Common use of MEMBERS' ACCOUNTS, UNITS AND VALUATION Clause in Contracts

MEMBERS' ACCOUNTS, UNITS AND VALUATION. The TPA shall establish and maintain an Account for each Member showing his interests in the available Investment Funds, as designated by the Employer in the Adoption Agreement. The interest in each Investment Fund shall be represented by Units. As of each Valuation Date, the value of a Unit in each Investment Fund shall be determined by dividing (a) the sum of the net assets at market value determined by the Trustee by (b) the total number of outstanding Units. The number of additional Units to be credited to a Member's interest in each available Investment Fund, as of any Valuation Date, shall be determined by dividing (a) that portion of the aggregate contributions and/or deferrals by and on behalf of the Member which was directed to be invested in such Investment Fund and received by the Trustee during the month in which such Valuation Date occurs by (b) the Unit value of such Investment Fund as of the next Valuation Date. For purposes of the preceding sentence, in valuing a Member's Account, contributions and/or deferrals of both Members and the Employer which have been reported and received by the TPA on the first working day of a month shall be deemed to have been received on the last working day of the immediately preceding month. Working day shall be defined as any day regular mail is delivered by the United States Postal Service. The value of a Member's Account may be determined as of any Valuation Date by multiplying the number of Units to his credit in each available Investment Fund by that Investment Fund's Unit Value on such date and aggregating the results.

MEMBERS' ACCOUNTS, UNITS AND VALUATION. The TPA shall establish and maintain an Account for each Member showing his interests in the available Investment Funds, as designated by the Employer in the Adoption Agreement. The interest in each Investment Fund shall be represented by Units. As of each Valuation Date, the value of a Unit in each Investment Fund shall be determined by dividing (a) the sum of the net assets at market value determined by the Trustee by (b) the total number of outstanding Units. The number of additional Units to be credited to a Member's interest in each available Investment Fund, as of any Valuation Date, shall be determined by dividing (a) that portion of the aggregate contributions and/or deferrals by and on behalf of the Member which was directed to be invested in such Investment Fund and received by the Trustee by the Trustee during the month in which such Valuation Date occurs by (b) the Unit value of such Investment Fund as of the next Valuation Date. For purposes of the preceding sentence, in valuing a Member's Account, contributions and/or deferrals of both Members and the Employer which have been reported and received by the TPA on the first working day of a month shall be deemed to have been received on the last working day of the immediately preceding month. Working day shall be defined as any day regular mail is delivered by the United States Postal Service. The value of a Member's Account may be determined as of any Valuation Date by multiplying the number of Units to his credit in each available Investment Fund by that Investment Fund's Unit Value on such date and aggregating the results.