthly payment rates are based on an Assumed Investment Rate of 3.50% and the 1983 Table a with Projection Scale G. Mortality improvements are projected for 22 years plus the remaining life of the Annuitant. * See Section 11.9 ▇▇.▇.▇.▇▇. (1106) 21 55 $ 3.77 $ 3.74 $ 3.64 55 $ 3.48 $ 3.46 $ 3.41 56 3.85 3.82 3.70 56 3.54 3.52 3.47 57 3.9...
Alternate Variable Rate Basis. The Company may from time to time publish higher initial rates for variable payment plans under this contract. These higher rates cannot be used to increase payments under payment plans that have already started. When a variable payment plan is on an alternate rate basis, the Daily Adjustment Factor defined in Section 8.2 will be determined based on the Assumed Investment Rate used in calculating the alternate payment rate. PAYMENT RATE TABLES Monthly Income Payments Per $1,000 Contract Benefits First Payment Under Variable Payment Plan INSTALLMENT INCOME PLAN (OPTION B) -------------------------------------------------------------------------------- PERIOD MONTHLY PERIOD MONTHLY PERIOD MONTHLY (YEARS) PAYMENT (YEARS) PAYMENT (YEARS) PAYMENT -------------------------------------------------------------------------------- Years 1-4 11 $ 9.09 21 $ 5.56 Not Available 12 8.46 22 5.39 13 7.94 23 5.24 14 7.49 24 5.09 5 $ 18.12 15 7.10 25 4.96 6 15.35 16 6.76 26 4.84 7 13.38 17 6.47 27 4.73 8 11.90 18 6.20 28 4.63 9 10.75 19 5.97 29 4.53 10 9.83 20 5.75 30 4.45 -------------------------------------------------------------------------------- Guaranteed Fixed Payment Plans INSTALLMENT INCOME PLAN (OPTION B) -------------------------------------------------------------------------------- PERIOD MONTHLY PERIOD MONTHLY PERIOD MONTHLY (YEARS) PAYMENT (YEARS) PAYMENT (YEARS) PAYMENT -------------------------------------------------------------------------------- 1 $84.09 11 $8.42 21 $4.85 2 42.46 12 7.80 22 4.67 3 28.59 13 7.26 23 4.51 4 21.65 14 6.81 24 4.36 5 17.49 15 6.42 25 4.22 6 14.72 16 6.07 26 4.10 7 12.74 17 5.77 27 3.98 8 11.25 18 5.50 28 3.87 9 10.10 19 5.26 29 3.77 10 9.18 20 5.04 30 3.68 -------------------------------------------------------------------------------- NPV.1C.(0594) 12 PAYMENT RATE TABLES MONTHLY INCOME PAYMENTS PER $1,000 CONTRACT BENEFITS LIFE INCOME PLANS (Options C and E) ------------------------------------------------------------------- SINGLE LIFE MONTHLY PAYMENTS (Option C) ------------------------------------------------------------------- GUARANTEED FIXED PAYMENT OR FIRST PAYMENT UNDER VARIABLE PAYMENT PLAN ------------------------------------------------------------------- ADJUSTED CERTAIN PERIOD (YEARS) AGE* ZERO 10 20 ------------------------------------------------------------------- 55 $4.17 $4.14 $4.06 56 4.23 4.20 4.11 57 4.31 4.28 4.17 58 4.39 4.35 4.23 59 4.47 4.43 4.29 60 4.56 4.51 4.35 61 4.65 4.59 4.42 62 4.76 4.69 4.49 ...
Alternate Variable Rate Basis. The Company may from time to time publish higher initial rates for variable payment plans under this Contract. These higher rates will not be available to increase payments under payment plans already in effect.