ALLOCATION OF ANNUITY Sample Clauses

ALLOCATION OF ANNUITY. When the Owner makes a choice as to annuity option, he or she will also choose between a Fixed Annuity, a Variable Annuity or any combination of the two. If a choice is not made at least 30 days before the Maturity Date, as stated in Section 27, payments will be made on a Variable Annuity basis.
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ALLOCATION OF ANNUITY. 5 2.07 Determination of First Payment........................................ 5 2.08
Sample 1
ALLOCATION OF ANNUITY. When you elect one of the annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, fixed annuity, or a combination of both. If no election is made to the contrary on these options, the Accumulated Value in the Divisions of the Separate Accounts will be applied to provide a variable annuity. For the variable portion of an annuity option, the amounts applied to the annuity are used to purchase Annuity Units in the selected Division(s). The number of Annuity Units purchased in each Division is calculated as the dollar amount of the first Annuity Payment provided by Proceeds from that Division divided by the Annuity Unit value for the Division as of the Annuity Date. On any payment date, the amount of payment from each Division is calculated as the number of Annuity Units for the Division times the Annuity Unit value for the Division as of the payment date, less any applicable administrative charges. Although variable Annuity Payments will vary to reflect performance of the Divisions, we guarantee that the dollar amounts of variable Annuity Payments will not be adversely affected by our actual expense and mortality results. MINIMUM AMOUNTS The minimum amount for each payee that can be placed under an option and the minimum amount of any payments under an option will be based on our rules at the time the option is to become effective (or as required by state law). A person who receives Annuity Payments under an annuity option is a payee. Except for a legal guardian, a payee must generally be a natural person receiving benefits in his or her own right. With our consent, the payee may be a trustee, assignee, corporation, or partnership. CONTINGENT PAYEE The payee may name contingent payees, subject to any restrictions under an annuity option chosen during the Annuitant's lifetime, under the following conditions:
Sample 1
ALLOCATION OF ANNUITY. Unless Minnesota Mutual shall be notified in writing to the contrary by the Owner at least 30 days prior to the Annuity Commencement Date, General Account accumulation units will be applied to provide a fixed dollar annuity and Separate Account accumulation units will be applied to provide a variable annuity.
Sample 1
ALLOCATION OF ANNUITY. When you elect one of the first five annuity options, you may further elect to have the annuity purchased in the form of the variable annuity, guaranteed annuity, or a combination of both. If you elect option 6, you may specify whether the net investment factor for Separate Account No. 2 or the General Account is to apply, or whether the amount due shall be split between the two accounts. If no election is made to the contrary on these options, that portion of accumulated value in the Separate Account shall be applied to provide a variable annuity and that portion in the General Account shall be applied to provide a guaranteed annuity. If you elect option 7, we will consider this an election to place the entire accumulated value in the General Account.
Sample 1
ALLOCATION OF ANNUITY. A Participant may elect to have any portion of his Individual Account applied to provide either a variable annuity or a fixed annuity or a combination of both; provided that where a transfer of accumulation units from one Account to the other is required, written notice of election must be received by the Company at least 30 days prior to the Annuity Commencement Date and the first payment provided by each Account must be at least $10.00. In the absence of any notification by the Contract Owner to the contrary, when an Annuity is effected for a Participant, who elected a Deferred Annuity, General Account accumulation units will be applied to provide a fixed-dollar annuity and Separate Account accumulation units will provide a variable annuity.
