Declared Rate definition

Declared Rate means the prime rate as published in The Wall Street Journal plus one (1) percentage point. The Board shall establish the Declared Rate effective as of January 2nd of each Plan Year. Such Declared Rate, once established, shall be used for all interest determinations during the Plan Year. The formula used to establish the Declared Rate may be amended by a resolution of the Board on a prospective basis.

Declared Rate means the notional rates of return (which may be positive or negative) of the individual investment options selected by a Participant or a Participant's Beneficiary for such Participant's Diversified Account as set forth in Article 5.4.

Declared Rate means, with respect to any Plan Year, the prime rate as published in the Wall Street Journal. The Committee shall establish the Declared Rate effective as of the first business day of each Plan Year. The Declared Rate, once established, shall be used for all interest determinations during the applicable Plan Year.

Examples of Declared Rate in a sentence

• The monthly amount of payments will be redetermined annually to reflect changes in the Declared Rate.

• The Reinsurer shall have the authority to manage, substitute and re-invest assets held in the Reinsurer’s Separate Accounts at its discretion, provided that (a) all assets held in, allocated to or transferred to the Reinsurer’s Separate Accounts shall comply at all times with the Investment Guidelines, and (b) the aggregate value of assets held in the Reinsurer’s Separate Accounts shall at all times be no less than the Risk Control Separate Account and the Declared Rate Separate Account Liabilities.

• All premiums remitted from the Company’s Risk Control Separate Accounts or Declared Rate Separate Accounts on account of the Policies shall be ultimately deposited into the Reinsurer’s Separate Accounts.

• The Quarterly Accounting shall separately identify payment obligations attributable to a Variable Separate Account, a Risk Control Separate Account, a Declared Rate Separate Account and the General Account.

• All assets held in the Reinsurer’s Separate Accounts shall be used solely to satisfy liabilities attributable to the Company’s Risk Control Separate Accounts and Declared Rate Separate Accounts shall not be chargeable with liabilities arising out of any other business of the Company or the Reinsurer.

More Definitions of Declared Rate

Declared Rate means the notional rates of return (which may be positive or negative) of the individual investment options selected by a Participant for such Deferral Account referred to in Article 6.

Declared Rate means with respect to any calendar year, an annual rate of interest equal to the average of prime rates made available to preferred borrowers by Bank of America, N.T. & S.A., Los Angeles Branch (or any successor thereto) determined as of the first working day of each calendar month prior to the complete distribution of a Deferral Account.

Declared Rate means, with respect to 1988, 10.61%, and with respect to subsequent calendar years the one-hundred-twenty (120)-month-rolling average rate of ten-year United States Treasury Notes or such other rate as may be prescribed from time to time by the Committee. For any calendar year the one-hundred-twenty (120)-month-rolling average rate will be determined by the Committee as of the preceding month of December and will be the average of the rates in effect for each of the one hundred twenty (120) months ending with that December.

Declared Rate means with respect to any calendar month two (2) percentage points over the prime rate as published in the Wall Street Journal. The Board shall establish the Declared Rate effective as of January 1 of each Plan Year. Such Declared Rate, once established, shall be used for all interest determinations during such Plan Year.

Declared Rate means, for a calendar year, an interest rate determined by the Committee in its sole discretion for each Performance Period. The Committee reserves the right, in its sole discretion, to change the method of determining or to increase or decrease the interest rate which is credited to Participants’ Award Accounts; provided, however, that the interest rate shall not be decreased for periods prior to such action; and provided, further, that the interest rate may not be increased for a Covered Employee after the beginning of a Performance Period.

Declared Rate shall have the meaning set forth in Section 4.3 of this Plan.

Declared Rate means 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 Xxxx 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.