Ratchet definition

Ratchet means the act of Ratcheting. “Rate Center” identifies 1) the specific geographic point identified by specific vertical and horizontal (V&H) coordinates, which are used to measure distance sensitive End User Customer traffic to/from the particular NPA-NXX designations with the specific Rate Center; and

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Ratchet is defined in the definition of “Revenue Share Rate”. “Ratchet Cure” is defined in the definition of “Revenue Share Rate”. “Ratchet Threshold” is defined in the definition of “Revenue Share Rate”.

Ratchet warrant confers the right to subscribe for a specific number of new Class E Shares, in accordance with the conditions set forth in the BSA01-2008 Issue Contract, which is appended to these resolutions as Appendix B.

Examples of Ratchet in a sentence

• The Current Ratchet Amount equals the amount of the last annuity payment in the previous Change Frequency Cycle.

• All other annuity payments are guaranteed to equal or exceed the Current Ratchet Amount.

• If you take a withdrawal from the contract, the Initial Ratchet Amount (if the withdrawal is taken prior to the Date of First Change) or the Current Ratchet Amount (if the withdrawal is taken at any other time) will be reduced in the same manner that the withdrawal reduces the Annuity Units.

• Annuity payments made prior to the Date of First Change are guaranteed to equal or exceed the Initial Ratchet Amount shown on the Specifications Page.

• The Ratchet is an optional feature you have selected which is applicable only to the Variable Income Option.

• This means we will calculate the percentage of the Annuity Account Value that is withdrawn and reduce the Ratchet Base and the GAWA by the same percentage.

• From one Change Frequency Cycle to the next, annuity payments are limited so that they will not exceed the applicable ratchet amount by more than the Ratchet Maximum Benefit Increase Percentage (see Specifications Page).

• Upon the death of the first Annuitant, the Current Ratchet Amount is adjusted by multiplying it by the Survivor Benefit Percentage.

• The Ratchet is an optional feature you have selected that is applicable only to the Variable Income Option.

• The Conversion Price is subject to Full Ratchet Anti-Dilution Adjustment.

More Definitions of Ratchet

Ratchet means the conversion of certain A Shares and B Shares into New Deferred Shares pursuant to the Schedule to the Articles as amended by the passing of the BHGL Resolution;