TRANSFER OF DORMANT ACCOUNT BALANCES TO THE RECLAIM FUND BY THE PARTICIPANT Sample Clauses

TRANSFER OF DORMANT ACCOUNT BALANCES TO THE RECLAIM FUND BY THE PARTICIPANT. 1.1 The Participant may from time to time transfer Dormant Account Balances to the Reclaim Fund during the Initial Term and any Renewal Periods; any such transfer to be upon the terms and subject to the conditions set out in this agreement. 1.2 In the event that the Participant wishes to transfer Dormant Account Balances to the Reclaim Fund, to the extent that the transfer relates to: (a) Category 1 Accounts, clauses 1.3 and 1.4 shall apply; and (b) Category 2 Accounts or Category 3 Accounts (together Specified Accounts), clause 1.6 shall instead apply. 1.3 Subject to clauses 17.2 and 17.4, by making payment to the Reclaim Fund for the purposes of this clause 1, the Participant represents and warrants to the Reclaim Fund in relation to each such payment that the amount paid to the Reclaim Fund: (a) comprises only amounts in respect of Dormant Account Balances and does not include any Specified Account Balances; and (b) has been calculated correctly by the Participant in respect of each Dormant Account Balance (in particular with respect to all appropriate adjustments to be made up to and including the relevant Transfer Date and any Transferred Accruing Interest) and includes all Accrued Interest. 1.4 Subject to clauses 1.8 and 3.1, the Reclaim Fund hereby consents for the purposes of section 1(1)(b) of the Act to the transfer by the Participant to the Reclaim Fund of Dormant Account Balances on the basis of the Participant's representations and warranties set out in clause 1.3 and such Dormant Account Balances shall be treated as having transferred to the Reclaim Fund for the purposes of section 1(1)(a) of the Act upon receipt by the Reclaim Fund of cleared funds representing such amount. 1.5 Not later than two (2) clear Business Days prior to each Transfer Date (as determined in accordance with clause 1 of Part A of this agreement), the Participant shall provide to the Reclaim Fund a duly signed and completed Transfer Notice confirming its intention to transfer Dormant Account Balances to the Reclaim Fund on such date. 1.6 The Participant may transfer Specified Account Balances (Category 2 Accounts or Category 3 Accounts) to the Reclaim Fund but only with the prior consent in writing of the Reclaim Fund to accept such transfer for the purposes of section 1(1)(b) of the Act. The Participant acknowledges and agrees that any consent of the Reclaim Fund for this purpose will be given upon such terms and subject to such conditions as the Reclaim Fund considers...
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TRANSFER OF DORMANT ACCOUNT BALANCES TO THE RECLAIM FUND BY THE PARTICIPANT. 1.1 The Participant may from time to time transfer Dormant Account Balances to the Reclaim Fund during the Initial Term and any Renewal Periods; any such transfer to be upon the terms and subject to the conditions set out in this agreement. 1.2 In the event that the Participant wishes to transfer Dormant Account Balances to the Reclaim Fund, to the extent that the transfer relates to: (a) Category 1 Accounts, clauses 1.3 and 1.4 shall apply; and (b) Category 2 Accounts or Category 3 Accounts (together Specified Accounts), clause
Sample 1

Related to TRANSFER OF DORMANT ACCOUNT BALANCES TO THE RECLAIM FUND BY THE PARTICIPANT

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • Account Balances Balances shown in your accounts may include deposits subject to verification by us. The balance reflected in the Service may differ from your records due to deposits in progress, checks outstanding, or other withdrawals, payments or charges. A transfer request may not result in immediate availability because of the time required to process the request. A transfer request must be made before the Business Day Cut-off time to be effective the same Business Day. The balances within the Service are updated periodically and the Service will display the most current "as of" date on the "accounts" summary page. There may be situations that cause a delay in an update of your balances. The Service will use the most current balance available at the time of a transaction to base our approval for account transfers.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute?

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement. 8.2 Contributions shall be recorded on a remittance form and remitted to the designated recipient of such contributions on or before the fifteenth (15) day of the month following the month for which contributions are to be made. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds, as liquidated damages and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter, interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 8.3 The amounts to be designated as wages and/or Employer contributions to the above funds may be varied from time to time by agreement between the Association and the Union. 8.4 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Funds, including provisions for audit security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. 8.5 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 8.6 All employer contributions due and payable to the above funds, except industry promotion funds, shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds and industry promotion funds are not wages or benefits due to an employee and industry promotion funds are dues for services rendered by the Association. 8.7 The Business Representative of the Local Union may inspect, during regular business hours, the Company's record of time worked by employees and contributions to the plan. 8.8 The Employer shall be responsible for the payment of any government sales taxes applicable to any trust fund contributions payable by the Employer.

  • Individual Account An individual account is an account owned by you alone, which you as the account owner use during your lifetime.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • SIMPLE Individual Retirement Custodial Account (Under section 408(p) of the Internal Revenue Code) The participant named above is establishing a savings incentive match plan for employees of small employers individual retirement account (SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her retirement and for the support of his or her beneficiaries after death. The custodian named above has given the participant the disclosure statement required by Regulations section 1.408-6. The participant and the custodian make the following agreement:

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