Variable Accumulated Value Sample Clauses

Variable Accumulated Value. The Variable Accumulated Value is the sum of the Accumulated Value in each Variable Account. We calculate the Accumulated Value in each Variable Account as follows. Assets in each Variable Account are divided into Accumulation Units, which are measures of value for bookkeeping purposes. We credit Accumulation Units to each Variable Account as a result of: • The amount of any Net Premium received and allocated to the Variable Account; and • Transfers to the Variable Account, including transfers from the Loan Account. We debit Accumulation Units from each Variable Account as a result of: • Transfers from the Variable Account, including transfers to the Loan Account; and • Account Deductions from the Variable Account. To determine the number of Accumulation Units debited or credited to a Variable Account as a result of a transaction, we divide the dollar amount of the transaction by the Unit Value of the affected Variable Account. To determine your Accumulated Value in each Variable Account, we multiply the number of Accumulation Units in the Variable Account by the Unit Value of the Variable Account. The number of Accumulation Units in each Variable Account will not change because of subsequent changes in Unit Value.
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Variable Accumulated Value. The Variable Accumulated Value is the sum of the Accumulated Value in each Variable Account. This subsection describes how we calculate the Accumulated Value in each Variable Account. Assets in each Variable Account are divided into Accumulation Units, which are measures of value used for bookkeeping purposes. We credit your policy with Accumulation Units in each Variable Account as a result of: · the amount of any Net Premium received and allocated to the Variable Account; and · transfers of Accumulated Value to the Variable Account, including transfers from the Loan Account. We debit Accumulation Units in each Variable Account as a result of: · transfers from the Variable Account, including transfers to the Loan Account; · surrender and withdrawals from the Variable Account; and · the monthly deduction and other deductions due, if any, and assessed against the Variable Account. To determine the number of Accumulation Units debited or credited for a transaction, we divide the dollar amount of the transaction by the Unit Value of the affected Variable Account. To determine your Accumulated Value in each Variable Account, we multiply the number of Accumulation Units in the Variable Account by the Unit Value of the Variable Account. The number of Accumulation Units in each Variable Account will not change because of subsequent changes in Unit Value. The Unit Value of each Variable Account initially was $10. The Unit Value of each Variable Account is determined on each Valuation Date. To calculate the Unit Value of a Variable Account on any Valuation Date, we adjust the Unit Value from the previous Valuation Date for: · any dividends or distributions paid to the Variable Account; · the investment performance of the Variable Account, which is based on the investment performance of the corresponding portfolio and includes expenses related to the portfolio’s management; · charges, if any, that may be assessed by us for income taxes attributable to the operation of the Variable Account. Loan Account – The Loan Account is the amount set aside to secure Policy Debt. We will credit interest to the Loan Account on a daily basis using a 365-day year, at a rate equivalent to the annual rate shown in the Policy Specifications as the Minimum Guaranteed Interest Rate for Fixed Options. At our discretion, we may credit a higher rate of interest on the Loan Account. The amount in the Loan Account on any Valuation Date is the following, including interest on each: · the amou...
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Variable Accumulated Value. On the business day on or next following the day we receive a completed application and the minimum initial premium, the variable accumulated value is the total amount of premium, if any, allocated to the subaccounts of the variable account. After such date, the policy's variable accumulated value is equal to the sum of the policy's accumulated value in each subaccount. The value in a subaccount is equal to a) multiplied by b) where: a) is the current number of subaccount units; and b) is the current unit value. The variable accumulated value will vary from business day to business day reflecting changes in a) and b) above.
Sample 1
Variable Accumulated Value. The Variable Accumulated Value is the sum of the value of the Policy’s allocations to each Variable Account. The rest of this section describes how we calculate the value of the Policy’s allocations to each Variable Account. The value of the Policy’s allocations to each Variable Account is equal to the Policy’s number of units in that Variable Account multiplied by the unit value of that Variable Account on that day. Units are a measure of value for bookkeeping purposes. We credit units to each Variable Account as a result of: • the amount of any Net Premium received and allocated to the Variable Account; and • transfers to the Variable Account, including transfers from the Loan Account. We debit units to each Variable Account as a result of: • transfers from the Variable Account, including transfers to the Loan Account; • Surrenders and withdrawals from the Variable Account; and • the Monthly Deduction and other deductions due, if any, and assessed against the Variable Account. To determine the number of units debited or credited to a Variable Account as a result of a transaction, we divide the dollar amount of the transaction allocated to the Variable Account by the Unit Value of the Variable Account. The number of units in each Variable Account will not change solely due to a change in Unit Value. Unit Value — The initial Unit Value of each Variable Account was $10 on the day the Variable Account began operations. At the end of each subsequent Valuation Day, the Unit Value for each Variable Account is equal to (Y) times (Z) where:
Sample 1

