Discounted Vested Monthly Benefit definition

Discounted Vested Monthly Benefit shall be an amount determined by discounting Employee’s Vested Monthly Benefit to present value based on the number of months between (a) the later of (i) Employee’s age at the time of his or her termination of employment or (ii) the date on which Employee attains age 55, and (b) the date of Employee’s 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date of termination of Employee’s employment, of U.S. Treasury Notes with a maturity date nearest the date of the Employee’s 65th birthday.
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Discounted Vested Monthly Benefit means an amount determined by discounting the Executive’s Vested Monthly Benefit to present value based on the number of months between (a) the later of (i) the Executive’s age at the date of his termination or (ii) the date on which the Executive attains age 55, and (b) the date of his 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date of termination, of U.S. Treasury Notes with a maturity date nearest the date of the Executive’s 65th birthday.
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Discounted Vested Monthly Benefit shall be an amount determined by discounting Employee’s Vested Monthly Benefit to present value based on the number of months between (a) the Employee’s age at the time of [his OR her] Separation From Service or, if [he OR she] elects to defer payment or commencement pursuant to subparagraph 6(d) of this Agreement, the date of payment or commencement, and (b) the date of Employee’s 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date in (a), above, of U.S. Treasury Notes with a maturity date nearest the date of the Employee’s 65th birthday.
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Examples of Discounted Vested Monthly Benefit in a sentence

  • It shall be assumed that payments of the Discounted Vested Monthly Benefit will be made for two hundred and forty (240) months.

  • If monthly payments are elected, the Vested Monthly Benefit (or the Discounted Vested Monthly Benefit (if payment commences prior to age 65)) will be paid for two hundred and forty (240) months.

  • In the event Xxxxxxxxxxx voluntarily terminates his employment with the Corporation before reaching age 65, and prior to any Change of Control, the Corporation shall pay to Xxxxxxxxxxx two-thirds of his Discounted Vested Monthly Benefit commencing upon the last day of the month next following the month in which the date such termination occurs, and shall continue to pay him such amount monthly on the same date of each succeeding month for a total of 240 months.

  • In rendering our opinion, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and conformity to authentic originals of all documents submitted to us as copies.

  • In the event the Executive’s employment with the Corporation is terminated before reaching age 65 and prior to any Change in Control, whether such termination is initiated by the Executive or the Corporation, the Executive at his election shall be entitled to receive his Discounted Vested Monthly Benefit commencing upon (or anytime after) the date the Executive attains age 55, unless the Executive has been terminated by the Corporation for Cause.

  • If Employee dies after [his OR her] Separation From Service but prior to the date on which [he OR she] elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months.

  • In the event the Executive voluntarily terminates his employment with the Corporation before reaching age 65, and prior to any Change in Control, the Corporation shall pay to the Executive a Retirement Benefit equal to two-thirds of his Discounted Vested Monthly Benefit commencing upon the last day of the month next following the month in which the date such termination occurs, and shall continue to pay him such amount monthly on the same date of each succeeding month for a total of 240 months.

  • In the event Employee has a Separation From Service with the Corporation before reaching age 65 (unless the Employee is terminated by the Corporation for Cause, or if the separation is by reason of disability pursuant to subparagraph 6(c), or by reason of death), then on the last day of the month next following the month of Employee’s Separation From Service, the Corporation shall pay to Employee a lump sum cash payment of an amount equal to the present value of his Discounted Vested Monthly Benefit.


More Definitions of Discounted Vested Monthly Benefit

Discounted Vested Monthly Benefit shall be an amount determined by discounting Xxxxxxxxxxx'x Vested Monthly Benefit to present value based on the number of months between (a) Xxxxxxxxxxx'x age at the time of his termination of employment, and (b) the date of his 65th birthday. The discount rate to be used for this purpose shall be equal to the yield to maturity, at the date of termination of Xxxxxxxxxxx'x employment, of U.S. Treasury Notes with a maturity date nearest the date of Xxxxxxxxxxx'x 65th birthday.
Sample 1
Discounted Vested Monthly Benefit shall be an amount determined by discounting Employee’s Vested Monthly Benefit to present value based on the number of months between (a) the Employee’s age at the time of her separation from service or, if Employee elects to defer payment or commencement pursuant to subparagraph 3(d) of this Agreement, the date of payment or commencement, and (b) the date of Employee’s 65th birthday. Payments shall be discounted to present value at a rate of interest equal to 2.76%, which is the yield to maturity of 30-year U.S. Treasury Notes as of June 30, 2012.
Sample 1

Related to Discounted Vested Monthly Benefit

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Scheduled Principal Payment Date means April 15, 2008.

  • Accumulation Period Amount means $41,666,666.67; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in the Indenture Supplement.

  • Monthly Earnings means your gross monthly income from your Employer, not including shift differential, in effect just prior to your date of disability. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Prepaid Monthly Payment Any Monthly Payment received prior to its scheduled Due Date, which is intended to be applied to a Mortgage Loan on its scheduled Due Date and held in the related Custodial Account for P&I until the Withdrawal Date following its scheduled Due Date.

