Plan Payment Default definition
Plan Payment Default means (i) that one or more payment(s) have not been made on a timely basis to a Participant or beneficiary under any Plan; or (ii) if the Company or Trustee has engaged a paying agent to make payments under one or more of the Plans, that the Company has not transferred funds to such paying agent on a timely basis to enable the paying agent to make all payments then due under the Plans for which the paying agent has responsibility. Notwithstanding the foregoing, a "Plan Payment Default" shall not be deemed to occur if the Company makes an incorrect Plan payment to a Participant or beneficiary, but the payment is at least ninety percent (90%) of what is ultimately determined by the Trustee to be the correct amount; provided, further that this exception shall no longer apply with respect to a given Participant or beneficiary if the Company makes three incorrect underpayments to such Participant or beneficiary.
Plan Payment Default. See Section 1(f)(3).