Definition of Term Account


Term Account means, for any Term Institution, the securities account in the name of the Issuer maintained by such Term Institution during the Term Period, if any, and under the sole control and dominion of such Term Institution, to secure the Issuer's obligation to repay the Term Deposit made by such Term Institution.
Sample 1

Examples of Term Account in a sentence

For purposes of valuing the Contractholder's Guaranteed Long Term Account, the term Valuation Date refers to each day the Insurance Company is open to transact normal business.
This Contract belongs to the Guaranteed Long Term Account pool established for all contracts containing this or a similar limitation under which the initial contribution to be held in the Contractholder's Account is received in the same calendar year.
During such deferral period amounts payable from the Guaranteed Long Term Account will continue to receive Credited Interest.
Transfers, distributions or disbursements from the Guaranteed Long Term Account may be deferred pursuant to Contract Section 4.5 if a determination of the value of such transfer, distribution or disbursement is not possible because the Securities and Exchange Commission has suspended or otherwise restricted trading of securities or another emergency situation outside the control of the Insurance Company exists.
That interest rate will be an annual rate equal to the Credited Interest rate at date of discontinuance applicable to the Guaranteed Long Term Account pool of which this Contract is a member (hereinafter "Pool Rate") minus fifty percent (50%) of the difference between the Credited Interest rate at date of discontinuance for the Guaranteed Long Term Account pool established for the calendar year of Discontinuance and the Pool Rate.