Free Corridor Amount definition

Free Corridor Amount means, if you have completed three Contract Years or attained age 59 and 6 months, an amount equal to the excess, if any, of (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the current Contract Year. If you have not completed three Contract Years or attained age 59 and 6 months, the Free Corridor Amount is zero.
Sample 1
Free Corridor Amount means an amount equal to a percentage of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year. Such percentage for this purpose will be (a) determined by Equitable with respect to each Annuitant on a uniform and nondiscriminatory basis and (b) specified in the Certificate; it will be any percentage between [0% and 30%] if so provided in the Certificate. If the amount of a withdrawal made under Part V is more than the Free Corridor Amount (defined above), Equitable will (a) first withdraw from the Investment Options, on the basis described in Section 5.01, an amount equal to the Free Corridor Amount, and (b) then withdraw from the Investment Options an amount equal to the excess of the amount requested over the Free Corridor Amount, plus a Withdrawal Charge as specified in the Certificate. For purposes of this Section, amounts withdrawn up to the Free Corridor Amount will not be deemed a withdrawal of any Contributions. Equitable reserves the right to carry forward the Free Corridor Amount into a future Contract Year, if not used in any Year with respect to an Annuitant, as specified in the Certificate. Any withdrawals in excess of the Free Corridor Amount will be deemed withdrawals of Contributions in the reverse order in which they were made; that is, Contributions will be withdrawn on a last-in, first-out basis. However, Equitable reserves the right instead to deem Contributions withdrawn on a first-in, first-out basis. If Equitable exercises this right, it will do so with respect to Certificates for which the Contract Date occurs after the effective date of the change, and the first-in, first-out basis will be specified in the Certificate. In addition, the Annuitant's years of participation under the Prior Contract, if applicable, will be included for purposes of determining the Withdrawal Charge, if so specified in the Certificate in accordance with Equitable's rules then in effect. If specified in the Certificate, Equitable reserves the right to reduce or waive the Withdrawal Charge in such circumstances as it determines. The Certificate issued with respect to the Annuitant will specify the circumstances, if any, by which a waiver will apply. Moreover, the Withdrawal Charge will be reduced if needed in order to comply with any applicable state or federal law.
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Free Corridor Amount means (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the Current Contract Year.
Sample 1

Examples of Free Corridor Amount in a sentence

  • The Free Corridor Amount does not apply when calculating the withdrawal charge applicable upon a surrender.

  • Amounts withdrawn up to the Free Corridor Amount will not be deemed a withdrawal of Contributions.

  • Withdrawals in excess of the Free Corridor Amount will be deemed withdrawals of Contributions in the order in which they were made (that is, the first-in, first-out basis will apply).

  • If the amount of partial withdrawal requested is greater than the Free Corridor Amount, Equitable will (i) first withdraw from such Accounts an amount equal to the Free Corridor Amount, and (ii) then withdraw an amount equal to the excess of the amount requested over the Free Corridor Amount, plus a withdrawal charge.

  • However, no charge will be assessed with respect to the portion of the withdrawal up to the current Free Corridor Amount.

  • If the amount of partial withdrawal requested is greater than the Free Corridor Amount, Equitable will (1) first withdraw from such Accounts an amount equal to the Free Corridor Amount, and (2) then withdraw from such Accounts an amount equal to the excess of the amount requested over the Free Corridor Amount, plus a withdrawal charge.

  • After the completion of five Participation Years with respect to the Participant, there will be no withdrawal charge if the amount of partial withdrawal requested is not greater than the Free Corridor Amount defined in Section 2.07C.

  • We will waive any Withdrawal Charge for Withdrawals during a Contract Year that in total do not exceed the GWB Annual Withdrawal Amount, even if such withdrawals exceed the Free Corridor Amount.

  • After the completion of three Participation Years with respect to the Participant, there will be no withdrawal charge if the amount of partial withdrawal requested is not greater than the Free Corridor Amount defined in Section 2.07C.

  • WITHDRAWAL CHARGE AFTER FIVE YEARS: After the completion of five Participation Years with respect to the Participant, the withdrawal charge equals the lesser of (a) or (b) where: (a) equals 6% of the excess of (i) the sum of the Annuity Values of such Accounts over (ii) the Free Corridor Amount defined in Section 2.05C.