Sample 1
ALLOCATION OF ANNUITY. The Contract Owner may elect to have the Net Accumulated Value of the Contract applied at the Annuity Commencement Date to provide a Fixed Annuity, a Variable Annuity, or any combination thereof. Such elections must be made in writing to the Company at its Executive Office at least 30 days prior to the Annuity Commencement Date. Any allocations under this provision are subject to the requirements of Section VI-G, Adjustment of Monthly Payment.
Sample 1
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ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant’s Account applied to provide a fixed dollar annuity, a variable annuity, or a combination of both. The election of an annuity payment option by a Participant may not result in a first payment that is less than $20.00. If at any time Annuity HL-15420 SPECIMEN payments are to become less than $20.00, the Company has the right to change the frequency of payment to intervals that will result in payments of at least $20.00. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than $10.00, the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least $10.00. Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in “Valuation Provisions” at Section 6. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section 6, Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the “Valuation Provisions”, for the fifth business day preceding the date the annuity payment is due.
Sample 1
ALLOCATION OF ANNUITY. At the time election of one of the annuity options is made, the Contract Owner may further elect to have the Withdrawal Value of the Participant's Account applied to provide [a fixed dollar annuity, a variable annuity, or a combination of both]. The election of an annuity payment option by a Participant may not result in a first payment that is less than [$20.00]. If at any time Annuity payments are to become less than [$20.00], the Company has the right to change the frequency of payment to intervals that will result in payments of at least [$20.00]. In the event a variable annuity option is elected and in the event that the portion of an Annuity payment which is based upon each investment allocation is less than [$10.00], the Company has the right to change the frequency of payment to intervals that will result in payments from such investment allocation of at least [$10.00]. [Fixed Dollar Annuity - A fixed dollar annuity is an annuity with payments which remain fixed as to dollar amount throughout the payment period. Variable Annuity - A variable annuity is an annuity with payments decreasing or increasing in amount in accordance with the net investment result of the Sub-Account or Sub-Accounts in the Separate Account as described in "Valuation Provisions" at Section [6]. After the first monthly payment for a variable annuity has been determined in accordance with the provisions of this Contract, a number of Annuity Units is determined by dividing that first monthly payment by the appropriate Annuity Unit value on the effective date of the annuity payments. Once variable annuity payments have begun, the number of Annuity Units remains fixed. The method of calculating the Annuity Unit value is described under Section [6], Valuation Provisions. The dollar amount of the second and subsequent variable annuity payments is not predetermined and may decrease or increase from month to month. The actual amount of each variable annuity payment after the first is determined by multiplying the number of Annuity Units by the appropriate Annuity Unit value for each Sub-Account as described in the "Valuation Provisions", for the fifth business day preceding the date the annuity payment is due.]
Sample 1

