VARIABLE ACCOUNT PROVISIONS Sample Clauses

VARIABLE ACCOUNT PROVISIONS. INVESTMENT ACCOUNT VALUE The Investment Account Value of an Investment Option is determined by multiplying (a) times (b) where:
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VARIABLE ACCOUNT PROVISIONS. SUBACCOUNT VALUE - The Subaccount Value is determined by multiplying the number of Accumulation Units allocated to this Contract for that Subaccount by the Accumulation Unit Value for that Subaccount. Withdrawals will result in the cancellation of Accumulation Units in a Subaccount. THE VARIABLE ACCOUNT - The Variable Account is designated on the Data Page. Variable Account assets are set aside by Cova and are kept separate from Cova's General Account assets and other separate account assets. The Variable Account assets equal to reserves and other liabilities will not be charged with liabilities arising out of any other business of Cova. INVESTMENTS OF THE VARIABLE ACCOUNT - Net Purchase Payments applied to the Variable Account are allocated to a Subaccount. The assets of a Subaccount are allocated to the Investment Option(s) and Portfolio(s), if any, within the Variable Account. Cova may from time to time add additional Investment Option(s) or Portfolio(s). You may be permitted to transfer Subaccount Values or allocate Purchase Payments to the additional Investment Option(s) or Portfolio(s), however, the right to make any transfer or allocation will be limited by the terms and conditions imposed by Cova. If the shares of an Investment Option or a Portfolio within an Investment Option become unavailable for investment by the Variable Account or Cova's Board of Directors deems further investment in these shares inappropriate, Cova may limit further purchase of the shares or substitute shares of another eligible Investment Option or Portfolio for shares already purchased under this Contract. VALUATION OF ASSETS - Assets of the Variable Account are valued at their fair market value in accordance with applicable law. ACCUMULATION UNIT - Accumulation Units are used to account for all amounts allocated to or withdrawn from a Subaccount as a result of Net Purchase Payments, withdrawals, transfers, fees and charges. Cova will determine the number of Accumulation Units of a Subaccount purchased or canceled by dividing the amount allocated to (or the amount withdrawn from) the Subaccount by the dollar value of one Accumulation Unit of the Subaccount as of the Business Day during which the request for a transaction is received at the Service Office. ACCUMULATION UNIT VALUE - The Accumulation Unit Value for each Subaccount was arbitrarily set initially. The Accumulation Unit Value for any later Business Day is determined by subtracting (b) from (a) and dividing the re...
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VARIABLE ACCOUNT PROVISIONS. INVESTMENT ACCOUNT We will establish a separate Investment Account for you for each variable Investment Option to which you allocate amounts. The Investment Account represents the number of your Accumulation Units in an Investment Option. INVESTMENT ACCOUNT VALUE The Investment Account Value of an Investment Account is determined by (a) times (b) where:
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VARIABLE ACCOUNT PROVISIONS. Investment Account We will establish a separate Investment Account for you for each variable Investment Option to which you allocate amounts. The Investment Account represents the number of your Accumulation Units in an Investment Option. Investment Account Value The Investment Account Value of an Investment Account is determined by (a) times (b) where:
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VARIABLE ACCOUNT PROVISIONS. 10 Transfers..............................................................13 Partial Withdrawals and Total Surrender................................14
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VARIABLE ACCOUNT PROVISIONS. 10 Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
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VARIABLE ACCOUNT PROVISIONS. 10 Transfers.....................................................13
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Related to VARIABLE ACCOUNT PROVISIONS

  • Variable Account General Description — The variable benefits under the Contract are provided through the Protective Variable Annuity Separate Account (the “Variable Account”), which is registered with the Securities and Exchange Commission as a unit investment trust under the Investment Company Act of 1940. We own the assets in the Variable Account. The portion of the assets of the Variable Account equal to the reserves and other contract liabilities with respect to the Variable Account cannot be charged with the liabilities arising out of any other business we may conduct. The income, gains and losses, both realized and unrealized, from the assets of the Variable Account shall be credited to or charged against the Variable Account without regard to any other income, gains or losses of the Company. We have the right to transfer to our general account any assets of the Variable Account that are in excess of such reserves and other liabilities.

  • Securities Account Provisions If and to the extent any Collateral Account is a securities account (within the meaning of Section 8-501 of the UCC) the Financial Institution agrees that:

  • Payment Provisions The Company covenants that so long as this Note is outstanding:

  • Establishment of a Lockbox Account, Dominion Account All proceeds of Collateral shall be deposited by Borrower into either (i) a lockbox account, dominion account or such other “blocked account” (“Blocked Accounts”) established at a bank or banks (each such bank, a “Blocked Account Bank”) pursuant to an arrangement with such Blocked Account Bank as may be selected by Borrower and be acceptable to Agent or (ii) depository accounts (“Depository Accounts”) established at Agent for the deposit of such proceeds. Borrower, Agent and each Blocked Account Bank shall enter into a deposit account control agreement in form and substance satisfactory to Agent directing such Blocked Account Bank, upon notice from Agent, to transfer such funds so deposited to Agent, either to any account maintained by Agent at said Blocked Account Bank or by wire transfer to appropriate account(s) of Agent. All funds deposited in such Blocked Accounts shall immediately become the property of Agent and Borrower shall obtain the agreement by such Blocked Account Bank to waive any offset rights against the funds so deposited. Neither Agent nor any Lender assumes any responsibility for such blocked account arrangement, including any claim of accord and satisfaction or release with respect to deposits accepted by any Blocked Account Bank thereunder. All deposit accounts and investment accounts of Borrower are set forth on Schedule 4.15(g). Notwithstanding anything to the contrary set forth in this Section 4.15(g), Borrower shall be permitted to deposit checks or other payments received at Borrower’s locations in the Ordinary Course of Business in deposit accounts which may not be subject to a blocked account or similar agreements; provided that, at no time shall Borrower have more than $50,000 in the aggregate in all such accounts which are not Blocked Accounts or Depository Accounts.

  • General Payment Provisions This Note shall be made in lawful money of the United States of America by check to such account as the Holder may from time to time designate by written notice to the Company in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day and, in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date. For purposes of this Note, “Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the State of Texas are authorized or required by law or executive order to remain closed.

  • Trust Account Waiver The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

  • Investment of Funds in the Collection Account and the Distribution Account (a) The Master Servicer may direct any depository institution maintaining the Collection Account (for purposes of this Section 3.12, an "Investment Account"), and the Trustee, in its individual capacity, may direct any depository institution maintaining the Distribution Account (for purposes of this Section 3.12, also an "Investment Account"), to invest the funds in such Investment Account in one or more Permitted Investments bearing interest or sold at a discount, and maturing, unless payable on demand, (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee is the obligor thereon, and (ii) no later than the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if the Trustee is the obligor thereon. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall be entitled to sole possession (except with respect to investment direction of funds held in the Collection Account and any income and gain realized thereon) over each such investment, and any certificate or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent, together with any document of transfer necessary to transfer title to such investment to the Trustee or its nominee. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Trustee shall:

  • Collection Account and Distribution Account (a) On behalf of the Trust Fund, the Servicer shall establish and maintain, or cause to be established and maintained, one or more accounts (each such account or accounts, a “Collection Account”), held in trust for the benefit of the Trustee and the Certificateholders. On behalf of the Trust Fund, the Servicer shall deposit or cause to be deposited in the related clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of good funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal or interest on the Mortgage Loans due on or before the related Cut-off Date, or payments (other than Principal Prepayments) received by it on or prior to the related Cut-off Date but allocable to a Due Period subsequent thereto):

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

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