APPLICATION OF CONTRIBUTIONS. 3.1 The Councils each covenant with SZC Co in respect of monies that each of them receive pursuant to this Deed not to spend the relevant monies other than for the purposes specified in this Deed in relation to the relevant Contribution or sum of money.
3.2 The Councils each covenant with SZC Co that they will within 6 months of the Commencement Date and annually thereafter until the Contributions have been spent provide SZC Co with a statement setting out details of the purposes to which the monies have been applied.
3.3 Notwithstanding paragraph 3.2, SZC Co shall in any event have the right to audit all expenditure funded from the Contributions or other amounts secured under this Deed and the Councils each covenant with SZC Co to provide access to all such information and evidence to enable SZC Co to carry out any such audit on an annual basis.
APPLICATION OF CONTRIBUTIONS. The Company shall deduct for its sales and administrative service (provided pursuant to the agreement therefor between the Company and Pooled Equity Fund B) (i) 6% of each Contribution made for such Participant until Contributions under this Contract plus any Contributions made for such Participant under any other Group Fund B contract with the Company total $5,000, and (ii) 4% of any Contributions made thereafter for such Participant. The Company will invest the balance of such Contributions in Pooled Equity Fund B.
APPLICATION OF CONTRIBUTIONS. 5 3.03 Participant's Individual Accounts, Inactive Participants................ 5 3.04
APPLICATION OF CONTRIBUTIONS. As soon as reasonably practical after each payroll period, the Employer shall apply the Employer Contribution and Salary Redirection to provide the Benefits elected by the affected Participants. Any contributions made or withheld from an Employee’s Compensation, pursuant to the Employee’s signed Salary Redirection Agreement for the Healthcare Flexible Spending Account, Dependent Care Assistance Account, Adoption Assistance Account, Tax-free Transportation Program, or Health Savings Account shall be credited to such account. Amounts designated for the Participant’s Premium Expense Reimbursement Account shall likewise be credited to such account for the purpose of paying Premium Expenses.
APPLICATION OF CONTRIBUTIONS. 11.1 Save as provided by paragraph 5 of the Second Schedule the Council may either spend a contribution or sum it has received under this Deed itself for the purposes for which it was paid or pass it to a third party to spend on its behalf provided that such contribution or sum may only be applied by the third party for the purpose for which it was paid to the Council and the Council shall procure that the third party complies with the relevant terms of this Deed in relation to such sum or contribution.
APPLICATION OF CONTRIBUTIONS. The net contribution shall be equal to the total contribution less 5% thereof. Additionally, premium taxes may be deducted either from premium payments as received or from the value of the account at retirement or surrender. The net contribution shall be applied as of the end of the valuation period in which the payment is received by VALIC, to provide accumulation units on the basis of the then current value of such units, such application being made separately for net contributions allocated to the General Account and the Separate Account. The number of accumulation units provided in each Account and credited to a Participant's Individual Account by any such application shall be determined by dividing the net contribution for that Account applicable to that Participant by the dollar value of one accumulation unit in that Account. The number of accumulation units so determined will not be affected by any subsequent changes in the dollar value of the accumulation units. The dollar value of an accumulation unit in the General Account will increase uniformly each valuation period; the value of an accumulation unit in the Separate Account may vary from one valuation period to the next.
APPLICATION OF CONTRIBUTIONS. 3.1 2. 1The Councils each covenant with SZC Co in respect of monies that each of them receive pursuant to this Deed not to spend the relevant monies other than for the purposes specified in this Deed in relation to the relevant Contribution or sum of money.
3.2 2. 2The Councils each covenant with SZC Co that they will within [●] 6 months of the Commencement Date and annually thereafter until the Contributions have been spent provide SZC Co with a statement setting out details of the purposes to which the monies have been applied.
APPLICATION OF CONTRIBUTIONS. As soon as reasonably practical after each payroll period, the Employer shall apply the Salary Redirection to provide the Benefits elected by the affected Participants. Any contributions made or withheld from an Employee’s compensation, pursuant to the Employee’s signed Salary Redirection Agreement for the Health Savings Account shall be credited to such account. Amounts designated for the Participant’s Premium Expense Reimbursement Account shall likewise be credited to such account for the purpose of paying Premium Expenses.
APPLICATION OF CONTRIBUTIONS. The Net Contribution shall be equal to 94% of the total Contribution. The exact per cent of any premium tax which may be levied against such Contributions will be added to the annuity rates when such benefits are purchased. The Net Contributions shall be applied as of the last day of the Valuation Period in which payment is received by EALIC, to provide accumulation units on the basis of the then current value of such Units. The number of accumulation units credited to a Participant's Individual Account, by any such application shall be determined by dividing the Net Contribution applicable to the Participant by the current dollar value of one accumulation unit. The number of accumulation units so determined will not be affected by any subsequent changes in the dollar value of accumulation units.
APPLICATION OF CONTRIBUTIONS. Deductions as prescribed in Section 9.03 plus any applicable premium taxes on the contributions shall be made by the Company from each contribution received. The balance of each contribution remaining after these deductions is herein called the net contribution. The Company shall apply the net contribution as of the last day of the valuation period during which the payment is received at its Home Office to provide accumulation units or annuity units as determined by the then current value of such units. Such application shall be made separately for net contributions allocated to the General Account and the Separate Account. The number of accumulation units provided in each Account for a Participant who has elected a Deferred Annuity and credited to the Participant's Individual Account shall be determined by dividing the net contribution for that Account applicable to that Participant by the dollar value of one accumulation unit in that Account. The number of accumulation units so determined shall not be changed by any subsequent change in the dollar value of accumulation units. The dollar value of the accumulation unit General Account will increase by a uniform percentage each valuation period, but the dollar value of the accumulation unit in the Separate Account may vary from period to period. The number of Annuity Units provided in each Account for a Participant who has elected an Immediate Annuity shall be determined as set forth in Section 2.07.
