Declared Rate Clause Samples

Declared Rate. The “Declared Rate” shall mean an annual rate equal to: (i) the rate provided to the Bank’s qualified 401(k) plan participants investing in the Stable Fund provided for in such qualified plan, plus (ii) 250 basis points. Accrual of interest on deferred Directors Fees shall not commence until the first day of the month following the end of the quarter during which such Directors Fees were ratably earned and deferred. The Interest Factor, for purposes of compounding monthly interest and annuitizing and/or discounting, shall be adjusted annually at the beginning of each calendar year to reflect any change to the Stable Fund rate for such calendar year. Should (i) the Bank’s qualified 401(k) plan be terminated, (ii) such qualified 401(k) plan be amended so that the Stable Fund rate is no longer applicable to such plan, or (iii) the Bank designate a different qualified 401(k) plan provider and such successor provide does not offer the Stable Fund, the Bank’s Board of Directors shall designate both an alternative interest rate and spread to such interest rate, if any, which shall be used for purposes of compounding monthly interest and annuitizing and/or discounting pursuant to this Agreement; provided, however, that such alternative interest rate and spread designated by the Bank’s Board of Directors shall not be less than an annual rate equal to: (i) the ask yield for the One Year Treasury ▇▇▇▇ with a maturity date closest to one (1) year, as published by The Wall Street Journal on December 31 of the most recent calendar year, plus (ii) 150 basis points.