Common use of INTEREST CREDITS Clause in Contracts

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.