Examples of Provisional Account in a sentence
Such notice shall specify the manner in which such benefits are to be paid to the designated Beneficiary, the conditions under which any particular designation shall be effective, and whether payment of the balance of his Provisional Account and the value of his Annual Awards and Long-Term Awards shall be made in a lump sum or in installments to such Beneficiary over a period of not more than 15 years in the manner provided above.
Neither the Borrower nor any of its Subsidiaries is an “investment company” required to be registered under the Investment Company Act of 1940.
As soon as practicable after the close of the Plan Year, each Participant shall receive a report of the status of his Annual Awards, Long-Term Awards and Provisional Account as of December 31 of such year.
As of the last day of the Plan Year (or Short Plan Year), the Association shall compute interest provisionally earned for such Plan Year by multiplying the balance in the Provisional Account of each Participant as of the commencement of such Plan Year by the Annual Rate of Interest for such Plan Year (and for the Short Plan Year by multiplying the result by the number of days in the Short Plan Year and dividing by 365).
If payment is made in installments, payment of subsequent installments shall be made on or before the February 1 of the year in which such payment is due and shall include interest earned on the lowest unpaid balance in the Participant's Provisional Account during the preceding Plan Year at the Annual Rate of Interest being paid on Provisional Accounts for such preceding Plan Year under Section 7 hereof.
The Provisional Account, including interest earned, plus any addition to the Provisional Account by virtue of an Annual Award made by the Association, or an allocation of a Long-Term Award to a Provisional Account for such Plan Year, shall be deemed to be the Provisional Account of such Participant throughout the following Plan Year for all purposes of this Plan.
Each Participant may from time to time file a notice designating a Beneficiary to whom the balance of his Provisional Account and the value of his Annual Awards and Long-Term Awards as determined under Section 6 -20- 21 shall be paid in the event of his death.