MAW definition
Examples of MAW in a sentence
Maximum Annual Withdrawal or MAW means the maximum amount available for Withdrawal from the Contract under the Minimum Guaranteed Withdrawal Benefit in any Contract Year without reducing the MGWB Base in future Contract Years.
At the time the Accumulation Value is reduced to zero (other than by an Excess Withdrawal or Surrender), if the MAW exceeds the Withdrawals for that Contract Year, including the Withdrawal that reduced the Accumulation Value to zero, a payment will be paid immediately to the Owner equal to the excess of the MAW over such Withdrawals.
If the Contract’s Accumulation Value is reduced to zero by a Partial Withdrawal which exceeds the MAW, the Contract and this Rider will terminate due to the pro-rata reduction described above under the “Treatment of Partial Withdrawals” section.
MGWB Base means the factor that is used for the sole purpose of calculating the MAW and the charge for the Minimum Guaranteed Withdrawal Benefit.
The Company agrees, for all relevant tax purposes, to treat the assumption of any liabilities of TrueBridge Capital Partners, LLC and its subsidiaries pursuant to the Sale and Purchase Agreement dated as of August 24, 2020 by and among TrueBridge Capital Partners, LLC, EAP, MAW, the Company, P10 Parent and certain other parties (the “TrueBridge Purchase Agreement”) as the assumption by the Company of a “qualified liability” as defined in Treasury Regulations Section 1.707-5(a)(6).
While in Guaranteed Withdrawal Status, the benefits provided under the Contract continue and the Rider guarantees that an amount equal to the MAW (as calculated below) will be available for withdrawal each Contract Year, subject to certain conditions.
If the Annuitant dies before he or she attains the Lifetime Withdrawal Eligibility Age, the Contact will not enter the Lifetime Withdrawal Phase and the Annuitant’s spouse will not be eligible to receive MAW payments until such time as the Annuitant would have reached the Lifetime Withdrawal Eligibility Age had he or she remained alive.
MAW agrees that the Buyer shall not be required to prosecute collection, enforcement or other remedies against MAW or to enforce or resort to any rights or remedies pertaining thereto, before calling on MAW for payment or performance.
MAW acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by this Agreement and that the waivers set forth in this Section 11.9 are made knowingly in contemplation of such benefits.
COMPANY: TRUEBRIDGE CAPITAL PARTNERS, LLC By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇▇ Title: Manager TCF: TRUEBRIDGE COLONIAL FUND, U/A DATED 11/15/2015 By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇▇ Title: Trustee MAW: MAW MANAGEMENT CO.