Annual Payment Option Sample Clauses
The Annual Payment Option clause allows a party to fulfill its payment obligations for a service or product by making a single lump-sum payment each year, rather than paying in monthly or quarterly installments. This clause typically outlines the timing, method, and amount of the annual payment, and may specify any discounts or administrative requirements associated with choosing this option. Its core practical function is to provide flexibility in payment arrangements, often simplifying accounting and potentially offering cost savings for the paying party.
Annual Payment Option. If you choose to automatically renew your Telematics Services subscription and to pay the Subscription Fee on an annual basis, we will charge your account in the amount of $ beginning on the Scheduled Expiration Date and annually thereafter, unless you cancel your Telematics Services subscription by calling us at ▇-▇▇▇-▇▇▇-▇▇▇▇. If you purchased an annual Telematics Services subscription and it is cancelled for any reason, we will prorate the amount owed or to be refunded as of the date of cancellation, without any deductions. Any refund shall be processed immediately by us. If you provide us with your credit or debit card number, we will credit the amount of your refund to the card account you originally used to purchase the Service Plan. If either there is no valid credit or debit card number on file, or the card number on file for your account is different from the card against which the purchase was originally made, we will send you a check to the address we have on file for you in the amount to be refunded via U.S. mail.
Annual Payment Option. 1. The prize amount of a Jackpot Prize winner electing the Annual Payment option shall be the Annuitized Jackpot Prize amount, as determined by the Mega Millions Lotteries, divided by the number of total Jackpot Prize
Annual Payment Option. 1. The prize amount of a Jackpot Prize winner electing the Annual Payment option shall be the Annuitized Jackpot Prize amount, as determined by the Mega Millions Lotteries, divided by the number of total Jackpot Prize winning MM Plays and ▇▇ Plays in all Participating Lotteries. If a Jackpot Prize winner elects the Annual Payment option, his or her share of the Jackpot Prize will be paid in thirty graduated annual installments, each less applicable withholding taxes. The Florida Lottery will make the initial and any subsequent payments of a prize upon receipt of funds for such prize from MUSL. The initial payment shall be paid upon completion of internal validation procedures. The subsequent twenty-nine payments shall be paid annually to coincide with the month of the Federal auction date at which the bonds were purchased to fund the annuity. Payments shall escalate by a factor of five percent annually, and annual payments shall be rounded down to the nearest even one-thousand-dollar increment. All such payments shall be made within seven days of the anniversary of the annual auction date.
2. If individual winners’ shares of the cash held to fund Annual Payments are less than $250,000.00, the Product Group is authorized to pay the winners their share of the cash held in the Jackpot Prize pool.
3. Annuitized payment of the Jackpot Prize or a share of the Jackpot Prize will be rounded to facilitate the purchase of an appropriate funding mechanism. Rounding differences on an annuitized Jackpot Prize win shall be added to the first cash payment to the winner or winners. Prizes other than the Jackpot Prize, which under this rule may become single-payment, pari-mutuel prizes, will be rounded down so that prizes can be paid in multiples of whole dollars. Rounding differences resulting from rounding these prizes shall be carried forward to the MEGA MILLIONS Prize Pool for the next drawing.
4. In the event of the death during the annuity payment period of a MEGA MILLIONS winner who elected the Annual Payment option, the estate of the deceased winner (the “Estate”) may file a petition with the Florida Lottery to accelerate payment of all the remaining prize proceeds to the Estate. Such petition will be forwarded by the Florida Lottery to MUSL for processing. MUSL will decide, in its sole discretion, whether or not to grant the payment, and if so, the form of such payment, whether in securities or cash.
Annual Payment Option. If payment is not received on or before July2, the discount will be forfeited. The family will be contacted by the school office within five working days of the late payment and alternative payment options will be offered. If this alternative is not honored, all tuition payments shall be made through FACTS Tuition Management.
Annual Payment Option. If you choose to automatically renew your Telematics Services subscription and to pay the annual Subscription Fee on an annual basis, we will charge your account in the amount of $ plus applicable taxes beginning on the Scheduled Expiration Date and annually thereafter, unless you cancel your Telematics Services subscription by calling us at 1- 888-869-6828.Your continued use of the Service shall constitute your consent to any renewal. If you purchased a Telematics Services subscription and it is cancelled for any reason, we will prorate the amount owed or to be refunded as of the date of cancellation, without any deductions. Any refund shall be processed immediately by us. If you provide us with your credit or debit card number, we will credit the amount of your refund to the card account you originally used to purchase the Service Plan. There will be no prorated refund if you are paying for your Services on a month-to-month basis. Your services will continue until the end of the month in which you cancelled, and then the Service Plan will terminate.
Annual Payment Option. At the sole election of Chiron, one or more monthly annuity payments otherwise due and payable to Green or his spouse during a calendar year may instead be paid in one annual installment before the end of that calendar year. However, such annual installment shall also include an interest component on each deferred monthly annuity payment at the rate of six percent (6%) per annum for the period between the date that monthly annuity payment would have otherwise become due and payable to Green or his spouse in the absence of Chiron's payment election hereunder and the actual date of payment.