Specified Payment Sample Clauses
A Specified Payment clause defines a predetermined amount of money that one party must pay to the other under certain conditions outlined in the contract. This clause typically applies in situations such as early termination, breach of contract, or failure to meet specific obligations, where the payment amount is agreed upon in advance to avoid disputes. Its core practical function is to provide certainty and streamline the resolution process by clearly stating the financial consequences of particular events, thereby reducing the risk of litigation and ensuring both parties understand their potential liabilities.
Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage shown on Contract Schedule I times the Current Value at time of election. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum initial payment amount;
Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage of the Certificate Holder's Account Value at time of the election as shown on the Contract Schedule. This annual dollar amount will remain constant. At our discretion, We may require a minimum payment amount; or
Specified Payment. Payments of a designated Option (SWO) (Cont'd): dollar amount. The annual amount may not be greater than the percentage of the Account's Current Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. The minimum SWO payment amount is shown on Contract Schedule I. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage of the Account's Current Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. The minimum SWO payment amount is shown on Contract Schedule I. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
Specified Payment. Payments of a designated dollar amount. The annual amount may not be greater than the percentage shown on Contract Schedule I times the Current Value at time of election. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum initial payment amount; (2) Specified Period: Payments which are made over a period of time which must be at least 10 years. The annual amount paid each year is calculated by dividing the Current Value as of December 31 of the prior year by the number of payment years remaining; or G2-MGA-95 13 3.05 Systematic Withdrawal (3) Specified Percentage: Payment Option (SWO): of a designated percentage (Cont'd) which cannot be greater than the percentage shown on Contract Schedule I. The percentage may be changed by written request. Aetna reserves the right to limit the number of times the percentage may be changed. The annual amount is calculated by multiplying the Current Value as of December 31 of the year prior to the payment by the designated percentage. Payments upon the Certificate Holder's or Annuitant's death will be made to the Beneficiary in the manner described in 3.07.
Specified Payment. Payments of a designated Withdrawal dollar amount. The annual amount may not be Option (SWO) greater than the percentage of the Current (Cont'd): Value on the date of the SWO election as shown on Contract Schedule I. This annual dollar amount will remain constant. At its discretion, Aetna may require a minimum payment amount. If SWO payments are made more frequently than annually, the designated annual amount is divided by the number of payments due each year; or
Specified Payment. Payments of a designated annual dollar amount. The annual amount may not be greater than the percentage of the Current Value at time of election as shown on Contract Schedule I. This amount will remain constant unless a higher amount is required under Code minimum distribution rules. Each year that the specified payment is in effect, Aetna will calculate the minimum required distribution by dividing the Individual Account(s) Current Value as of December 31 of the year prior to the payment year by a life expectancy factor, and distribute this amount if it is larger than the specified payment.
Specified Payment. Section 6.02(a) Specified Payments ........................................................................................... Section 6.02(a) Stations ..........................................................................................................................