Common use of Purchase Payment and Contract Value Clause in Contracts

Purchase Payment and Contract Value. Purchase Payment The “Purchase Payment” is the amount we receive for your Contract, as shown on the Contract Schedule, and is due on the Contract Date. Unless we approve otherwise, the maximum Purchase Payment that we will accept for your Contract is $1,000,000. No Purchase Payment will be accepted after the Contract Date. Contract Value The “Contract Value” at any time is equal to the sum of the Segment Values. Interim Value The “Interim Value” at any time is equal to the sum of the Segment Interim Values. Segment Value The “Segment Value” of a Segment Option at any time is determined based on the provisions of the applicable Strategy Endorsement. Segment Interim Value The “Segment Interim Value” of a Segment Option at any time is determined based on the provisions of the Interim Value Endorsement.