TOTAL WITHDRAWALS definition
TOTAL WITHDRAWALS. A Total Withdrawal of a Participant's Account will occur when a Participant who has no outstanding loans
(a) requests the liquidation of his entire Account balance, or
(b) requests an amount such that the amount requested plus any CDSC as defined in Section 7.6 results in a remaining Participant's Account balance being less than the applicable Annual Administration Charge as defined in Section 1.5, in which case, the request is treated as if it were a request for liquidation of the Participant's entire Account balance. The Participant's Active Life Certificate must be surrendered to Lincoln Life when a Total Withdrawal of a Participant's Account occurs. A Participant refund under the Free-look provisions of Section 12.17 is not considered a Total Withdrawal under this Article.
TOTAL WITHDRAWALS. A Total Withdrawal of a Participant's Account will occur when a Participant who has no outstanding loans:
(a) requests the liquidation of his entire Account balance, or
(b) requests an amount such that the amount requested plus any CDSC as defined in Section 7.6 results in a remaining Participant's Account balance being less than the applicable Annual Administration Charge as defined in Section 1.5; in which case, the request is treated as if it were a request for liquidation of the Participant's entire Account balance. The Participant's Active Life Certificate must be surrendered to LL&A when a Total Withdrawal of a Participant's Account occurs. A Participant refund under the Free-look provisions of Section 12.18 is not considered a Total Withdrawal under this Article.
TOTAL WITHDRAWALS. A Total Withdrawal of a Participant's Account will occur when a Participant who has no outstanding loans
(a) requests the liquidation of his entire Account balance, or
(b) requests an amount such that the amount requested plus any CDSC as defined in Section 7.6 results in a remaining Participant's Account balance being less than the applicable Annual Administration Charge as defined in Section 1.5, in which case, the request is treated as if it were a request for liquidation of the Participant's entire Account balance. The Participant's Active Life Certificate must be surrendered to UNUM when a Total Withdrawal of a Participant's Account occurs. A Participant refund under the Free-look provisions of Section 12.17 is not considered a Total Withdrawal under this Article.
Examples of TOTAL WITHDRAWALS in a sentence
TOTAL PURCHASE PAYMENTS LESS TOTAL WITHDRAWALS CREDIT ENHANCEMENT ---------------------------------------------- ------------------ LESS THAN $100,000 3.0% AT LEAST $100,000 BUT LESS THAN $2,500,000 4.0% $2,500,000 OR MORE 5.0% On the first Contract Anniversary, we will calculate the total Purchase Payments made into this Contract less the total withdrawals, including withdrawal charges, from this Contract during the first Contract Year.
More Definitions of TOTAL WITHDRAWALS
TOTAL WITHDRAWALS. A Total Withdrawal of a Participant's Account will occur when a Participant who has no outstanding loans:
(a) requests the liquidation of his entire Account balance, or
(b) requests an amount such that the amount requested results in a remaining Participant's Account balance being less than the applicable Annual Administration Charge as defined in Section 1.5; in which case, the request is treated as if it were a request for liquidation of the Participant's entire Account balance. The Participant's Active Life Certificate must be surrendered to LL&A when a Total Withdrawal of a Participant's Account occurs. A Participant refund under the Free-look provisions of Section 12.18 is not considered a Total Withdrawal under this Article.