Number of Accumulation Units. On the Issue Date, the number of Accumulation Units in each subaccount is equal to the Initial Purchase Payment amount allocated to that subaccount, divided by that subaccount’s Accumulation Unit Value. At the end of each Business Day, we adjust the number of Accumulation Units in each subaccount as follows. Additional Purchase Payments will increase the number of Accumulation Units. Withdrawals (including any Withdrawal Charges), transfers out of subaccounts, and the deduction of any Contract Charges will decrease the number of Accumulation Units. The change in the number of Accumulation Units is equal to the net amount allocated to or deducted from the subaccount, divided by that subaccount’s Accumulation Unit Value. Accumulation Unit Value We arbitrarily set the initial Accumulation Unit Value for each subaccount. At the end of each Business Day for each subaccount, we multiply the Accumulation Unit Value at the end of the prior Business Day by the percentage change in price of an Interim Fund(s) since the prior Business Day. The percentage change includes the market performance of the Interim Fund(s). L40538-01 [Admin. Tracking Identifier] Transfers During the Accumulation Phase, you can transfer the Contract Value in an Index Option into another Index Option by providing an Authorized Request. Transfers can only occur on the Index Effective Date and on subsequent Index Anniversaries by providing an Authorized Request. All Transfers are subject to the following: • We may limit Transfers until the end of the Right to Examine period. • Any Transfer request must comply with the Allocation Guidelines shown on the Contract Schedule. Suspension of Payments or Transfers We may suspend or postpone Transfers or payments for Withdrawals for any period when: • The New York Stock Exchange is closed, other than customary weekend and holiday closings. • Trading on the New York Stock Exchange is restricted. • An emergency, as determined by the Securities and Exchange Commission, exists as a result of which disposal of the Interim Fund(s) shares are not reasonably practicable or we cannot reasonably value the Interim Fund(s) shares. • During any other period when the Securities and Exchange Commission, by order, so permits for the protection of Owners.
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Samples: Allianz Life Variable Account B, Allianz Life Variable Account B
Number of Accumulation Units. On the Issue Date, the number of Accumulation Units in each subaccount is equal to the Initial Purchase Payment amount allocated to that subaccount, divided by that subaccount’s Accumulation Unit Value. At the end of each Business Day, we adjust the number of Accumulation Units in each subaccount as follows. Additional Purchase Payments and Transfers into a subaccount will increase the number of Accumulation Units. Withdrawals (including any Withdrawal Charges)Withdrawals, transfers Transfers out of subaccountsa subaccount, and the deduction of any Transfer Fee, Contract Charges Maintenance Charge or any charge associated with an attached rider as described in that rider will decrease the number of Accumulation Units. The change in the number of Accumulation Units is equal to the net amount allocated to or deducted from the subaccount, divided by that subaccount’s Accumulation Unit Value. L40537 5 Account Values continued from previous page Accumulation Unit Value We arbitrarily set the initial Accumulation Unit Value for each subaccount. At the end of each Business Day for each subaccount, we multiply the Accumulation Unit Value at the end of the prior Business Day by the percentage change in price value of an Interim Fund(s) Investment Option since the prior Business Day. The percentage change includes both the market performance of the Interim Fund(s)Investment Option and any applicable assessed charge associated with an attached rider as described in that rider. L40538-01 [Admin. Tracking Identifier] Transfers During Before the Accumulation PhaseAnnuity Date, you can transfer Transfer all or a part of the Contract Account Value in an Index Investment Option into another Index Investment Option within an Account, or into another Investment Option in another Account, by providing an Authorized Request. If we offer more than one Investment Option group in an Account, you can make Transfers can only occur into or out of these groups as long as you comply with any Investment Option restrictions shown on the Index Effective Date and Investment Options Contract Schedule. We may limit the number of Transfers that you can make. Each Contract Year, you are allowed the Number of Free Transfers Permitted shown on subsequent Index Anniversaries by providing an Authorized Requestthe Contract Schedule. We may charge a Transfer Fee for each Transfer you make in excess of the Number of Free Transfers Permitted. Transfers we make at the end of the Right to Examine period, Transfers made pursuant to a regularly scheduled Transfer, Transfers made between the same Investment Option in different Accounts, quarterly rebalancing Transfers, or other Transfers under programs specifically waiving the Transfer Fee are not counted in determining the application of the Transfer Fee. All Transfers are subject to the following: • . · Any Transfer Fee that we may impose is shown on the Contract Schedule. We deduct the Transfer Fee from the Investment Options from which the Transfer is made. If you are transferring from multiple Investment Options, we treat the Transfer as a single transfer, and we deduct any Transfer Fee proportionately from the Investment Options. If you