Allocations to the Employee’s Account Sample Clauses

Allocations to the Employee’s Account. On the Effective Date and on the last business day of the month thereafter occurring on or before the first to occur of (1) the Employee’s attainment of his Retirement Date, (2) his death or (3) his Termination of Employment, the Employer shall credit to the Employee’s Account 10% of the amount of Employee’s compensation, or such other percentage of Employee’s compensation not to exceed 20% as he shall elect to have withheld from his compensation from time to time; provided, however, excepting any initial election, a change in the amount elected by the Employee shall become effective no earlier than the first day of the calendar year following the Employee’s change of election. Amounts elected to be deferred by the Employee shall be withheld from the Employee’s compensation for the pay periods for which such compensation is paid. Each allocation under this Section 2.01 shall be deemed to have been made for purposes of computing interest under Section 2.03 of this Agreement as of the required allocation date.
Sample 1
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Allocations to the Employee’s Account. On the Effective Date and on the last business day of the month thereafter occurring on or before the first to occur of (1) the Employee’s attainment of his Retirement Date, (2) his death or (3) his Termination of Employment, the Bank shall credit to the Employee’s Account 10% of the amount of Employee’s compensation, or such other percentage of Employee’s compensation not to exceed 20% as he shall elect to have withheld from his compensation from time to time. Amounts elected to be deferred by the Employee shall be withheld from the Employee’s compensation for the pay periods for which such compensation is paid. Each allocation under this Section 2.01 shall be deemed to have been made for purposes of computing interest under Section 2.03 of this Agreement as of the required allocation date. The Employee may elect to defer a portion of his Compensation (other than Performance-Based Compensation) to be earned in a Plan Year by making an irrevocable election to do so before January 1st of that Plan Year. Notwithstanding the foregoing, if the Employee is not otherwise eligible to participate in another individual account non-qualified deferred compensation plan, and the individual first becomes eligible to participate in this Plan after January 1, 2005, the Employee may irrevocably elect to defer a portion of his Compensation (other than Performance-Based Compensation) to be earned by the Employee in the same Plan Year (and after making the election) as long as the election is made within 30 days following the date the individual first becomes eligible to participate. The Employee may no later than six months before the end of the applicable Service Period irrevocably elect to defer a portion of the Performance-Based Compensation otherwise payable to the Employee in the following Plan Year. If the Employee is not otherwise eligible to participate in another individual account non-qualified deferred compensation plan, and the individual first becomes eligible to participate in this Plan after January 1, 2005, the Employee may irrevocably elect to defer a portion of his Performance-Based Compensation to be earned in the same Plan Year (and after making the election) as long as the election is made within 30 days following the date the individual first becomes eligible to participate. The maximum amount of Performance-Based Compensation taken into account for this purpose shall be the total amount of Performance-Based Compensation for such Service Period, multip...
Sample 1

Related to Allocations to the Employee’s Account

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Account Allocations In the event that any Transferor is unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement, including by reason of the application of the provisions of Section 4.1 or any order of any Governmental Authority (a “Transfer Restriction Event”), then, in any such event, (a) such Transferor agrees (except as prohibited by any such order) to allocate and pay to the Trust, after the date of such inability, all Collections, including Collections of Receivables transferred to the Trust prior to the occurrence of such event, and all amounts which would have constituted Collections with respect to Receivables but for such Transferor’s inability to transfer Receivables (up to an aggregate amount equal to the amount of Receivables included as part of the Trust Assets on such date transferred to the Trust by such Transferor), (b) such Transferor and the Servicer agree that such amounts will be applied as Collections in accordance with the terms of the Servicing Agreement, the Indenture and each Indenture Supplement and (c) for so long as the allocation and application of all Collections and all amounts that would have constituted Collections are made in accordance with clauses (a) and (b) above, Receivables (and all amounts which would have constituted Receivables but for such Transferor’s inability to transfer Receivables to the Trust) which are written off as uncollectible in accordance with the Servicing Agreement shall continue to be allocated in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. For the purpose of the immediately preceding sentence, such Transferor and the Servicer shall treat the first received Collections with respect to the Accounts as allocable to the Trust until the Trust shall have been allocated and paid Collections in an amount equal to the aggregate amount of Receivables included in the Trust as of the date of the occurrence of such event. If such Transferor and the Servicer are unable pursuant to any Requirements of Law to allocate Collections as described above, such Transferor and the Servicer agree that, after the occurrence of such event, payments on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance of such Account and shall have such payments applied as Collections in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement.

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

  • Participant Contributions If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d).

  • FORFEITURE ALLOCATION Subject to any restoration allocation required under Sections 5.04 or 9.14, the Advisory Committee will allocate a Participant forfeiture in accordance with Section 3.04: (Choose (a) or (b); (c) and (d) are optional in addition to (a) or (b))

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

  • Rollover Contributions and Transfers The Custodian shall have the right to receive rollover contributions and to receive direct transfers from other custodians or trustees. All contributions must be made in cash or check.

  • Cash Account Except as otherwise provided in Instructions acceptable to Bank, all cash held in the Cash Account shall be deposited during the period it is credited to the Account in one or more deposit accounts at Bank or at Bank's London Branch. Any cash so deposited with Bank's London Branch shall be payable exclusively by Bank's London Branch in the applicable currency, subject to compliance with any Applicable Law, including, without limitation, any restrictions on transactions in the applicable currency imposed by the country of the applicable currency.

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