Common use of Determination and Reporting of Fixed Term Automated Investment Yields Clause in Contracts

Determination and Reporting of Fixed Term Automated Investment Yields. Written confirmations of investments issued and mailed to Participants will include a complete description of the instrument, including the par amount, the interest or coupon rate of the instrument and its maturity date. The actual purchase price will be shown including the premium or discount paid, the amount of accrued interest, if any (which will be recovered on the next interest payment date), and the yield on the instrument (calculated as described in the Information Statement, net of all expenses). Yields quoted on investments are the net return to the Participant after deducting annual expenses. In the event an investment is sold or redeemed prior to maturity the return will be reduced by the amount of any unamortized expenses. Because market rates on longer-term investments fluctuate daily, rates quoted by the Administrator may change during the course of the day. However, no transactions will be consummated at a rate more than one quarter of a percent below the quoted rate without the transaction first being reconfirmed with the Participant.