"Acceptance Date" means the date designated by the Foundation, being not later than the date on which an application is approved by the Foundation and an initial Contribution has been made and is not earlier than the date an application is signed by the Subscriber.
"Application" means the scholarship application completed to enrol in the Plan.
"Beneficiary" means the child identified in the Agreement under age 14 at the time of enrolment and, if applicable, his successor.
"Contract" means the Scholarship Agreement entered into by a Subscriber and evidencing participation in the Plan.
"Contributions" means the funds contributed by a Subscriber to the Plan on behalf of a Beneficiary.
"Deposit Account" means the account maintained by the Depository Trustee into which Principal is placed.
"Depository" means Bank of N.T. Butterfield & Son Ltd. whose registered office is situated at 65 Front Street, Hamilton HM12, Bermuda or its successor which is responsible for receiving Deposits, deducting Membership Fees and Depository Fees and remitting the balance to the Scholarship Trustee and receiving Principal from the Scholarship Trustee upon the Maturity Date.
"Depository Fees" are the fees described in the section entitled "What Fees or Expenses are involved with a Heritage Plan"
"Enhancement Fund" means a fund consisting of interest accruing on funds in the Scholarship Fund and returned Principal cheques or uncashed Principal cheques of Subscribers.
"ESP" means a Contract made between an individual (or an individual and the spouse of the individual) and the Foundation under which the Foundation agrees to issue EAPs.
"Fees" means the fees specified in the section entitled "What Fees or Expenses are involved with a Heritage Plan?"
"Maturity Date" means July 31 in the year in which the Beneficiary is expected to begin post-secondary education (normally when the Beneficiary is 18 years of age) and is the date stipulated in this Agreement, being the date which the Principal is returned to the Subscriber.
"Membership Fee" means $110 per Unit deducted from Contributions as set out in the section entitled "What Fees or Expenses are involved with a Heritage Plan?"
"Plan" means the particular savings plan in which a Subscribers enrols by entering into this Agreement;
"Post-Secondary Program" is any program of study of a minimum period of two years at a Recognized Institution requiring full-time attendance by the Beneficiary for at least six months of the year.
"Principal" means the amount deposited in the Deposit Account after deduction from the Contributions of the Fees and does not include interest earned on such amounts.
"Qualified Student" means a Beneficiary under an Agreement which is in good standing and who attends a Recognized Institution in the Year of Eligibility and who is accepted by the Recognized Institution for up to two additional years of study.
"Recognized Institution" means an accredited educational institution of higher learning any where in the world, authorized to confer a degree or diploma, and is approved by the Scholarship Committee, attendance at which, in the Year of Eligibility and subsequently, qualifies a Beneficiary for a Scholarship.
"Scholarship Committee" means the committee established from time to time by the Board of Directors of the Foundation to make decisions concerning eligibility, approved courses of study, Recognized Institutions and other matters.
"Scholarship Fund" means the separate account maintained by the Scholarship Trustee, constituted of interest on Principal at the Maturity Date from Subscribers enroled in the Plan (including a portion of the interest of those who have withdrawn from the Plan) allocated according to the Year of Eligibility with respect to Beneficiary where the Self-Determined Option has not been selected.
"Scholarship Option" means the option automatically deemed selected by a Subscriber enroled in the Plan if the Self-Determined Option is not selected, entitling the Beneficiary to Scholarships.
"Scholarships" mean the educational assistance payments determined by the Foundation and payable to Beneficiaries who become Qualified Students in the Year of Eligibility and the educational assistance payments made subsequently upon continued qualification.
"Scholarship Trustee" means the trustee of funds to be paid as Scholarships or Self-Determined Payments, being a financial institution authorized to do business as a trustee. Initially the Scholarship Trustee shall be Butterfield Trust (Bermuda) Ltd.
"Self-Determined Account" means, with respect to Subscribers who have enroled in the Plan and selected the Self-Determined Option, each individual account established by the Scholarship Trustee to hold funds into which Principal and interest thereon is directed on the Maturity Date and additional Contributions are made after the Maturity Date.
"Self-Determined Option" means the option that may be selected by a Subscriber of an Agreement that is in good standing, no later than 60 days prior to the Maturity Date permitting additional Contributions to be made up to and including the 21st year following the year the Subscriber's Contract was entered into and providing for the return to the Subscriber of Principal and interest upon request of the Subscriber anytime after the original Maturity Date.
"Self-Determined Payments" are payments of Principal and interest made, if the Subscriber selects the Self Determined Option, at any time after the Maturity Date upon request from the Subscriber.
"Subscriber(s)" means the person or persons who makes application for enrolment of a Beneficiary in the Plan and who is responsible for the required Contributions.
"Units" means the standard of measurement or shares used to determine the level of participation by a Subscriber(s) for a Beneficiary enroled in the Plan.
Year of Eligibility
"Year of Eligibility" means the year in which a Beneficiary is expected to begin the second year of post-secondary or tertiary education (usually the year in which the Beneficiary becomes 19 years of age) or such earlier or later year to which it is changed.