Adjustment Account definition

Adjustment Account. An Adjustment Account is established on the Income Start Date. On this date, the value of the Adjustment Account is the greater of (a) and (b), where: (a) is zero; and (b) is the Guaranteed Payment Floor minus the Level Income Amount, multiplied by the modal factor. The value of the Adjustment Account in subsequent Annuity Years is the greater of (a) and (b), where: (a) is zero; and (b) is (i) plus (ii) minus (iii), where: (i) is the value of the Adjustment Account as of the prior Annuity Year; (ii) is the Variable Income Payment for the current Annuity Year multiplied by the modal factor; and (iii) is the Level Income Amount for the current Annuity Year multiplied by the modal factor. The amount of a transfer from the Subaccounts, providing Variable Income Payments, to the General Account, providing Fixed Income Payments, will be reduced to first pay off the Adjustment Account balance.

Adjustment Account has the meaning given to it in the Principal SPA;

Adjustment Account means the account established pursuant to the Adjustment Account Agreement.

Adjustment Account. An Adjustment Account is established on the Income Start Date. On this date, the value of the Adjustment Account is the greater of (a) and (b), where: (c) is zero; and (d) is the Guaranteed Payment Floor minus the Level Income Amount, multiplied by the modal factor. The value of the Adjustment Account in subsequent Annuity Years is the greater of (a) and (b), where: (c) is zero; and (d) is (i) plus (ii) minus (iii), where: (i) is the value of the Adjustment Account as of the prior Annuity Year; (ii) is the Variable Income Payment for the current Annuity Year multiplied by the modal factor; and; (iii) is the Level Income Amount for the current Annuity Year multiplied by the modal factor. The amount of a transfer from the Subaccounts, providing Variable Income Payments, to the General Account, providing Fixed Income Payments will be reduced to first pay off the Adjustment Account balance. GUARANTEED PAYMENT FLOOR STEP-UP The Guaranteed Payment Floor will automatically increase every [two] years to [75%] of the then current Variable Income Payment, if that result is greater than the prior Guaranteed Payment Floor. The increase will occur on every [second] anniversary of the Income Start Date, up to and including the [tenth] anniversary, at which time you may elect to continue the step-up option for an additional [10]-year period. After each [10]-year period, you may elect to continue the step-up option for an additional [10] years. If you elect to continue the step-up option, the rider charge may be reset to the new charge which may be higher than your previous charge, but will never exceed [1%] annually. If you choose not to continue the step-up option at the end of a [10]-year period, your Guaranteed Payment Floor and associated charge will remain level, at the then current amounts, for the life of the Contract.

Adjustment Account means a deposit account owned and maintained by you to handle Reconcilements, Regulation E claims, other unresolved claims, discrepancies relating to the reconciliation of Reported ATM Withdrawals with Reimbursement for ATM Withdrawals, discrepancies relating to the reconciliation of Reported Other Cash Withdrawals with the amount that we have received for such Electronic Check Authorization Transactions, Point of Sale Transactions and Credit Card Cash Transactions, and/or other discrepancies.

Adjustment Account has the meaning given in Exhibit C.

Adjustment Account has the meaning assigned to it in Section 3.1.

Adjustment Account means an interest bearing deposit account, to be opened with designation Xxxxxxx Xxxxxx and XX Xxxxxx LLP Client account re: uSwitch Limited, or such other retention account from time to time agreed between the Vendors’ Representative and the Purchaser;

Adjustment Account means a deposit account owned and maintained by the Reconcilement Agent to handle Reconcilements, Reg. E claims or other unresolved claims or discrepancies relating to the reconciliation of Reported ATM Withdrawals with Reimbursement for ATM Withdrawals.

Adjustment Account means an interest bearing deposit account, to be opened with designation Osborne Clarke and SJ