Modification of Interest Guarantee Period Sample Clauses

Modification of Interest Guarantee Period. 24 CESSATION OF DEPOSITS Options On Date of Cessation of Deposits .........................................................25 TABLE A
Sample 1
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Modification of Interest Guarantee Period. Notwithstanding the other contract modification provisions, the interest guarantee period of amounts Deposited into Guaranteed Sub-Accounts, if any, may be modified by the Company in accordance with the interest guarantee period modification provisions as described in greater detail in the attached Guaranteed Sub-Account Riders, if any.] Contract No. 12345GP Form No. QGP 685 - 30 ARTICLE XI CESSATION OF DEPOSITS
Sample 1
Modification of Interest Guarantee Period. Notwithstanding the other Contract Modification provisions, the Interest Guarantee Period of amounts Deposited into Guaranteed Sub-Accounts, if any, may be Modified by the Company in accordance with the Interest Guarantee Period Modification provisions as described in greater detail in the attached Guaranteed Sub-Account Riders, if any. CESSATION OF DEPOSITS Upon 60 days' written notice to the other, the Group Policyholder or the Company may declare that, as from the date stated in the notice (that date being called a Date of Cessation of Deposits), no further Deposits will be made to certain or all Sub-Accounts of the Group Annuity Contract. If a Date of Cessation of Deposits has been declared for certain Sub-Accounts, the Group Policyholder in respect of the Participant may by Written Request make a Change of Allocation of his/her Contributions. When no Change of Allocations is received, the Company may return all Contributions affected by the declaration of the Date of Cessation of Deposits, or allocate such Contributions to a currently offered Guaranteed Sub-Account. After the Date of Cessation of Deposits declared in respect of all Sub-Accounts, no Participant Annuity Account will be established. Options on Date of Cessation of Deposits Upon declaring the Date of Cessation of Deposits for all Sub-Accounts or upon receiving notice of its declaration by the Company, the Group Policyholder may by Written Request Elect one of the following Cessation Options. If the Group Policyholder has not Elected a Cessation Option within 30 days of the Date of Cessation, Cessation Option (1) will be deemed to have been Elected.
Sample 1
Modification of Interest Guarantee Period. Notwithstanding the other Contract Modification provisions, the Interest Guarantee Period of amounts Deposited into Guaranteed Sub-Accounts, if any, may be Modified by the Company in accordance with the Interest Guarantee Period Modification provisions as described in greater detail in the attached Guaranteed Sub-Account Riders, if any. CESSATION OF DEPOSITS Upon 30 days' written notice to the others, the Group Policyholder for the Group Annuity Policy, a Participating Employer for its Participants, or the Company may declare that, as from the date stated in the notice (that date being called a Date of Cessation of Deposits), no further Deposits will be made to certain or all Sub-Accounts of the Group Annuity Contract. Notification will also be given to Participants of the Cessation of Deposits. If a Date of Cessation of Deposits has been declared for certain Sub-Accounts, the Participant may by Written Request make a Change of Allocation of his/her Contributions. When no Change of Allocation is received, the Company may return all Contributions affected by the declaration of the Date of Cessation of Deposits, or allocate such Contributions to a currently offered Guaranteed Sub-Account. After the Date of Cessation of Deposits has been declared by the Group Policyholder or the Company in respect of this Group Annuity Contract or all Sub-Accounts, no Participant Annuity Account will be established. After the Date of Cessation of Deposits has been declared by a Participating Employer for its Participants, no Participant Annuity Account will be established for its Eligible Persons. TABLE A - Variable Life Annuity Monthly Payment for Each $1,000 of Participant Annuity Account Value ---------------------------------------------------------------------------------------------------------------------- Age of Without With Guaranteed Period Payee Guaranteed Period ----------------------------------------------------------------------- 5 Years 10 Years 15 Years 20 Years 50 3.83 3.83 3.82 3.80 3.78 55 4.13 4.12 4.10 4.07 4.02 60 4.52 4.51 4.48 4.41 4.31 65 5.06 5.04 4.97 4.84 4.64 70 5.82 5.77 5.61 5.33 4.94 75 6.93 6.80 6.41 5.82 5.19 ---------------------------------------------------------------------------------------------------------------------- If payments commence on any other date than the exact age of the Payee as shown above, the amount of the monthly payment shall be determined by the Company on the actuarial basis used by it in determining the above amou...
Sample 1

Related to Modification of Interest Guarantee Period

  • Notification of interest periods and default rates The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 and of each period selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Agent’s notification.

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Application of Interest Drawings Notwithstanding anything to the contrary contained in this Agreement, (i) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class A Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class A Cash Collateral Account, and payable in each case to the Class A Certificateholders or the Class A Trustee, shall be promptly distributed to the Class A Trustee and (ii) all payments received by the Subordination Agent in respect of an Interest Drawing under the Class B Liquidity Facility and all amounts withdrawn by the Subordination Agent from the Class B Cash Collateral Account, and payable in each case to the Class B Certificateholders or the Class B Trustee, shall be promptly distributed to the Class B Trustee.

  • Computation of Interest on Debt Securities Interest, if any, on the Debt Securities shall be computed on the basis of a 360-day year of twelve 30-day months, except as may otherwise be provided pursuant to Section 2.03.

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Computation of Interest, Fees, Yield Protection All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

  • Extension of Interest Payment Period The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

  • Confirmation of Indebtedness Borrowers confirm and acknowledge that as of the close of business on September 30, 2014, Borrowers were indebted to Lenders for the (a) Advances under the Loan Agreement without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of $22,817,930.38 due on account of Revolving Advances and $0.00 on account of undrawn Letters of Credit, plus in each case all fees, costs and expenses incurred to date in connection with the Loan Agreement.

  • Subordination of Intercompany Loans Each Loan Party shall cause any intercompany Indebtedness, loans or advances owed by any Loan Party to any other Loan Party to be subordinated pursuant to the terms of the Intercompany Subordination Agreement.

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