  • Applicable Monthly Payment For any Mortgage Loan (including an Outside Serviced Mortgage Loan) with respect to any month (including any such Mortgage Loan as to which the related Mortgaged Property has become an REO Property), the Monthly Payment; provided, however, that for purposes of calculating the amount of any P&I Advance required to be made by the Master Servicer or the Trustee, notwithstanding the amount of such Applicable Monthly Payment, interest shall be calculated at the Mortgage Rate less the Servicing Fee Rate and, if applicable, shall be exclusive of Excess Interest; and provided, further, that for purposes of determining the amount of any P&I Advance, the Monthly Payment shall be as reduced pursuant to any modification of a Mortgage Loan pursuant to Section 3.24 of this Agreement or pursuant to the applicable Outside Servicing Agreement, or pursuant to any bankruptcy, insolvency, or other similar proceeding involving the related Mortgagor.

  • Average Monthly Compensation means the quotient determined by dividing the sum of the Employee’s then current Base Salary (as defined in Section 4.1 hereof) and the greater of the most recently paid Incentive Compensation (as defined in Section 4.2 hereof) or the average of Incentive Compensation paid over the three most recent years by twelve.

  • Scheduled Principal Payment Amount means, for any Payment Date, an amount equal to the excess of (a) the Note Principal Amount on such Payment Date over (b) the Scheduled Note Principal Amount for such Payment Date.

  • Applicable Unscheduled Principal Receipt Period With respect to the Mortgage Loans serviced by each Servicer and each of Full Unscheduled Principal Receipts and Partial Unscheduled Principal Receipts, the Unscheduled Principal Receipt Period specified on Schedule I hereto, as amended from time to time by the Master Servicer pursuant to Section 10.01(b) hereof.

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Assumed Monthly Payment With respect to (a) any Mortgage Loan that is a Balloon Mortgage Loan delinquent in respect of its Balloon Payment beyond the Determination Date immediately following its scheduled maturity date (as such date may be extended in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower or by reason of a modification, waiver or amendment granted or agreed to by the Master Servicer or the Special Servicer), for that scheduled maturity date and for each subsequent Due Date as of which such Mortgage Loan remains outstanding and part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due with respect to such Mortgage Loan on such Due Date equal to the amount (exclusive of Default Interest and any Post-ARD Additional Interest) that would have been due in respect thereof on such Due Date if such Mortgage Loan had been required to continue to accrue interest in accordance with its terms, and to pay principal in accordance with the amortization schedule (if any), in effect immediately prior to, and without regard to the occurrence of, such maturity date; and (b) any REO Mortgage Loan, for any Due Date as of which the related REO Property (or, in the case of any REO Mortgage Loan that is a successor to any Mortgage Loan in a Loan Combination, any interest in the related REO Property) remains part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due in respect thereof on such Due Date equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan described in clause (a) of this definition, the Assumed Monthly Payment) that was due (or deemed due) with respect to the related Mortgage Loan on the last Due Date prior to its becoming an REO Mortgage Loan.

  • Monthly Payment Date means the Payment Date (as defined in the Mortgage Loan Documents).

  • Scheduled Final Payment Date means, with respect to each Tranche of Securitization Bonds, the date when all interest and principal is scheduled to be paid with respect to that Tranche in accordance with the Expected Amortization Schedule, as specified in the Series Supplement. For the avoidance of doubt, the Scheduled Final Payment Date with respect to any Tranche shall be the last Scheduled Payment Date set forth in the Expected Amortization Schedule relating to such Tranche. The “last Scheduled Final Payment Date” means the Scheduled Final Payment Date of the latest maturing Tranche of Securitization Bonds.

  • Monthly Salary Rate means the amount agreed to by the Owner that can be used on Applications for Payment throughout the Construction Phase to account for the services of Construction Manager’s salaried personnel assigned to the Project. A Monthly Salary Rate must be established for each salaried person and must be approved in writing by the Owner in advance of any Application for Payment for that person. The Monthly Salary Rate is for convenience only and any payments made for Construction Manager’s personnel are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by the Construction Manager for services performed for the Project.

  • Payment month means, for all programs except EA, the calendar month for which benefits are issued.

  • Mid-Month Receipt Period With respect to each Distribution Date, the one month period beginning on the Determination Date (or, in the case of the first Distribution Date, from and including the Cut-Off-Date) occurring in the calendar month preceding the month in which such Distribution Date occurs and ending on the day preceding the Determination Date immediately preceding such Distribution Date.

  • Scheduled Principal Payment means the scheduled payment of principal due on the Mortgage Loan on a Monthly Payment Date.

  • Expected Principal Payment Date means April 15, 2010.

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Scheduled Principal Distribution Amount With respect to each Distribution Date, an amount equal to the aggregate of the principal portions of:

  • Accumulation Period Factor means, for any Collection Period, a fraction with:

  • Scheduled Principal Payments means, with respect to any Series or any Class of any Series of Notes, any payments scheduled to be made pursuant to the applicable Series Supplement that reduce the amount of principal Outstanding with respect to such Series or Class on a periodic basis that are identified as “Scheduled Principal Payments” in the applicable Series Supplement.