Common use of For July and August Clause in Contracts

For July and August. (1) Interest to June 30th is calculated on the Plan and added to the individual employee’s accumulation in the Payroll Savings Plan. (2) The amount calculated under Article B.8.11.b.ii(1) is divided by four (4) and transferred into the employee’s bank account on July 15, July 31, August 15 and August 31. If any of the following days are non-banking days, transfer shall be made on the last banking days preceding these dates.

For July and August. (1) Interest to June 30th is calculated on the Plan and added to the individual employee’s employee‘s accumulation in the Payroll Savings Plan. (2) The amount calculated under Article B.8.11.b.ii(1) is divided by four (4) and transferred into the employee’s employee‘s bank account on July 15, July 31, August 15 and August 31. If any of the following days are non-banking days, transfer shall be made on the last banking days preceding these dates.