Common use of Accrued Liability Balance Clause in Contracts

Accrued Liability Balance. For the purposes of this Agreement, the “Accrued Liability Balance” (“ALB”) means the liability accrued by the Bank in accordance with generally accepted accounting principles in order to fully fund the future benefit payments associated with this Agreement. The ALB shall reflect Annual Contribution Amounts made to the ALB each Service Period based on the satisfaction of performance criteria established in the Bank Performance Plan (as defined in Paragraph 1.7 below). Annual Contribution Amounts shall be reflected in the ALB within thirty (30) days of the end of any given Service Period. The ALB shall be credited with interest as defined below in Paragraph 1.2.