Xxxxx'x Corporate Bond Yield Averages-Monthly Average Corporates Sample Clauses

Xxxxx'x Corporate Bond Yield Averages-Monthly Average Corporates published by Xxxxx'x Investors Services, Inc., or any successor thereto for the calendar month ending two months before the date of application for an accelerated payment; and (b) the contract's Guaranteed Annual Interest Rate for the Fixed Account rate plus 1%. No Withdrawal Charge will apply when you receive an Accelerated Death Benefit. TERMINAL CONDITION OPTION This option provides that the Accelerated Death Benefit will be paid to you in equal monthly installments for 12 months. For each $1,000 of Accelerated Death Benefit, each payment will be at least $84.65. This assumes an annual interest rate of 3.5%. If the Insured dies before all the payments have been made, We will pay the Beneficiary in one sum. The one sum payment will be the present value of the payments that remain. We will compute the value based on the interest rate We used to determine those payments. If you do not want monthly payments, We will pay you the Accelerated Death Benefit in one sum if you ask Us to, using the process described in the Amount of Accelerated Death Benefit provision. CHRONICALLY ILL PAYMENT OPTION This option provides level monthly payments for the number of years shown in the table that follows. For each $1,000 of Accelerated Death Benefit, each payment will be at least the minimum amount shown in the table. The table uses an annual interest rate of 3.5%; We may use a higher rate. ATTAINED PAYMENT MINIMUM MONTHLY AGE OF PERIOD IN PAYMENT FOR EACH INSURED YEARS $1,000 OF DISCOUNTED BENEFIT 64 and under 10 $9.83 65-67 8 $11.90 68-70 7 $13.38 71-73 6 $15.35 74-77 5 $18.12 78-81 4 $22.27 82-86 3 $29.19 87 and over 2 $43.05 If the Insured dies before all the payments have been made, We will pay the beneficiary in one sum. The one sum We pay will be the present value of the payments that remain. We will compute the value based on the interest rate We used to determine those payments. If We agree, you may choose a longer payment period than that shown in the table; if you do, monthly payments will be reduced so that the present value of the payments is the same. We will use an interest rate of at least 3.5%. We reserve the right to set a maximum monthly benefit that We will pay under this option. If We do so, it will be at least $5,000. If you do not want monthly payments, We will pay you the Accelerated Death Benefit in one sum if you ask Us to. Such payment will be calculated as described in the Amount of Accelerated Death Benefit provision with the exception of the...
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  • Interest Factor With respect to this Floating Rate Note, accrued interest is calculated by multiplying the principal amount of such Note by an accrued interest factor. The accrued interest factor is computed by adding the interest factor calculated for each day in the particular Interest Reset Period. The interest factor for each day will be computed by dividing the interest rate applicable to such day by 360, in the case of a Floating Rate Note as to which the CD Rate, the Commercial Paper Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR or the Prime Rate is an applicable Interest Rate Basis, or by the actual number of days in the year, in the case of a Floating Rate Note as to which the CMT Rate or the Treasury Rate is an applicable Interest Rate Basis. In the case of a series of Notes that bear interest at floating rates as to which the Constant Maturity Swap Rate is the Interest Rate Basis, the interest factor for each day will be computed by dividing the number of days in the interest period by 360 (the number of days to be calculated on the base is of a year of 360 days with twelve 30-day months (unless (i) the last day of the interest period is the 31st day of a month but the first day of the interest period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of the interest period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)). The interest factor for a Floating Rate Note as to which the interest rate is calculated with reference to two or more Interest Rate Bases will be calculated in each period in the same manner as if only the applicable Interest Rate Basis specified above applied.

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