Normal Payment Date definition

Normal Payment Date means (i) with respect to a Participant’s Grandfathered Benefit, the first day of the month on which benefits commence to be paid to the Participant under the Retirement Plan; and (ii) with respect to a Participant’s 409A Benefit, the following: (A) for a Participant who incurs a Separation from Service with a Vested Plan Benefit prior to attaining age 55, the first day of the month coincident with or next following the month in which he attains age 55; and (B) for a Participant who incurs a Separation from Service with a Vested Plan Benefit on or after attaining age 55, the first day of the month following his Separation from Service.
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Normal Payment Date means the tenth day of the next month following the date of the later of (i) a Participant’s Separation from Service or (ii) a Participant attaining age 55.
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Normal Payment Date the regularly scheduled business day of the week or month on which Buyer makes payments pursuant to this article. Unless otherwise stated on the face of the order or Purchase Agreement, Buyer shall be entitled, either directly or through an affiliated third party, to take an early payment reduction of 0.0333% of the gross invoice price for each day that actual payment precedes the Normal Payment Date. By way of examples, an early payment reduction of 2.5% would correspond to a payment made 75 days earlier than the Normal Payment Date and an early payment reduction 0.333% would correspond to a payment made ten (10) days earlier than the Normal Payment Date.
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Examples of Normal Payment Date in a sentence

  • The Participant must be employed with the Bank on the Normal Payment Date to receive the benefit described in Section 3.1.1, and for the avoidance of doubt, all benefits under the Agreement are forfeitable until the Normal Payment Date unless otherwise provided herein.

  • In determining the lump sum payment of the Eligible Employee’s Supplemental Benefit, the discount rate shall be the lower of (i) the discount rate so elected by the Eligible Employee or (ii) the Plan discount rate for the month of December preceding the Eligible Employee’s Normal Payment Date.

  • If the Payment Form for a Participant’s Grandfathered Benefit is other than the Lump-Sum Option or the DCP Option, the payment of the Participant’s Grandfathered Benefit shall commence on the Participant’s applicable Normal Payment Date, unless the Participant has specified an Elected Payment Date.

  • In the event such an Eligible Employee previously Separated from Service with the Company, payment of his 409A Benefit accrued prior to such Separation from Service shall not be suspended or otherwise delayed and any additional 409A Benefit accrued by such an Eligible Employee shall be paid on the Normal Payment Date and in the Default Payment Form.

  • If the payment of a Lump-Sum Option is delayed beyond the Normal Payment Date in accordance with the previous sentence, a Participant’s 409A Benefit shall be credited with interest on a quarterly basis based upon the interest rate being used to determine Lump-Sum Option payments under the Retirement Plan for each quarter of such delay.

  • A Participant shall make his Payment Election for his Grandfathered Benefit prior to the date of, or in connection with, the Participant’s Separation from Service, and if no Payment Election is made prior to the date of, or in connection with, the Participant’s Separation from Service, the Participant’s Grandfathered Benefit shall be payable in the Default Payment Form on the applicable Normal Payment Date.

  • The number of Stock Units credited to an Account with respect to any Eligible Director shall be equal to any deferred cash amount divided by the "fair market value" (as defined in Section 4.3) of the Common Stock on the Normal Payment Date.

  • Amounts deferred pursuant to Section 2(a) shall be credited as of the Normal Payment Date to a bookkeeping reserve account maintained by the Corporation (an "Account") in units that are equivalent in value to shares of Common Stock ("Stock Units").

  • A Participant who first accrues a Benefit under the Plan on or after January 1, 2009 (other than a 2008 New Executive), shall receive his or her Benefit on the Normal Payment Date and in the Default Payment Form; provided, however, that such Participant may be permitted to modify his or her Payment Form in accordance with Section 2.04(e).

  • In addition to the performance requirements provided in Section 2, subject to the accelerated vesting provisions of Section 4, the Participant must be employed with the Company or a subsidiary on the Normal Payment Date (as defined in Section 5) to vest in the Performance Units.


More Definitions of Normal Payment Date

Normal Payment Date means (A) for a Participant who incurs a Separation from Service with a Vested Plan Benefit prior to attaining age 55, the first day of the month coincident with or next following the month in which he attains age 55; and (B) for a Participant who incurs a Separation from Service with a Vested Plan Benefit on or after attaining age 55, the first day of the month following his Separation from Service.
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Normal Payment Date means (i) with respect to a Participant’s Grandfathered Benefit, the following: (A) if the Payment Form is other than the Lump-Sum Option or the DCP Option, the first day of the first period for which an amount is payable to the Participant under the Retirement Plan; and (B) if the payment form is the Lump-Sum Option, the Payment Date specified in Section 5.2(c); and (ii) with respect to a Participant's 409A Benefit, the following: (A) for a Participant who incurs a Separation from Service with a Vested Plan Benefit prior to attaining age 55, the first day of the month coincident with or next following the month in which he attains age 55; and (B) for a Participant who incurs a Separation from Service with a Vested Plan Benefit on or after attaining age 55, the first day of the month following his Separation from Service.
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Related to Normal Payment Date

  • Final Payment Date means the "Final Payment Date" as specified in § 1 of the Product and Underlying Data.

  • Initial Payment Date has the meaning specified in Section 3 of this Supplement.

  • Principal Payment Date means, if applicable, each date designated as such in the Series Term Sheet.

  • Expected Final Payment Date means, with respect to each Series or, if applicable, each Class of Securitization Bonds, the date when all interest and principal is scheduled to be paid with respect to that Series or Class in accordance with the Expected Amortization Schedule, as specified in the Series Supplement therefor.

  • Next Payment Date means each date on which the next scheduled payment under any Transaction is due to be paid.

  • Installment Payment Date means the date on which an installment payment of an assessment is payable.

  • Change of Control Payment Date has the meaning provided in Section 4.15.

  • Special Payment Date means each Distribution Date with respect to the Early Amortization Period.

  • Principal Payment Dates means unless otherwise determined by the Fiscal Officer in the Certificate of Award, December 1 in the years from and including 2020 to and including 2035, provided that in no case shall the latest Principal Payment Date be later than the maximum maturity of the Bonds referred to in the preambles hereto.

  • Coupon Payment Date means each day specified to be an Coupon Payment Date in the Product Terms.

  • Scheduled Payment Date means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

  • Deferred Payment Date for a Participant means the date after the Restricted Period in respect of Restricted Share Units which is the earlier of (i) the date which the Participant has elected to defer receipt of the underlying Shares in accordance with Section 4.5 of this Plan; and (ii) the Participant’s Separation Date.