Income Program definition

Income Program means any program whose investment objective is to directly acquire, hold, operate, and/or dispose of producing oil and gas properties. An Income Program may acquire any type of ownership interest in a producing property, including but not limited to working interests, royalties, or production payments. A program which spends at last 90% of capital contributions and funds borrowed (excluding offering and organizational expenses) in the above described activities is presumed to be an Income Program.
View Source

Examples of Income Program in a sentence

  • Annuitization under the Income Program means that the annuitant is receiving guaranteed fixed income payments based on the IBB and the MAPR under one of the life annuity forms shown below under Paragraph E.

  • Contractor is not entitled to membership in any City Pension Fund, Group Medical Insurance Program, Group Dental Program, Group Vision Care, Group Life Insurance Program, Deferred Income Program, vacation, sick leave, extended sick leave, or any other benefits ordinarily provided to individuals employed and paid through the regular payrolls of the City.

  • GMIB: Within thirty (30) days of the end of each calendar month, the Cedent shall notify the Reinsurer of the ceded contractual Income Program benefits paid in respect of Reinsured Contracts in that month, based on the IBNAR definition set forth in Article IV, and the Reinsurer shall indemnify the Cedent as provided in Article VI for the ceded benefits.

  • Upon annuitization under the Income Program, the liability of the Reinsurer shall terminate, subject to the payment of a benefit claim that may be due in accordance with the IBNAR calculation as set forth in Article IV.

  • The indemnity cession shall be the share of the IBNAR (defined in Article IV) that is generated prior to the termination of the Reinsurer's liability (defined in Article II), by the Guaranteed Minimum Income Benefit Rider (the "Income Program") provisions of the Reinsured Contracts, as specified in Schedule A.

  • This Agreement covers only the Cedent's contractual liability for reinsured claims that are realized upon annuitization under the contractual terms of the Income Program within the variable annuity contract forms specified in Schedule A and supported by investment funds specified in Schedule B and its Amendments, that were submitted to the Reinsurer in accordance with the terms of this Agreement set forth in Article XV.

  • Income Program Rider Election ----------------------------- The contractholder can only elect the Income Program Rider at issue.

  • Income Program Rider Cancellation --------------------------------- The contractholder of the annuity can not cancel the Income Program rider at any time.

  • INCOME PROGRAM RIDER ELECTION ----------------------------- The contractholder can only elect the Income Program Rider at issue.

  • INCOME PROGRAM RIDER CANCELLATION --------------------------------- The contractholder of the annuity can not cancel the Income Program rider at any time.

Related to Income Program

  • Educational program means a program for educating and preparing physician assistants which is approved by the board.

  • Program means the statutorily authorized activities of the System Agency under which this Contract has been awarded.

  • Education program means any program that is principally engaged in the provision of education, including, but not limited to, early childhood education, elementary and secondary education, postsecondary education, special education, job training, career and technical education, and adult education, and any program that is administered by an educational agency or institution.

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following:

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.