More Definitions of Free Corridor Amount

Free Corridor Amount means an amount equal to the percentage, stated in the Data pages, of the Annuity Account Value, minus the total of all prior withdrawals (and associated Withdrawal Charges) made as described in Section 5.01 in the current Contract Year. We have the right to change the Free Corridor Amount, but it will always be a percentage between [0% and 30%] if so provided in the Data pages.
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Free Corridor Amount means, with respect to a Participant, an amount equal to the excess, if any, of (a) 10% of the sum of the Retirement Account Value and any Active Loan, over (b) the sum of (i) cumulative prior withdrawals made with respect to the Participant pursuant to Section 2.08 in the current Participation Year, (ii) the unpaid principal of any loan defaulted with respect to the Participant pursuant to Section 2. 10 in the current Participation Year, other than an Old Plan Takeover Loan, (iii) any reduction in the Retirement Account Value as a result of a forfeiture with respect to the Participant pursuant to Section 2.12 in the current Participation Year and (iv) any deduction with respect to the Participant, pursuant to Section 2.11, Paragraph (6) in the current Participation Year, as a result of a loan default.
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Free Corridor Amount means the greater of (1) the current Annuity Account Value, less Contributions that have not been deemed withdrawn and (2) the Free Corridor Amount as specified in the Data pages.
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Free Corridor Amount means an amount equal to 10% of the Annuity Account Value on the Transaction Date, minus the total of all prior withdrawals made as described in Section 4.01 in the current Contract Year.
Sample 1
Free Corridor Amount. The term "Free Corridor Amount" means (i) 10% of the sum of the Annuity Account Value on the Transaction Date over (ii) cumulative prior withdrawals made pursuant to Section 2.07 in the Current Contract Year.
Sample 1

Related to Free Corridor Amount

  • Floor Amount means the greatest pre-tax amount of Potential Parachute Payments that could be paid to Executive without causing Executive to become liable for any Excise Taxes in connection therewith; and

  • Group II Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group II Principal Distribution Amount.

  • Group I Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group I Principal Distribution Amount.

  • Principal Remittance Amount With respect to any Distribution Date, the sum of the Group I Principal Remittance Amount and the Group II Principal Remittance Amount.

  • Group I Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group I Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group I Allocation Percentage.

  • Class C Required Amount means with respect to any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(v) over Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.

  • Group II Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group II Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group II Allocation Percentage.

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • Class B Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date.

  • Excess Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date.

  • Group II Available Funds As defined in Section 7.3(a)(ii) hereof.

  • Class A Non-PO Principal Distribution Amount As to any Distribution Date, the aggregate amount distributed in respect of the Class A Certificates pursuant to Paragraph third clause (A) of Section 4.01(a).

  • Group I Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group I Mortgage Loans.

  • Excess Available Funds Percentage means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

  • Class B Required Amount shall have the meaning set forth in subsection 4.04(b).

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Class A Non-PO Optimal Amount As to any Distribution Date, the sum for such Distribution Date of (i) the Class A Interest Accrual Amount, (ii) the Aggregate Class A Unpaid Interest Shortfall and (iii) the Class A Non-PO Optimal Principal Amount.

  • Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Principal Remittance Amount for such Distribution Date over (ii) the Excess Subordinated Amount, if any, for such Distribution Date.

  • Overcollateralized Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Group 1 Available Funds As to any Distribution Date, the sum of (a) the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date and, without duplication, on deposit in the Distribution Account at the close of business of the related Distribution Account Deposit Date, attributable to the Group 1 Mortgage Loans net of (i) the Amount Held for Future Distribution related to the Group 1 Mortgage Loans, (ii) amounts related to the Group 1 Mortgage Loans permitted to be withdrawn from the Collection Account pursuant to clauses (i)-(viii) inclusive and clauses (ix)(a)(ii) and (iii), (ix)(b), (x) and (xi) of Section 3.10(a), (iii) after giving effect to all amounts deposited to the Distribution Account from the Collection Account, amounts related to the Group 1 Mortgage Loans permitted to be withdrawn from the Distribution Account pursuant to clauses (i)-(iv) inclusive of Section 3.10(b), and (iv) any Fair Market Value Excess, (b) the amount of the related Advances related to the Group 1 Mortgage Loans and (c) in connection with Defective Mortgage Loans in Loan Group 1, as applicable, the aggregate of the Purchase Prices and Substitution Adjustment Amounts deposited on the related Distribution Account Deposit Date.

  • Total Available Funds shall have the meaning set forth in Section 5.7(a).

  • Required Amount means, with respect to any Monthly Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount.

  • Aggregate Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the aggregate of the Principal Remittance Amounts for each Mortgage Pool for such Distribution Date and (y) the amount, if any, by which (i) the Overcollateralization Amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Remittance Amounts for such Distribution Date is applied on such date in reduction of the aggregate Certificate Principal Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization Amount for such Distribution Date.

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.

  • Amount Available for Senior Principal As to any Distribution Date, Available Funds for such Distribution Date, reduced by the aggregate amount distributable (or allocable to the Accrual Amount, if applicable) on such Distribution Date in respect of interest on the Senior Certificates pursuant to Section 4.02(a)(ii).