Installment Years definition
Installment Years means the lesser of ten consecutive twelve-month periods or the number of consecutive twelve-month periods elected by a Participant pursuant to Section 2.3 over which payments will be made with respect to an Accrued Benefit of such Participant who has elected to receive installment payments in lieu of a lump sum. The first Installment Year shall commence on the Installment Commencement Date (as defined in Section 2.9(e) below) and each succeeding Installment Year shall commence on each succeeding anniversary thereof.
Installment Years means the lesser of ten Plan Years or the number of Plan Years elected by a Participant pursuant to Section 2.3 over which payments will be made with respect to an Accrued Benefit of a Participant who has elected to receive installment payments in lieu of a lump sum.
Examples of Installment Years in a sentence
Any Transmission Credits which are available for use but are not used in a given Credit Installment Year may be carried forward and used in later Credit Installment Years, provided that any Transmission Credits not applied against charges or fees due and payable under a Transmission Agreement within fifteen (15) years after the beginning of the Credit Installment Period shall expire and be of no further force or effect.