Related to ALLOCATION OF ANNUITY

  • Allocation of Net Deferred Interest For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates (or, with respect to the Class X Certificates, the Class PO Certificates) in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class calculated at the applicable Adjusted Cap Rate for such Class. On each Distribution Date, any amount of Net Deferred Interest allocable to a Class of Certificates (other than the Interest-Only Certificates) on such Distribution Date will be added as principal to the outstanding Class Principal Balance of such Class of Certificates. With respect to the Class X Certificates and each Distribution Date, any amount of Net Deferred Interest added to the Principal Balances of the related Mortgage Loans that is allocated to the Class X Certificates on such Distribution Date will be added as principal to the outstanding Class Principal Balance of the Class PO Certificates.

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Allocation of Applied Realized Loss Amounts Any Applied Realized Loss Amounts shall be allocated by the Trustee to the most junior Class of Subordinated Certificates then Outstanding in reduction of the Class Certificate Balance thereof.

  • Allocation of Realized Losses Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, if any, that resulted from any Cash Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due during the related Due Period. The amount of each Realized Loss shall be evidenced by an Officers' Certificate. All Realized Losses, other than Excess Special Hazard Losses, Extraordinary Losses, Excess Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows: first, to the Class B-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; second, to the Class B-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class B-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and, thereafter, if any such Realized Losses are on a Discount Mortgage Loan, to the Class A-P Certificates in an amount equal to the Discount Fraction of the principal portion thereof, and the remainder of such Realized Losses on the Discount Mortgage Loans and the entire amount of such Realized Losses on Non-Discount Mortgage Loans will be allocated among all the Senior Certificates (other than the Class A-V Certificates and Class A-P Certificates) in the case of the principal portion of such loss on a pro rata basis and among all of the Senior Certificates (other than the Class A-P Certificates) in the case of the interest portion of such loss on a pro rata basis, as described below. Any Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses, Extraordinary Losses on Non-Discount Mortgage Loans will be allocated among the Senior Certificates (other than the Class A-P Certificates) and Subordinate Certificates, on a pro rata basis, as described below. The principal portion of such Realized Losses on the Discount Mortgage Loans will be allocated to the Class A-P Certificates in an amount equal to the Discount Fraction thereof and the remainder of such Realized Losses on the Discount Mortgage Loans and the entire amount of such Realized Losses on Non- Discount Mortgage Loans will be allocated among the Senior Certificates (other than the Class A-P Certificates) and Subordinate Certificates, on a pro rata basis, as described below. As used herein, an allocation of a Realized Loss on a "pro rata basis" among two or more specified Classes of Certificates means an allocation on a pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date in the case of the principal portion of a Realized Loss or based on the Accrued Certificate Interest thereon payable on such Distribution Date (without regard to any Compensating Interest for such Distribution Date) in the case of an interest portion of a Realized Loss. Except as provided in the following sentence, any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to a Class of Certificates shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Distribution Date; provided that no such reduction shall reduce the aggregate Certificate Principal Balance of the Certificates below the aggregate Stated Principal Balance of the Mortgage Loans. Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to the Subordinate Certificates then outstanding with the Lowest Priority shall be made by operation of the definition of "Certificate Principal Balance" and by operation of the provisions of Section 4.02(a). Allocations of the interest portions of Realized Losses (other than any interest rate reduction resulting from a Servicing Modification) shall be made in proportion to the amount of Accrued Certificate Interest and by operation of the definition of "Accrued Certificate Interest" and by operation of the provisions of Section 4.02(a). Allocations of the interest portion of a Realized Loss resulting from an interest rate reduction in connection with a Servicing Modification shall be made by operation of the provisions of Section 4.02(a). Allocations of the principal portion of Debt Service Reductions shall be made by operation of the provisions of Section 4.02(a). All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby; provided that if any Subclasses of the Class A-V Certificates have been issued pursuant to Section 5.01(c), such Realized Losses and other losses allocated to the Class A-V Certificates shall be allocated among such Subclasses in proportion to the respective amounts of Accrued Certificate Interest payable on such Distribution Date that would have resulted absent such reductions.

  • Life Annuity The monthly annuity shall be payable to the annuitant for as long as the annuitant lives, and shall end with the last monthly payment before the death of the annuitant.

  • Fixed Annuity 10 1.16 Fund(s) ........................................................... 10 1.17

  • Distribution of Benefit The Bank shall distribute the annual benefit to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following Separation from Service. The annual benefit shall be distributed to the Executive for fifteen (15) years.

  • Allocation of Net Income and Net Loss Net Income or Net Loss of the Partnership shall be determined as of the end of each calendar year and as of the end of any interim period extending through the day immediately preceding any (i) disproportionate Capital Contribution, (ii) disproportionate distribution, (iii) Transfer of a Partnership Interest in accordance with the terms of this Agreement, or (iv) Withdrawal Event. If a calendar year includes an interim period, the determination of Net Income or Net Loss for the period extending through the last day of the calendar year shall include only that period of less than twelve (12) months occurring from the day immediately following the last day of the latest interim period during the calendar year and extending through the last day of the calendar year. For all purposes, including income tax purposes, Net Income, if any, of the Partnership for each calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period. In the event of a Net Loss for a particular calendar year or interim period, then, for such calendar year or interim period, the Net Loss for such calendar year or interim period shall be allocated among the Partners in proportion to their respective Partnership Percentages for the calendar year or interim period.

  • ANNUITY Payment of an income:

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

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