Late Deposit Reduction definition

Late Deposit Reduction means, where the Death Benefit Base for Estate Class or Income Class is to be increased on a Valuation Date after the Annuitant’s 75th birthday by reason of a Deposit into that Class or a reclassification of Units from Investment Class to that Class, that the amount added to the Death Benefit Base will be 80% of the amount that otherwise would be added for the first three years following such Valuation Date, following which three year period 100% of the amount will be included in the Death Benefit Base. The Late Deposit Reduction continues in effect even if there is an intervening reset of the Death Benefit Base, in which event the Late Deposit Reduction will apply proportionately to the reset Death Benefit Base as described in Section 13.3 of the Contract. For greater
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Late Deposit Reduction means the reduction in the death benefit guarantee for a period of three years to 80% of their face value for Deposits or reclassifications to Class A Units or Class B Units made after the Annuitant’s 75th birthday, as described in Section 12.7 of the Contract;
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Late Deposit Reduction means the reduction in the death benefit guarantee for Deposits or reclassifications to Class A Units or Class B Units made after the Annuitant’s 75th birthday, as described in Section 12.7 of the Contract;
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Examples of Late Deposit Reduction in a sentence

  • For greater certainty, a reset of the Death Benefit Base for either Estate Class or Income Class in the manner described below will not constitute a Deposit and therefore will not, by itself, trigger the application of the Late Deposit Reduction.


More Definitions of Late Deposit Reduction

Late Deposit Reduction means, where the Death Benefit Base for Estate Class or Income Class is to be increased on a Valuation Date after the Annuitant’s 75th birthday by reason of a Deposit into that Class or a reclassification of Units from Investment Class to that Class, that the amount added to the Death Benefit Base will be 80% of the amount that otherwise would be added for the first three years following such Valuation Date, following which three year period 100% of the amount will be included in the Death Benefit Base. The Late Deposit Reduction continues in effect even if there is an intervening reset of the Death Benefit Base, in which event the Late Deposit Reduction will apply proportionately to the reset Death Benefit Base as described in Section 13.3 of the Contract. For greater certainty, a reset of the Death Benefit Base for either Estate Class or Income Class in the manner described in Section 13.3 of the Contract will not constitute a Deposit and therefore will not, by itself, trigger the application of the Late Deposit Reduction;
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Related to Late Deposit Reduction

  • Aggregate Reduction has the meaning specified in Section 1.3.

  • Subordinate Reduction Amount With respect to any Payment Date, the sum of the Scheduled Principal, Unscheduled Principal and Recovery Principal for such Payment Date, less the Senior Reduction Amount.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Direct Deposit Disbursement Requests for the Closing Disbursement(s) to be deposited into an account at Xxxxx Fargo Bank, N.A. must specify the amount and applicable account. Each account included in any such Disbursement Request must be listed below. Name on Deposit Account: Xxxxx Fargo Bank, N.A. Deposit Account Number: Further Credit Information/Instructions: Disbursements of Loan Proceeds Subsequent to Loan Closing/Origination Subsequent Disbursement Authorizers: Administrative Agent is authorized to accept one or more Disbursement Requests from any of the individuals named below (each, a “Subsequent Disbursement Authorizer”) to disburse Loan proceeds after the date of the Loan origination/closing and to initiate Disbursements in connection therewith (each, a “Subsequent Disbursement”): Individual’s Name Title 1.

  • Appraisal Reduction Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Initial Reserve Account Deposit Amount means an amount equal to $12,240,151.27.