Latest Date of Payment Sample Clauses

The 'Latest Date of Payment' clause establishes the final deadline by which a payment must be made under an agreement. It specifies a clear cutoff date, after which any outstanding payments may be considered overdue, potentially triggering late fees or other contractual remedies. This clause ensures both parties are aware of the absolute timeframe for fulfilling payment obligations, thereby reducing disputes and providing certainty regarding financial commitments.
Latest Date of Payment. Notwithstanding any of the preceding provisions of this Article, the distribution of a Participant’s benefits shall be made in accordance with the following requirements and shall otherwise comply with section 401(a)(9) of the Code and the Regulations thereunder (including section 1.401(a)(9)-2 of the Treasury Regulations), the provisions of which are incorporated herein by reference. Benefit distributions to a Participant who is over the age of 70½ and who is no longer an Employee must commence no later than April 1st of the calendar year following the end of the calendar year in which the Participant attains age 70½. A Participant who is over the age of 70½ and who is still an Employee is not required to take distributions until April 1st of the calendar year following the calendar year in which his employment has terminated. Notwithstanding the foregoing, benefit distributions to a Participant who is a “5% owner” at any time during the Plan Year ending within the calendar year in which the Participant attained age 70½ must commence no later than April 1st of the calendar year following the end of the calendar year in which the Participant attains age 70½.
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Latest Date of Payment. The payment of a Participant's distribution under the Plan shall begin not later than the earlier of: (1) the later of: (A) the 60th day after the close of the Plan Year in which occurs the latest of (i) the attainment by the Participant of Normal Retirement Age, (ii) the 10th anniversary of the date on which the Participant commenced participation in the Plan, or (iii) the termination of the Participant's service with the Employer and all 1-42 Affiliates; or (B) such date as the Participant may elect (but not earlier than the consent of a Participant if required under (c) above); or (2) the Required Beginning Date elected in the Adoption Agreement. If the "New Law" option is selected in the Adoption Agreement, a special rule applies for a Participant who is not a Five-Percent Owner for the Plan Year that ends with or within the calendar year in which such Participant attains age 70-1/2 but who later becomes a Five-Percent Owner. If such a Participant has not retired, his Required Beginning Date shall be April 1 of the calendar year following the calendar year in which he became a Five-Percent Owner. Payments commenced prior to the Effective Date in accordance with the required beginning date provisions of the Plan then in effect shall continue in accordance with such provisions except as provided below. In connection with the "New Law" option in the "Required Beginning Date" item of the Adoption Agreement, the Plan may allow a Participant who previously commenced receiving distributions prior to 1997 to cease receiving distributions until his new Required Beginning Date.
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Related to Latest Date of Payment

  • Date of Payment Should the principal of or interest on the Notes become due and payable on other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and in the case of principal, interest shall be payable thereon at the rate per annum specified in the Notes during such extension.

  • Time of Payment During the performance of the services provided for in this Agreement, monthly payments shall be made based upon that portion of the services which has been completed. On or about the last day of each calendar month during the performance of the Basic Services to be provided under this Agreement, A/E shall submit to County working documents in any stage of completion to demonstrate incremental progress of Basic Services and the compensation which is due for percentage completion of Basic Services. On or about the last day of each calendar month during the performance of the Additional Services to be provided under Article 7, A/E shall submit to County working documents in any stage of completion to demonstrate incremental progress of Additional Services under an applicable Supplemental Agreement related thereto, and the compensation which is due for percentage completion of particular Additional Services. County shall review the documentation and shall pay each statement as set forth in this Article 8, however, the approval or payment of any statement shall not be considered evidence of performance by A/E to the point indicated by such statement or of receipt or acceptance by County of the services covered by such statement. Final payment does not relieve A/E of the responsibility of correcting any errors or omissions resulting from A/E’s negligence. Upon submittal of the initial invoice, A/E shall provide the County Auditor with an Internal Revenue Form W-9, Request for Taxpayer Identification Number and Certification that is complete in compliance with the Internal Revenue Code, its rules and regulations.

  • Rate of Payment Community service leave for voluntary community service is granted with pay for the first three days leave in a twelve month period to all employees except casual employees.

  • Delay of Payment when Payment Date is Not a Business Day If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.”

  • Time of Payments Any payment that is due on a day that is not a Business Day may be made on the next Business Day but will bear interest until received in full. All payments must be made in funds which are immediately available on the date on which payment is due.