ALLOCATION OF CONTRIBUTIONS TO DIVISIONS. Each Contribution remitted with respect to a Participant will, after deduction of any applicable charge for taxes, be allocated by Source to one or more of the Divisions as of the Transaction Date. With respect to each Source the percentage to be allocated to each Division is to be a whole number and the aggregate percentage is to be 100%. Allocation instructions will be determined pursuant to the Employer Plan and reported to the Equitable in writing by the Employer or Employer Plan Trustee, subject to the following paragraph. Each initial Contribution with respect to a Participant is to be preceded or accompanied by such allocation instructions. Such instructions will be retained on file by Equitable unless and until duly changed. Each subsequent Contribution with respect to the Participant will be allocated in accordance with the most recent allocation instructions received with respect to the Participant. The Employer or Employer Plan Trustee may file revised allocation instructions at any time with respect to a Participant and such revised instructions will apply to all transactions occurring on or after the date the revised instructions are received in the Processing Office. The Employer or Employer Plan Trustee may, if the Employer Plan permits, arrange with Equitable (a) to have Participants provide such instructions directly to Equitable, and (b) to have such instructions communicated, as the Participant elects, either in writing or by telephone, subject to Equitable's requirements for telephone transactions. If an initial Contribution with respect to a Participant is received in the Processing Office and allocation instructions are neither on file nor accompanying the Contribution, Equitable will, pending receipt of such instructions, allocate the entire Contribution to the Guaranteed Interest Division for up to five Business Days. If at the end of such period no allocation instruction is on file with respect to the Participant, Equitable will return the Contribution to the Employer or Employer Plan Trustee, unless Equitable has received the written consent of the Participant to continue to hold Contributions in the Guaranteed Interest Division pending receipt of other allocation instructions.
ALLOCATION OF CONTRIBUTIONS TO DIVISIONS. Each Contribution remitted with respect to a Participant will, after deduction of any applicable charge for taxes, be allocated by Source to one or more of the Divisions as of the Transaction Date. The percentage to be allocated to each Division is to be a whole number and the aggregate percentage is to be 100%. Allocation instructions will be determined pursuant to the Employer Plan and reported to Equitable in writing by the Employer or Employer Plan Trustee, subject to the following paragraph. Each initial Contribution with respect to a Participant is to be preceded or accompanied by such allocation instructions. Such instructions will be retained on file by Equitable unless and until duly changed. Each subsequent Contribution with respect to the Participant will be allocated in accordance with the most recent allocation instructions received with respect to the Participant. The Employer or Employer Plan Trustee may file revised allocation instructions at any time with respect to a Participant and such revised instructions will apply to all transactions occurring on or after the date the revised instructions are received in the Processing Office. The Employer or Employer Plan Trustee may, if the Employer Plan permits, arrange with Equitable to have Participants provide such instructions directly to Equitable.
