Excess Withdrawals. An Excess Withdrawal is a withdrawal taken after GAWA payments have begun, which causes cumulative withdrawals during that Contract Year to exceed the GAWA. An Excess Withdrawal will reduce both the Ratchet Base and the GAWA on a pro rata basis. This means we will calculate the percentage of the Annuity Account Value that is withdrawn and reduce the Ratchet Base and the GAWA by the same percentage. If only a portion of the withdrawal exceeds the GAWA, only that portion (not the full withdrawal amount) is an Excess Withdrawal.
Excess Withdrawals. 4.4.1 A Certificate Owner will have an Excess Withdrawal by Withdrawing more than the Withdrawal Guarantee in a given Withdrawal Year. Excess Withdrawals reduce the Certificate Owner’s Withdrawal Guarantee.
Excess Withdrawals. The Company shall promptly return (or instruct the Trustee to return) to the Reinsurer any assets withdrawn from the Trust Account (and interest paid or accrued thereon) in excess of the actual amounts required for Section 9.8, and such excess amount shall bear additional interest calculated at a rate equal to the Three-Month LIBOR plus thirty (30) basis points per annum as computed on the basis of (i) a 360-day year composed of twelve (12) 30-day months and (ii) daily compounding, from the time that such excess amount is outstanding until such excess amount is returned to the Reinsurer. Pending such return, the Company shall hold all such amounts separate and apart from its other assets in trust for the benefit of the Reinsurer.
Excess Withdrawals. When computing the Premium Protection Plus rider Death Benefit, the GMDB amount is reduced by any excess withdrawals. An excess withdrawal is the amount a withdrawal exceeds the maximum annual withdrawal you may take under the GLWB rider you own. For example, assume the maximum annual withdrawal you may withdraw is $5,000 under your GLWB rider and in one contract year you withdraw $6,000. The $1,000 difference between the $6,000 withdrawn and the $5,000 maximum annual withdrawal limit would be an excess withdrawal. Allowable annual withdrawals begin under the GLWB riders when the annuitant reaches 59½, so any withdrawal before the annuitant is 59½ is an excess withdrawal. An excess withdrawal will reduce the GMDB amount by the greater of (a) the same percentage the excess withdrawal reduces your Contract Value (i.e. pro-rata) or (b) the dollar amount of the excess withdrawal. For example, assume the annuitant is 65 and your GMDB amount is $100,000 at the beginning of the contract year and your maximum annual withdrawal under your GLWB rider is $5,000. Assume your Contract Value is $90,000 and you withdraw $6,000. First we process that portion of the withdrawal up to your maximum annual withdrawal, which is $5,000. Because the annuitant is less than 85 years old, your GMDB amount is not reduced for that portion of the withdrawal that is equal to your maximum annual withdrawal, $5,000. Your Contract Value decreases to $85,000. Then we process that portion of the withdrawal in excess of your maximum annual withdrawal under your GLWB rider, which is $1,000. Your GMDB amount will be reduced to $98,824, i.e. $100,000 x (1 — $1,000/$85,000) because the pro-rata reduction of $1,176 is greater than the dollar amount of your $1,000 excess withdrawal. Your Contract Value will be reduced to $84,000. For another example, assume the same facts above except your Contract Value prior to the withdrawal is $120,000. After we process the maximum annual withdrawal portion of your withdrawal, $5,000, your GMDB amount remains $100,000 and your Contract Value is $115,000. After we process the portion of your withdrawal in excess of your maximum annual withdrawal, your GMDB amount will be reduced to $99,000 ($100,000 — $1,000) because the dollar for dollar reduction of $1,000 is greater than the pro-rata reduction of $870 ($1,000/$115,000 x $100,000). Your Contract Value will be reduced to $114,000. Because the allowable annual withdrawals under the GLWB riders begin when the ann...