Related to Variable Accumulated Value

  • Variable Accumulation Period The Controlled Accumulation Period is scheduled to commence on the Stated Controlled Accumulation Period Commencement Date; provided, however, that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date is different from the Initial Scheduled Controlled Accumulation Period Length, the Servicer, at its option on any Determination Date prior to the commencement of the Controlled Accumulation Period, may elect to modify the date on which the Controlled Accumulation Period actually commences to the last Business Day of any Due Period that precedes the Due Period that is the number of Due Periods prior to the Expected Final Payment Date equal to the Controlled Accumulation Period Length. Such election will be set forth in the Monthly Servicer Certificate. If the Servicer elects to modify the date on which the Controlled Accumulation Period commences pursuant to this Section 19, then on each Determination Date thereafter until the date on which the Controlled Accumulation Period commences the Servicer will recalculate the Controlled Accumulation Period Length; provided, however, that (i) the length of the Controlled Accumulation Period will not be less than the Minimum Controlled Accumulation Period Length and (ii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after a Rapid Amortization Event (as described herein or in the applicable Series Supplement) shall have occurred for so long as it is continuing with respect to any Series in the Group to which the Series established hereby belongs. On each Determination Date, the Servicer will determine the "Controlled Accumulation Period Length" that will equal the number of Due Periods such that the Class Controlled Accumulation Amount for the Due Period related to the Class Expected Final Payment Date, when aggregated with the Class Controlled Accumulation Amounts for each preceding Due Period, will equal or exceed the Series Initial Investor Interest. Any notice by the Servicer electing to modify the commencement of the Controlled Accumulation Period pursuant to this Section 19 shall specify the following as determined on such Determination Date: (i) the Controlled Accumulation Period Length; (ii) the commencement date of the Controlled Accumulation Period; and (iii) the Class Controlled Accumulation Amount with respect to each class of such Series with respect to each Due Period. If the Controlled Accumulation Period Length as recalculated on any such Determination Date exceeds the number of full Due Periods following such Determination Date and preceding the Class A Expected Final Payment Date, the commencement date of the Controlled Accumulation Period will be such Determination Date.

  • Maximum Accumulation Maximum accumulation amounts apply only to the amount of annual leave that may be carried over from one leave year to the next, and do not limit accumulated leave balances during the leave year.

  • Make-Whole Amount The term “

  • Adjustment of Conversion Price The Conversion Price shall be subject to adjustment from time to time as follows:

  • Sick Leave Accumulation Employees shall be credited with sick leave at the rate of 8 (eight) days per year. The maximum number of days that employees may accrue is as follows: 2020-2023 60 days Sick days are non-compensable at the time of termination of employment.

  • VARIABLE INTEREST RATE The interest rate on this Note is subject to change from time to time based on changes in an index which is the BOKF National Prime Rate, described as the rate of interest set by BOK Financial Corporation, in its sole discretion, on a daily basis as published by BOK Financial Corporation ("BOKF") from time to time (the "Index"). The Index is not necessarily the lowest rate charged by Lender on its loans and is set by Lender in its sole discretion. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower's request. The interest rate change will not occur more often than each day. Borrower understands that Lender may make loans based on other rates as well. The Index currently is 4.000% per annum. Interest on the unpaid principal balance of this Note will be calculated as described in the "INTEREST CALCULATION METHOD" paragraph using a rate of 0.500 percentage points under the Index, adjusted if necessary for any minimum and maximum rate limitations described below, resulting in an initial rate of 3.500% per annum based on a year of 360 days. NOTICE: Under no circumstances will the interest rate on this Note be less than 3.500% per annum or more than the maximum rate allowed by applicable law. INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method.

  • Vacation Accumulation (a) Vacations are not cumulative from year to year.

  • Limitation on Aggregate Principal Amount The aggregate principal amount of the Notes shall not be limited. The Company shall not execute and the Trustee shall not authenticate or deliver Notes except as permitted by the terms of the Indenture.

  • Interest Limitation It is the intention of the Company to conform strictly to all applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and (ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to refer to such applicable law as so amended to allow the greater amount or rate of interest. The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security.

  • No Adjustment of Conversion Price No adjustment in the Conversion Price of a particular series of Preferred Stock shall be made in respect of the issuance of Additional Shares of Common unless the consideration per share (as determined pursuant to paragraph 4(d)(v)) for an Additional Share of Common issued or deemed to be issued by the Corporation is less than the Conversion Price in effect on the date of, and immediately prior to such issue, for such series of Preferred Stock.

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