Participation Period. The maximum period for participation in the DROP is five (5) years (the “Participation Period”). There is no minimum period for participation. An employee must cease employment with the Southfield Police Department within five (5) years from the date of their entering the DROP. Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to their DROP Account unless an Optional form of benefit is elected pursuant to subsection E. Failure to terminate employment at the expiration of the DROP Participation Period shall result in forfeiture of the Participant’s monthly pension benefit otherwise payable to their DROP Account until termination of employment. Interest on the DROP Account however, will continue to accrue during such a forfeiture period.
Participation Period. The Participation Period shall commence on the Effective Date and end on the earlier of (i) the first anniversary of the Effective Date (or such date to which the Participation Period is extended as referenced in a written extension agreement executed by the Participant and the Agent), or (ii) the date that the Agent refinances the Participation Interest and pays the Participant the Buyback Price (as such term is defined in Section 10). The Participant shall be entitled to its pro rata share of any interest accrued on the Notes during the Participation Period, but Participant shall not be entitled to any interest accrued on the Notes during any period other than the Participation Period.
Participation Period. The Participation Period shall commence on the Effective Date and shall terminate on the earliest of (i) August 21, 2010, which is the maturity date of the Loan (or, if maturity date of the Loan is extended, to such date to which the Participation Period is extended as referenced in a written extension agreement executed by the Participant and the Agent), (ii) the date of an Agent Foreclosure Event (as hereinafter defined), or (iii) the date of a Buyback Event (as hereinafter defined). The Participant shall be entitled to 100% of any interest accrued on the Note during the Participation Period, but the Participant shall not be entitled to any interest accrued on the Note during any period other than the Participation Period, except for component of the Purchase Price (as hereinafter defined) attributable to accrued interest.
Participation Period. The maximum period for participation in the DROP is eighty-four (84) months (the “Participation Period”) after which time the employee shall terminate employment with the City. There is no minimum time period for participation. Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to their DROP Account and shall be eligible for distribution of their DROP Account Balance in accordance with Section H herein.
Participation Period. 2 2.18 Plan.................................................2 2.19
Participation Period. An employee shall indicate on the application for the DROP the number of years that the employee wants to participate in the DROP, up to a maximum of six years. As a condition for participation, the employee agrees to retire at the conclusion of his or her participation in the DROP.
Participation Period. Participation in the Platform is for one (1) year (“Participation Period”). Upon approval of your Registration Form, you will receive the start and end date for your Participation Period. At the end of the Participation Period, you and HFW may agree to renew your participation in the Platform under the same or new terms.
Participation Period. The maximum period for participation in the DROP is five
Participation Period. The maximum period for participation in the DROP is five (5) years (the “Participation Period”). There is no minimum time period for participation. A DROP Participant must cease employment with the City of Ypsilanti within five (5) years from their DROP Date. The election to participate in the DROP is voluntary; however, an employee’s application and election to participate in the DROP shall constitute an irrevocable election to terminate employment and retire no later than five (5) years after his or her effective DROP date. Upon termination of employment, the retiree shall commence receipt of the monthly retirement benefit previously credited to their DROP Account, unless an Optional form of benefit is elected pursuant to Subsection E. Failure to terminate employment at the expiration of the DROP Participation Period shall result in the forfeiture of the Participant’s monthly pension benefit otherwise payable to his or her DROP Account until termination of employment. The foregoing statement shall not be interpreted as allowing the DROP Participant the option of continuing employment after the expiration of his or her DROP period. Interest on the DROP Account however, will continue to accrue during such a forfeiture period, pursuant to Subsection G.
Participation Period. The maximum period for participation in the DROP is five (5) years (the “Participation Period”). There is no minimum time period for participation. An Employee shall cease DROP Participation within five (5) years from the date of their entering the DROP. Notwithstanding said five (5) year maximum participation period, it is expressly understood that DROP Participation shall be terminated no later than the first of the month following the DROP Participant’s completion of his or her 33rd year of employment. Upon expiration of the DROP Participation Period, the Participant’s monthly pension benefit otherwise payable to their DROP Account shall be discontinued until termination of employment and they will accrue no additional retirement benefits in the General Retirement System. Interest on the DROP Account however, will continue to accrue during such forfeiture period. Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to their DROP Account and shall be eligible for distribution of their DROP Account Balance in accordance with Section I herein.
