BAILOUT Clause Samples

BAILOUT. We will provide you Notice of the final Cap Rate for each Cycle Type You are invested. If the final Cap Rate is less than satisfactory to You, You will be eligible to bailout of the Cycle investment, regardless of whether it is an initial Cycle investment or a renewal from a maturing Cycle. You must provide Us Notice within ten Business Days from the day we send You Notice of the final Cap Rate. You must instruct Us where to reallocate your investment. The amount of Your bailout proceeds will equal the amount You allocated to the Cycle on the Cycle Start Date and will not be subjected to any charges unless you take a partial withdrawal, in which case, You will be subject Surrender Charges, if applicable. If You do not exercise Your right to bailout within ten Business Days of Our Notice to You, then Your Contract Value invested in the Cycle will be subjected to the Cycle Investment Unit Value for the duration of the Cycle Term. Transfers from a Cycle to the Variable Account or to another Cycle prior to the Cycle Maturity Date will be calculated as described in the CYCLE INVESTMENT UNIT VALUE ON EACH BUSINESS DAY DURING THE CYCLE TERM section of this Endorsement. The Buffer Rate or Floor Rate will not apply to the amount transferred. You may request a withdrawal from a Cycle before its Cycle Maturity Date by providing Us Written Notice. If You have invested in multiple Cycles, You must specify in the Written Notice the Cycle from which We should effect the withdrawal. Withdrawal requests will be processed the Business Day they are received. The amount payable will be determined using the Cycle Investment Unit Value as of the close of that Business Day. For withdrawal requests received after the close of trading, the next Business Day will be used. Any applicable Surrender Charge will affect the amount available for withdrawal. For each Cycle, We will establish the Cycle Investment Unit Value on the Cycle Start Date, and calculate the Cycle Investment Unit Value on each Business Day and on the Cycle Maturity Date. The methods used to calculate the Cycle Investment Unit Value on each Business Day and on the Cycle Maturity Date are different. For each Cycle, on its Cycle Start Date, We set the initial Cycle Investment Unit Value at $[10.00]. For each Cycle, We determine its Cycle Investment Unit Value as of each Business Day based on the Fair Value provided by the Fair Value Calculation Agent and the Proportional Cap Rate, if applicable. Once We receive the es...