Annuity Payment definition
Annuity Payment means one of a series of payments made under an annuity income option.
Annuity Payment means such amounts as Party B and Party A may agree on the date on which Party A receives the relevant Optional Termination Notice in respect of a transaction under which Party A will pay a fixed annuity payment to Party B on each Party A Interest Payment Date which would fall during the period commencing on (and including) the first Party A Interest Payment Date which falls after the Optional Termination Date and ending on (and including) the Party A Interest Payment Date on which the Relevant Transaction would otherwise have expired if it had not been terminated (in whole or in part) pursuant to this Part 5(w) in consideration of a payment of an amount equal to the Market Value of the Terminated Portion on the Optional Termination Date which would have been payable to Party B if upon termination Party A had made a termination payment in the form of one payment on the Optional Termination Date equal to Market Value (the "Annuity Terms"). If Party B and Party A cannot so agree, Party A shall at or about 11.00 a.m. London time two Business Days prior to the Optional Termination Date in accordance with customary market practice request four leading banks in the market for transactions in sterling to provide their quotes for the annuity payments which they would make on the basis of the Annuity Terms. If more than three quotes are provided, the highest quote (or, if there is more than one such highest quote, one only of such quotes) and lowest quote (or if there is more than one such lowest quote, one only of such quotes) will be disregarded and the Annuity Payments to be made by Party A shall be the arithmetic mean of the remaining quotes. If exactly three quotes are provided, then Annuity Payments to be made by Party A shall be the quote remaining after disregarding the highest quote and the lowest quote. However, if less than three quotes are provided (or if exactly three quotes are provided and two of such quotes are the same), then Party A shall determine the Annuity Payments to be made by it in good faith and in a reasonable manner and it may (but need not) determine the Annuity Payments by reference to quotes of relevant rates or prices from one or more leading dealers in the relevant market. Upon the Optional Termination Date subject to subparagraphs (i) and (ii) above, the obligations of both parties with respect to the Terminated Portion of the Relevant Transaction shall be discharged in full (subject to reinstatement should any sums subsequently be...
Annuity Payment means the monthly payments, if any, payable to Covered Lives and, if applicable, Contingent Lives and Beneficiaries pursuant to the Group Annuity Contract.
Examples of Annuity Payment in a sentence
Payments for any available Annuity Payment Frequency, Period Certain, age, or combination of ages not shown will be quoted upon request.
The Annuity Payment Option may not be changed after the Annuity Commencement Date.
An election to receive payments under an Annuity Payment Option must be made by the Maturity Date.
ANNUITY UNIT -- A unit of measure used after the Annuity Commencement Date to calculate the amount of a Variable Annuity Payment.
OPTION 3 LIFE INCOME WITH INSTALLMENT OR UNIT REFUND OPTION: This option provides Annuity Payments for the life of the Annuitant, with a period certain determined by dividing the Annuity Start Amount by the amount of the first Annuity Payment.
More Definitions of Annuity Payment
Annuity Payment. An Annuity Payment is one of a number of periodic payments made by the Company to the Annuitant under a Contract.
Annuity Payment means the monthly payments payable to Annuitants pursuant to the Group Annuity Contract. [ *** ]
Annuity Payment means the manner in which the Top shall be paid in thirty (30) graduated annual installments. The initial payment shall be paid upon completion of internal validation procedures. The subsequent twenty-nine (29) payments shall be paid annually.
Annuity Payment has the meaning provided in the Contract.
Annuity Payment means the monthly payments (or such other periodic payments) payable to Annuitants pursuant to the Group Annuity Contract as set forth on the appendices or exhibits attached thereto (the “Annuitant Payment Schedules”).
Annuity Payment means such amounts as Party B and Party A may agree. If Party B and Party A cannot so agree, Party A shall at or about 11.00 a.m. London time two Business Days prior to the Optional Termination Date in accordance with customary market practice request four leading banks in the market for Transactions in sterling to provide their quotes for the annuity payments which they would make on each Party A Interest Payment Date which would fall during the period commencing on (and including) the first Party A Interest Payment Date which falls after the Optional Termination Date and ending on (and including) the Party A Interest Payment Date on which the Relevant Transaction would otherwise have expired if it had not been terminated (in whole or in part) pursuant to this paragraph(s) in consideration of a payment of an amount equal to the Market Value of the Terminated Portion on the Optional Termination Date which would have been payable to Party B if upon termination Party A had made a termination payment in the form of one payment on the Optional Termination Date equal to Market Value. The highest quote (or, if there is more than one such highest quote, one only of such quotes) and lowest quote (or if there is more than one such lowest quote, one only of such quotes) will be disregarded and the "Annuity Payments" to be made by Party A shall be the arithmetic mean of the remaining quotes.
Annuity Payment. The amount, if any, determined in accordance with Provision II, to be paid with respect to an Annuitant, Contingent Annuitant, Alternate Payee, or Beneficiary, if applicable. Annuity Start Date: The date shown on the Annuity Exhibit on which the Annuity Payments begin with respect to an Annuitant, and if applicable Contingent Annuitant, Alternate Payee, and Beneficiary.