Free Withdrawal Allowance Sample Clauses

Free Withdrawal Allowance. The Free Withdrawal Allowance is the total amount or amounts that may be taken as a withdrawal or surrender during a Contract Year without an Early Withdrawal Charge that might otherwise apply. For the first Contract Year, it is equal to Free Withdrawal Percentage multiplied by the total Purchase Payments received by us. For each subsequent Contract Year, it is equal to the Free Withdrawal Percentage multiplied by the sum of the Account Value as of the most recent Contract Anniversary plus all Purchase Payments received by us since that Contract Anniversary. The Free Withdrawal Percentage is set out on the Contract Specifications page. You may not carry over any unused part of your Free Withdrawal Allowance from one Contract Year to the next.
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Free Withdrawal Allowance. After the first Contract Year, You may withdraw up to 15% of Your Contract value annually as of the first Valuation Date of any given Contract Year without imposition of the withdrawal charge. (If You have Purchase Payments no longer subject to the withdrawal charge, the maximum You may withdraw without the withdrawal charge is the greater of (a) the free withdrawal allowance or (b) the total amount of Purchase Payments no longer subject to a withdrawal charge. Note: Any free withdrawal taken will reduce Purchase Payments no longer subject to a withdrawal charge.) The available amount will be calculated as of the end of the previous Contract Year. The free withdrawal allowance applies to any partial withdrawals and to full withdrawals, except those transferred directly to annuity contracts issued by unaffiliated carriers and financial institutions. The free withdrawal amount is not cumulative from year to year. [Provided a minimum initial Purchase Payment of $50,000 has been received, We will allow the 15% free withdrawal allowance during the first Contract Year if taken under Our systematic withdrawal program.] SETTLEMENT OPTION ELECTION: You cannot elect a settlement option during the first Contract Year.
Sample 1Sample 2
Free Withdrawal Allowance. The Free Withdrawal Allowance is the total amount or amounts that may be taken as a withdrawal or surrender during a Contract Year without an Early Withdrawal Charge that might otherwise apply. For the first Contract Year, it is equal to Free Withdrawal Percentage multiplied by the total Purchase Payments received by us. For each subsequent Contract Year, it is equal to the Free Withdrawal Percentage multiplied by the sum of the Account Value as of the most recent Contract Anniversary plus all Purchase Payments received by us since that Contract Anniversary. The Free Withdrawal Percentage is set out on the Contract Specifications page. You may not carry over any unused part of your Free Withdrawal Allowance from one Contract Year to the next. CASH BENEFIT Surrender You may surrender this Contract in full at any time before the earlier of: 1) the Annuity Payout Initiation Date; or 2) a death for which a Death Benefit is payable. A surrender must be made by a
Sample 1
Free Withdrawal Allowance. After the first Contract Year, You may withdraw up to 15% of Your contract value annually as of the first Valuation Date of any given Contract Year without imposition of the contingent deferred sales charge. (If You have Purchase Payments no longer subject to the contingent deferred sales charge, the maximum You may withdraw without the contingent deferred sales charge is the greater of (a) the free withdrawal allowance, or (b) the total amount of Purchase Payments no longer subject to a contingent deferred sales charge. Note: Any free withdrawal taken will reduce Purchase Payments no longer subject to a contingent deferred sales charge.) The available amount will be calculated as of the end of the previous Contract Year. The free withdrawal allowance applies to any partial withdrawals and to full withdrawals, except those transferred directly to annuity contracts issued by unaffiliated carriers and financial institutions. We allow the 15% free withdrawal allowance during the first Contract Year if taken under the systematic withdrawal program.
Sample 1

Related to Free Withdrawal Allowance

  • Partial Withdrawals At any time any Holder shall be entitled to request a withdrawal of such portion of the Interest held by such Holder as such Holder shall request.

  • Withdrawal from Agreement A. Any Fund may elect to withdraw from this Agreement effective at the end of any monthly period by giving at least 90 days’ prior written notice to each of the parties to this Agreement. Upon the written demand of all other Funds which are parties to this Agreement a Fund shall withdraw, and in the event of its failure to do so shall be deemed to have withdrawn, from this Agreement; such demand shall specify the date of withdrawal which shall be at the end of any monthly period at least 90 days from the time of service of such demand.

  • Distribution Upon Withdrawal No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

  • In-Service Withdrawals If elected in the Adoption Agreement, an Employer may elect to permit a Participant in the Plan to make an in-service withdrawal, subject to any limitation(s) specified in the Adoption Agreement.

  • Plan Withdrawals The Borrower or any member of the Controlled Group as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in an annual amount exceeding $1,000,000;

  • Voluntary Withdrawal No Member shall have the right or power to Voluntarily Withdraw from the Company and any Member who shall voluntarily withdraw shall be in intentional breach of this Agreement. No Member who shall Voluntarily Withdraw shall be entitled to receive, in liquidation of his Interest, pursuant to Section 25-10 of the Act or otherwise, the fair value of the Member’s Interest on the date of Voluntary Withdrawal.

  • No Withdrawal No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement.

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • Notice of Final Withdrawal Promptly after receipt by the Paying Agent of notice that the Escrow Agent has requested a Final Withdrawal or that a Final Withdrawal will be made, the Paying Agent shall cause notice of the distribution of the Final Withdrawal to be mailed to each of the Receiptholders at its address as it appears in the Register. Such notice shall be mailed not less than 15 days prior to the Final Withdrawal Date. Such notice shall set forth:

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:

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