CREDITING ACCOUNTS. As of the last day of each month during the Plan Year (the “Determination Date”), the Participant’s Deferral Account shall be increased by the amount of interest earned since the preceding Determination Date. Interest shall be based upon the Declared Rate (as defined in Section 4.3 hereof). Interest shall be based upon the average daily balance of the Participant’s Deferral Account since the last preceding Determination Date, but after the Deferral Account has been adjusted for any contributions or distributions to be credited or deducted for each such day.
Appears in 2 contracts
Sources: Executive Deferred Compensation Master Agreement (Oceanfirst Financial Corp), Director Deferred Compensation Master Agreement (Oceanfirst Financial Corp)