Payout Phase Sample Clauses
The PAYOUT PHASE clause defines the period or process during which payments are made under an agreement, typically following the fulfillment of certain conditions or milestones. In practice, this clause outlines when and how funds will be disbursed, such as after project completion, delivery of goods, or achievement of specific performance targets. Its core function is to provide a clear framework for the timing and method of payments, ensuring both parties understand their financial obligations and reducing the risk of disputes over payment schedules.
Payout Phase. The payout phase begins as of the Annuity Date. The Certificate Owner(s) will authorize transfer of the Account Value to us as of the Annuity Date and we will begin making income payments. We will continue to make payments to the Certificate Owner(s) while any Participant is living. There are two income provisions: Guaranteed Income and Base Income. Only one income provision may be elected per Certificate. Guaranteed Income payments start if the Account Value falls below the minimum Account Value as shown on the Data Pages or the Withdrawal Guarantee, or if the older of the Participant or any Joint Participant reaches the maximum annuity age shown on the Data Pages. The Certificate Owner(s) has the right at any time prior to the Annuity Date to elect Base Income by transferring the Account Value to us.
Payout Phase. Payout Phase Defined The "Payout Phase" is the second of the two phases during your Contract. During this phase the Contract Value adjusted by any Market Value Adjustment and less any applicable taxes is applied to the Income Plan you choose and is paid out as provided in that plan. The Payout Phase begins on the Payout Start Date. It continues until we make the last payment as provided by the Income Plan chosen. Payout Start Date The "Payout Start Date" is the date the Contract Value adjusted by any Market Value Adjustment and less any applicable taxes is applied to an Income Plan. The anticipated Payout Start Date is shown on the Annuity Data Page. You may change the Payout Start Date by writing to us at least 30 days prior to this date. The Payout Start Date must be at least 30 days after the Issue Date, and occur on or before the later of: # the Annuitant's 90th birthday; or # the 10th anniversary of this Contract's issue date. Income Plans An "Income Plan" is a series of payments on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date adjusted by any Market Value Adjustment and less any applicable taxes, will be applied to your Income Plan choice from the following list. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value (adjusted by any Market Value Adjustment and less any applicable taxes) should be allocated to each Income Plan.
Payout Phase. Payout Phase The period of this Contract that begins on the Payout Start Date (unless the Contract is terminated before then) and continues until the last Income Plan payment is made. Payout Start Date The Payout Start Date is the date the Interim Value (if during the Investment Option Period), the Maturity Value (at expiration of the Investment Option Period), or Access Account Value (during the Access Account Period), less any applicable Taxes is applied to an Income Plan. LU10974 Page 14 (5/10) The Payout Start Date must be at least 13 months after the Issue Date, and occur on or before the Contract Maturity Date. Income Plan The Interim Value (if during the Investment Option Period), the Maturity Value (at expiration of the Investment Option Period), or Access Account Value (during the Access Account Period), less any applicable Taxes, will be applied to the Income Plan below. The monies applied to the Income Plan under this Contract will not be less than the minimum benefits required by any statute of the state in which the Contract is delivered.
Payout Phase. Payout Phase Defined The "Payout Phase" is the second of the two phases during your Contract. The Payout Phase begins on the Payout Start Date. It continues until we make the last payment as provided by the Income Plan(s) chosen. Payout Start Date The "Payout Start Date" is the date the Contract Value adjusted by any Market Value Adjustment and less any applicable taxes is applied to an Income Plan. The anticipated Payout Start Date is shown on the Annuity Data Page. You may change the Payout Start Date by writing to us at least 30 days prior to this date. The anticipated Payout Start Date is the later of: * the Annuitant's 99th birthday; or * the 10th anniversary of the Issue Date. Income Plans An "Income Plan" is a series of payments to be made on a scheduled basis to you or to another person designated by you. The Contract Value on the Payout Start Date adjusted by any Market Value Adjustment and less any applicable taxes, will be applied to your Income Plan choice from the following list. You may choose more than one Income Plan. If you choose more than one Income Plan, you must specify what proportions of your Contract Value, adjusted by any Market Value Adjustment and less any applicable taxes, should be allocated to each Income Plan. For tax reporting purposes, your cost basis and any gain on the Contract will be allocated proportionately to each Income Plan chosen based on the proportion of your Contract Value applied to each Income Plan. We reserve the right to limit the number of Income Plans that you may select. Income Plan 1 - Life Income with Guaranteed Number of Payments We will make payments for as long as the Annuitant lives. If the Annuitant dies in the Payout Phase, we will continue to pay income payments until the guaranteed number of payments have been paid. The number of months guaranteed ("Guaranteed Payment Period") may range from 0 to 360 months. If the Annuitant is age 90 or older as of the Payout Start Date, the Guaranteed Payment Period may range from 60 to 360 months. Income Plan 2 - Joint and Survivor Life Income with Guaranteed Number of Payments We will make payments for as long as either the Annuitant or joint Annuitant, named at the time of Income Plan selection, lives. If both the Annuitant and the joint Annuitant die in the Payout Phase, we will continue to pay income payments until the guaranteed number of payments have been paid. The Guaranteed Payment Period may range from 0 to 360 months. If either the Annuitant or jo...
Payout Phase. The “Payout Phase” is the second of the two phases of this Contract. The Payout Phase begins on the Payout Start Date. It continues until we make the last payment as provided by the Income Plan chosen. Payout Start Date The “Payout Start Date” is the date the Contract Value less any applicable taxes is applied to an Income Plan. The anticipated Payout Start Date is shown on the Annuity Data Page. You may change the Payout Start Date by writing to us at least 30 days before the new Payout Start Date. The Payout Start Date must be at least 30 days after the Issue Date, and occur on or before the later of: □ The Annuitant’s 90th birthday; or □ The 10th Contract Anniversary.
Payout Phase. The payout phase begins as of the Annuity Date. You will authorize transfer of the Account Value to us and we will begin making annuity payments. We will continue to make payments while any Participant is living. There are two annuity provisions. Guaranteed Income and Base Income. Only one provision may be elected. Guaranteed Income starts if the Account Value falls below the minimum Account Value as shown on the Data Pages or the Withdrawal Guarantee, or if the older of the Participant or any Joint Participant reaches the maximum annuity age shown on the Data Pages. You have the right at any time to elect a Base Income level by transferring the Account Value to us.
Payout Phase. The period of this Contract that begins on the Payout Start Date and continues until the last Income Plan payment is made.
Payout Phase. PAYOUT PHASE DEFINED The "Payout Phase" is the second of the two phases during your Contract. During this phase the Contract Value less any applicable taxes is applied to the Income Plan you choose and is paid out as provided in that plan. The Payout Phase begins on the Payout Start Date. It continues until we make the last payment as provided by the Income Plan chosen. PAYOUT START DATE The "Payout Start Date" is the date the Contract Value less any applicable taxes is applied to an Income Plan. The anticipated Payout Start Date is shown on the Annuity Data Page. You may change the Payout Start Date by writing to us at least 30 days prior to this date. The Payout Start Date must be on or before the later of: