Old Money definition

Old Money. The net cash value released (excluding dividend accumulations) from the old policy during the RWB Window, whether that cash value is explicitly rolled into the new policy or not. In addition, a full or partial surrender of paid-up additions (or of a paid-up policy) on the same life is considered rollover money if it falls within the RWB window, even if the old policy is not otherwise changed or "rewritten".
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Old Money is, at any relevant time, the first (pound)111,163,898.43 of principal outstanding under the various facilities under the Credit Agreement at that time (such amount being the sum of the sterling equivalent of the US$236,833.24 of principal drawn under the swingline facility under the Original Credit Agreement on 1 January 2002 at the exchange rate then prevailing and the (pound)111,000,000.00 of principal drawn under the revolving credit facility under the Original Credit Agreement on such date). To the extent that the sterling equivalent of the principal outstanding under the various facilities under the Credit Agreement at any relevant time is less than (pound)111,163,898.43, Old Money will include undrawn commitments for the purposes of sharing any pre-enforcement payments in respect of the Old Money (subject to the loss-sharing and equalisation provisions in paragraph 7).
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Old Money means US$11,910,698;
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Examples of Old Money in a sentence

  • If the annuity death proceeds are moved to a new annuity, instead of using the spousal assumption/continuation provisions, the same RWB Rules for Old Money coming into a new Annuity will apply.

  • Appropriation or use of Old Money to pay any part of a New Premium or Deposit may be implied if the use or appropriation occurs within the Rewritten Business Window and the criteria for deeming the money to have been used for that purpose have been met.

  • In addition, a full or partial surrender of PUAR/VABR values (or of a paid-up or non-forfeiture policy) on the same life is considered rollover money if it falls within the RWB window, even if the old policy is not otherwise changed or "rewritten." NEW MONEY is any amount used to pay premium or deposits on a New or Existing Product that is not Old Money.

  • Any Old Money rolled over into an accumulation fund (e.g, Excess Premium), or whole life riders (e.g, VABR) will be commissioned based on the above table.

  • In addition, a full or partial surrender of PUAR/VABR values (or of a paid-up or non-forfeiture policy) on the same life is considered rollover money if it falls within the RWB window, even if the old policy is not otherwise changed or "rewritten." New Money is any amount used to pay premium or deposits on a New or Existing Product that is not Old Money.

  • With respect to flexible premium life products, "Old Premium Level" does not include any amount previously paid in excess of the (base commissionable) premium amount - sometimes referred to as "excess premium." Old Money is the net cash value released (excluding dividend accumulations) from an Existing Product, either as cash build up, accumulation, or policy values, and subsequently appropriated or used to pay any part of a New Premium or Deposit.

  • Full first-year commission will be paid on Old Money included within the New Deposit if the life insurance policy has been in force at least 10 years.

  • No first year commission paid on Old Money included in the New Deposit if the life insurance policy has been in force for less than 10 years.

  • No commission will be paid on the Old Money if the annuity is subject to a surrender/withdrawal charge.

  • No first-year commission will be paid when Old Money from a mutual fund family is used to fund a mutual fund from the same family of funds.