Excess Withdrawals. Excess Withdrawals are defined as Withdrawals exceeding the Income Withdrawal Amount in any Contract Year during the Income Period. Excess Withdrawals may or may not incur a Surrender Charge (or MVA if applicable), depending on whether or not the total Withdrawal exceeds the Partial Surrender amount that is available without a Surrender Charge (or MVA if applicable), as outlined in the Contract. Excess Withdrawals will decrease the Benefit Base and Income Withdrawal Amount in proportion to the decrease in the Accumulation Value. If an Excess Withdrawal is taken, no additional Income Withdrawals will be allowed during that Contract Year. Any subsequent Withdrawals during that Contract Year will be treated as Excess Withdrawals. If Excess Withdrawals reduce the Accumulation Value to zero, the Benefit Base also reduces to zero and this Rider terminates.
Excess Withdrawals. Excess Withdrawals are defined as Withdrawals exceeding the LTC Benefit Payment Amount in any Contract Month during the LTC Benefit Period. Excess Withdrawals may or may not incur a Surrender Charge or MVA, depending on whether or not the total Withdrawal exceeds the Partial Surrender amount that is available without a Surrender Charge or MVA, as outlined in the Contract. Excess Withdrawals will decrease the LTC Benefit Base and LTC Benefit Payment Amount in proportion to the decrease in the Accumulation Value. If Excess Withdrawals reduce the LTC Benefit Base to zero, this Rider terminates.
Excess Withdrawals. Withdrawals or transfers must be backed with actual available funds in your Xxxxxx FCU Share Draft/ Checking or Share Savings Accounts. If you have been approved for overdraft protection on your Share Draft/ Checking account, we will transfer funds in $25 increments from your designated overdraft protection source sufficient to cover any negative account balance due to EFT withdrawals up to your available balance in your account, depending on the overdraft protection source(s) you have. Overdraft protection is only available on Share Draft/ Checking accounts. Remember that Regular Share Savings accounts designated as overdraft protection sources are subject to a limit of six preauthorized transfers per month. Funds to cover overdrafts will be taken from the sources and in the order you designate on your Membership Application & Account Agreement or separate Overdraft Authorization. Unless you have overdraft protection, a transaction may not be permitted if available funds in the accessible accounts are not sufficient. It is your responsibility not to attempt to process a transaction against deposits that have not yet cleared in the time permitted by the law and Xxxxxx FCU procedures. In rare cases, a system malfunction may result in your being able to electronically withdraw funds from an account that does not have sufficient funds to cover the transaction and on which you do not have overdraft protection. If this happens, you are responsible for restoring any amount by which your account is overdrawn. If you do not, our Right to Offset and our right to obtain reimbursement for Collection Costs apply (see Your Truth-In-Savings Disclosure for details).
Excess Withdrawals. The term Excess Withdrawals means Partial Withdrawals from the Account Value in excess of a Free Withdrawal, adjusted for associated Market Value Adjustment, Transaction Charges and taxes, if applicable.
Excess Withdrawals. On the date that any Excess Withdrawal occurs, an immediate pro rata reduction will be applied to the MGWB Base. The proportion of any such pro rata reduction will equal: Where: A is the amount of the Excess Withdrawal; B is the Accumulation Value immediately prior to the Withdrawal; and C is the total amount of the current Withdrawal. This means the MGWB Base is reduced by the same percentage that the Accumulation Value is reduced by the Excess Withdrawal. Excess Withdrawals could reduce future benefits by more than the dollar amount of the Excess Withdrawal. Change of Owner Any change in ownership will cause the termination of the Minimum Guaranteed Withdrawal Benefit and no payments under the Minimum Guaranteed Withdrawal Benefit will be payable thereafter, except for the following specifically allowed transactions:
Excess Withdrawals. The Ceding Company shall promptly return (or instruct the Trustee to return) to the Trust Account any assets withdrawn from the Trust Account (and interest paid or accrued thereon) in excess of the actual amounts permitted to be withdrawn pursuant to Section 6.7, and such excess amount shall bear additional interest calculated at a rate equal to the Interest Rate from the time that such excess amount is outstanding until such excess amount is returned to the Trust Account. Pending such return, the Ceding Company shall hold all such amounts in trust, separate and apart from its other assets, for the benefit of the Reinsurer. Section 6.9.
