INTEREST CREDITS. Subject to the provisions of Section 9.1, during each Contract Year, the Guaranteed Fund will be credited with daily interest at an effective annual rate of interest. At the beginning of each calendar quarter Nationwide will calculate an interest rate which will be credited to the Guaranteed Fund during that quarter. In accordance with the Initial Interest Guarantee section of the Contract Specifications Page, the interest rates that will be declared and credited by Nationwide during the initial periods of the Contract shall not be less than the rates listed in the Initial Interest Guarantee section of the Contract Specifications Page applicable to those periods. SAMPLE In computing the amount of interest to be credited to the Guaranteed Fund, Nationwide will use the first day following the date amounts are credited to the Guaranteed Fund through the actual date on which withdrawals are made from the Guaranteed Fund.
INTEREST CREDITS. (a) An equitable interest credit shall be applied under the following cir- cumstances:
INTEREST CREDITS. The Bank shall credit interest on the Account Balance annually as set forth in Schedule A.
INTEREST CREDITS. Interest will be credited on such Dividend Equivalents for each “Crediting Period” during the period from the Award Date until distribution hereunder at, unless otherwise determined by the Committee, the mid-term Applicable Federal Rate (as determined under Section 1274(d) of the Internal Revenue Code of 1986, as amended), in effect on the first day of such Crediting Period. A Crediting Period shall mean August 1 of one calendar year to July 31 of the subsequent calendar year (or, if earlier, the date on which distribution is made hereunder), provided that interest shall be credited with respect to each Dividend Equivalent only from the date it is first credited hereunder. Interest Credits shall vest at the same time as the underlying Restricted Stock Units and Dividend Equivalents, and shall be distributed at the same time as the underlying Dividend Equivalents.
INTEREST CREDITS. In addition to the compensation-based credits in paragraph 2 above, FP participants with an account balance will also earn interest credits each year, as defined and determined under the Company Contribution Plan.
INTEREST CREDITS. Subject to the provisions of Section 9.1, during each Contract Year, the Guaranteed Fund will be credited with daily interest at an effective annual rate of interest. At the beginning of each calendar quarter Nationwide will calculate an interest rate which will be credited to the Guaranteed Fund during that quarter. All interest rates credited under the Contract will be no less than 0%. SAMPLE In accordance with the Initial Interest Guarantee section of the Contract Specifications Page, the interest rates that will be declared and credited by Nationwide during the initial periods of the Contract shall not be less than the rates listed in the Initial Interest Guarantee section of the Contract Specifications Page applicable to those periods. In computing the amount of interest to be credited to the Guaranteed Fund, Nationwide will use the first day following the date amounts are credited to the Guaranteed Fund through the actual date on which withdrawals are made from the Guaranteed Fund.
INTEREST CREDITS. As of the last day of each calendar year, each Deferral Account shall be credited with interest in an amount equal to the balance of the Deferral Account as of the beginning of such Performance Year times the yield to maturity on five (5) year U.S. Treasury Bonds determined as of the last business day of the immediately preceding Performance Year.
INTEREST CREDITS. Each Plan Year the Account shall be automatically increased as of the last day of such Plan Year by crediting the balance in such Account as of the last day of the previous Plan Year (or, in the case of the first Plan Year, as of the Effective Date), with an Interest Credit equal to said Account balance multiplied by 6%. Such Interest Credits shall continue after the Executive's Termination Date, PROVIDED, however, that no Interest Credits shall be made to the Account for any Plan Year beginning on or after the date on which his benefit is paid. For the Plan Year in which the Executive's benefit is paid, an Interest Credit shall be made on a pro rata basis through the end of the month prior to the month in which the date of benefit is paid.
INTEREST CREDITS. INTEREST TO BE CREDITED - The Company guarantees that the interest rate credited to the General Account Value will not be less than the minimum Guaranteed Interest Rate equal to: an effective rate of 3% per year. The Company may credit additional interest in its sole discretion. The Initial Guaranteed Interest Rate shall be as set forth on the Contract Data Page for the Initial Interest Guarantee Period which shall be for one year from the date the Purchase Payment is allocated to the General Account. Upon the expiration of the Initial Interest Guarantee Period, the Company will in its discretion determine the Guaranteed Interest Rate for each subsequent Interest Guarantee Period. Such subsequent Interest Guarantee Period shall be for successive one year periods after the expiration of the Initial Interest Guarantee Period. The Guaranteed Interest Rate for any subsequent Purchase Payments allocated to the General Account shall be that rate in effect at the time of the allocation or transfer to the General Account. Interest will be credited daily to the General Account Value. 107 20 WITHDRAWAL PROVISIONS A withdrawal will result in the cancellation of Accumulation Units for each applicable Subaccount of the Separate Account or a reduction in the General Account Value in the ratio that the Subaccount Value and/or the General Account Value bears to the Contract Value. The Owner must specify in writing in advance if other than the above method of cancellation and reduction is to be used. SUSPENSION OR DEFERRAL OF PAYMENTS The Company reserves the right to defer payment for a withdrawal or transfer from the General Account for the period permitted by law but not for more than six months after written election is received by the Company. /s/Arnoxx X. Xxxxxxx /s/John Xxxxxx Xxxretary President
INTEREST CREDITS. The interest bearing accounts shall earn interest at a rate determined by BDO on a per annum basis and in accordance with pertinent laws, rules and regulations. Interest shall be computed based on average daily balance (ADB) and credited to the account at the end of the month, less of applicable withholding tax. However, no interest shall be paid on dormant accounts or those closed prior to crediting of interest at the end of any month.
