Election of Payment Date Clause Samples

Election of Payment Date. Finally, the Director shall specify a choice on the Election Form for the date when payment of benefits under Article 3 shall be made or shall commence, which shall be (x) the first day of a month and year specified by the Director, or (y) the first day of the month immediately after the month in which the Director attains Normal Retirement Age, or (z) the first day of the month immediately after the month in which Separation from Service occurs. Failure to specify a choice on the Election Form when payment of benefits shall be made or shall commence shall constitute an election for payment of benefits to be made or to commence on the first day of the month after the month in which Separation from Service occurs. If a Director elects a payment date that is earlier than the date when Compensation deferrals shall cease according to the Director’s election under section 2.1, the Director’s deferrals shall cease in the month immediately preceding the payment date elected under this section 2.3.
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Election of Payment Date. Finally, the Director shall also designate a specific date on which payment of benefits under Article 3 shall be made or shall commence. If a Director elects a payment date that is earlier than the date when Compensation deferrals cease, the Director’s deferrals shall cease in the month immediately preceding the payment date elected under this section 2.3. Failure to specify on the Election Form a date when payment of benefits shall be made or shall commence shall constitute an election for payment of benefits to be made or to commence on the last day of the month immediately after the month in which the Director’s Separation from Service occurs. If Separation from Service occurs before the date specified by the Director for distribution of benefits, payment of benefits shall be made or shall commence on the last day of the month immediately after the month in which Separation from Service occurs.
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Election of Payment Date. The Executive must elect in this paragraph 3(b) the date on which his or her vested Deferred Compensation Account for the Bonus Year (the “Distributable Balance”) becomes payable. The Executive may elect payment either upon his or her separation from service, or at a specified month and year in [BONUS YEAR PLUS FOUR] or later (choose one option); provided, however, if the Executive elects a Specified Date for payment and separates from service prior to such date, the Executive’s Distributable Balance shall be distributed to the Executive upon such separation from service. The election under this paragraph 3(b) must be made at the time of execution of this Agreement, will apply to the entire Distributable Balance and, subject to paragraph 3(g), is irrevocable. Separation from Service Specified Date (must be a month & year in [BONUS YEAR PLUS FOUR] or later) Note: Payment will default to separation from service if you separate prior to specified payout date. If the Executive fails to make a valid election regarding the date on which his or her Distributable Balance becomes payable, the Executive shall be deemed to have elected payment upon his or her separation from service. Payment shall be made at the time determined by the Company within sixty (60) days following the occurrence of the separation from service or specified date, as applicable. Notwithstanding the foregoing or any other provision within this Agreement, if the Executive is a specified employee (as determined under the Section 409A Specified Employee Policy of Telephone and Data Systems, Inc. and its Affiliates) as of the date of his or her separation from service and is entitled to payment hereunder by reason of such separation from service, no payment (including on account of the Executive’s permanent disability or unforeseeable emergency) shall be made from the Deferred Compensation Account before the date which is six (6) months after the date of the Executive’s separation from service (or, if earlier than the end of such six-month period, the date of the Executive’s death). Any payment delayed pursuant to the immediately preceding sentence shall be paid in a lump sum during the seventh calendar month following the calendar month during which the Executive separates from service.
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Election of Payment Date. The Executive must elect in this paragraph 3(b) the date on which his or her vested Deferred Compensation Account for the Bonus Year (the “Distributable Balance”) becomes payable. The Executive may elect payment either upon his or her separation from service, or at a specified month and year in 2013 or later (choose one option). This determination must be made at the time of execution of this Agreement, will apply to the entire Distributable Balance and, subject to paragraph 3(g), is irrevocable. i) Separation from service; or
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Election of Payment Date. The Executive must elect in this paragraph 3(b) the date on which his or her vested Deferred Compensation Account for the Bonus Year (the “Distributable Balance”) becomes payable. The Executive may elect payment either upon his or her separation from service, or in January of a specified year in [BONUS YEAR PLUS FOUR] or later (a “Specified Date”) (choose one option); provided, however, if the Executive elects a Specified Date for payment and separates from service prior to such date, the Executive’s Distributable Balance shall be distributed (or commence to be distributed, in the case of installments) to the Executive upon such separation from service. The election under this paragraph 3(b) must be made at the time of execution of this Agreement, will apply to the entire Distributable Balance and is irrevocable.
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Related to Election of Payment Date

  • Termination of Payment Fund Any portion of the Payment Fund that remains undistributed to the holders of Certificates and Book Entry Shares for twelve months after the Effective Time shall be delivered by the Paying Agent to the Parent, upon demand, and any holder of a Certificate or Book Entry Shares who has not theretofore complied with this Article II shall thereafter look only to the Parent for payment of the Merger Consideration, but shall have no greater rights against the Parent than may be accorded to general unsecured creditors of the Parent under applicable law.

  • Form of Payment On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price.

  • Termination of Payments Notwithstanding section 2.2, no payments shall be due to Purchaser ▇▇▇▇ Purchaser has received an aggregate amount under this Note, including payments made by the Company pursuant to section 2.3, equal to (i) the Principal Amount (as defined in the Investor Information Sheet above), multiplied by (ii) the Maximum Payment Multiple. We refer to the result of this multiplication as the “Maximum Payment Amount.”

  • Calculation of Payments The State shall use the fee schedule set forth in Attachment E to the contract (Fee Schedule) in determining the value of the work performed up to the time of termination. In the case of partially completed engineering services, eligible costs will be calculated as set forth in Attachment E, Fee Schedule. The sum of the provisional overhead percentage rate for payroll additives and for general and administrative overhead costs during the years in which work was performed shall be used to calculate partial payments. Any portion of the fixed fee not previously paid in the partial payments shall not be included in the final payment.

  • Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected thereby;