Transfer the total amount in the Investment Option, then we deduct the Transfer Fee from the amount transferred. The deduction of the Transfer Fee reduces the Account Values by the dollar amount deducted. We deduct the Transfer Fee from the Account Values at the end of the Business Day that we process the transfer request. · We may limit Transfers until the end of the Right to Examine period. • · Any Transfer request must clearly specify the amount you wish to Transfer and the Accounts and Investment Options involved. Your right to make Transfers is subject to modification if we determine, at our sole discretion, that the exercise of the right by one or more Owners is, or would be, to the disadvantage of other Owners. We may apply restrictions in any manner reasonably designed to prevent any use of this Transfer privilege which we consider to be to the disadvantage of other Owners, including rejecting a Transfer request. We may apply restrictions on Transfers into or out of one or more of the Investment Options, which could include, but are not limited to, the following. · Requiring a minimum time period between each Transfer. · Limiting the frequency of Transfers. · Not accepting a Transfer request from, or made on your behalf by, a third party. · Limiting the dollar amounts that an Owner can Transfer between the Investment Options at any one time. · Not accepting Transfer instructions other than by first class U.S. mail. · Prohibiting Transfers into specific Investment Options. We may, without prior notice to any party, take whatever action we deem appropriate to comply with any state or federal regulatory requirement. In addition, purchase orders for an Investment Option’s shares are subject to acceptance by that Investment Option’s manager. We reserve the Allocation Guidelines shown on right to reject, without prior notice, any Investment Option Transfer request or Purchase Payment if the Contract Schedulepurchase order is rejected by the investment manager. We have entered into agreements required under SEC Rule 22c-2 with the investment managers. Under the terms of the agreements we must restrict trading activity upon request. L40537 6 Transfers continued from previous page If you use this Transfer privilege, we are not liable for Transfers made in accordance with your instructions. We determine the number and value of the subaccount Accumulation Units to be transferred as of the end of the Business Day immediately following our receipt of the Authorized Request for Transfer. Suspension of Payments payments or Transfers We may suspend or postpone Transfers or payments for Withdrawals from the Variable Account for any period when: • · The New York Stock Exchange is closed, other than customary weekend and holiday closings. • · Trading on the New York Stock Exchange is restricted. • · An emergency, as determined by the Securities and Exchange Commission, exists as a result of which disposal of the Interim Fund(s) Investment Option shares are is not reasonably practicable or we cannot reasonably value the Interim Fund(s) Investment Option shares. • · During any other period when the Securities and Exchange Commission, by order, so permits for the protection of Owners.
Appears in 1 contract
Samples: Allianz Life Variable Account B
Number of Accumulation Units. On the Issue Date, the number of Accumulation Units in each subaccount is equal to the Initial Purchase Payment amount allocated to that subaccount, divided by that subaccount’s Accumulation Unit Value. At the end of each Business Day, we adjust the number of Accumulation Units in each subaccount as follows. Additional Purchase Payments will increase the number of Accumulation Units. Withdrawals (including any Withdrawal Charges), transfers out of subaccounts, and the deduction of any Contract Charges will decrease the number of Accumulation Units. The change in the number of Accumulation Units is equal to the net amount allocated to or deducted from the subaccount, divided by that subaccount’s Accumulation Unit Value. Accumulation Unit Value We arbitrarily set the initial Accumulation Unit Value for each subaccount. At the end of each Business Day for each subaccount, we multiply the Accumulation Unit Value at the end of the prior Business Day by the percentage change in price of an Interim Fund(s) since the prior Business Day. The percentage change includes the market performance of the Interim Fund(s). L40538-01 [Admin. Tracking Identifier] Transfers During the Accumulation Phase, you can transfer the Contract Value in an Index Option into another Index Option by providing an Authorized Request. Transfers can only occur on the Index Effective Date and on subsequent Index Anniversaries by providing an Authorized Request. All Transfers are subject to the following: • We may limit Transfers until the end of the Right to Examine period. • Any Transfer request must comply with the Allocation Guidelines shown on the Contract Schedule. Suspension of Payments or Transfers We may suspend or postpone Transfers or payments for Withdrawals for any period when: • The New York Stock Exchange is closed, other than customary weekend and holiday closings. • Trading on the New York Stock Exchange is restricted. • An emergency, as determined by the Securities and Exchange Commission, exists as a result of which disposal of the Interim Fund(s) shares are not reasonably practicable or we cannot reasonably value the Interim Fund(s) shares. • During any other period when the Securities and Exchange Commission, by order, so permits for the protection of Owners.. Contract Charges
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