Settlement and Payment. Settlement shall be made by the relevant parties in accordance with the confirmed settlement invoice.
Settlement and Payment. You agree to pay all amounts payable by You in respect of any Transactions You effect using the System as those amounts become due regardless of any right of set- off or counterclaim that You or Your Firm may have against Citibank and free and clear of, and without withholding or deduction for, any taxes of whatever nature, unless required by Applicable Law. You shall pay to Citibank a fee in respect of any executed Transaction using one of more Algo Strategies (“Usage Fee”). The Usage Fee shall be the rate we agree from time to time in writing, provided, that, Citi may change the applicable Usage Fee at any time if Citi, in its discretion, determines that changes (whether long term or short term) in market conditions (including, among others, in relation to liquidity, volatility, interest rates, currency controls or changes in the monetary policy affecting relevant currencies) have occurred or are likely to occur. Citibank’s obligation to settle any Transaction is conditional upon Citibank’s receipt on or before the due date for settlement (or satisfactory confirmation of such receipt by Citibank’s settlement agents) of all necessary documents, funds or financial instruments due to be delivered by You or on Your behalf on such due date. Citibank may make deductions or withholdings from payments to the extent required by Applicable Law. You are responsible for all taxes and similar or related amounts which are payable as a result of the Transactions You effect using the System and you will reimburse Citibank or its affiliates to the extent such taxes are borne by Citibank or its affiliates to the extent such amounts are not deducted or withheld. You will at all times keep Citibank and its affiliates indemnified against all claims in relation to taxes. Neither Citibank nor its affiliates will contest any demand made by any governmental or regulatory authority for such taxes. You agree that all obligations of Citibank under a Transaction are payable solely at and by the specific Citibank NA branch or Citibank affiliate (that Your Firm is transacting with) and are subject to the laws of the country (including any governmental acts, orders, decrees and regulations) where the branch or relevant Citibank affiliate is located and such branch or affiliate shall also be excused by other events beyond its control which prevent its performance, in which circumstances, Your Firm shall not have any right of action for any loss, damage, or other consequence of any such ...
Settlement and Payment. Settlement of all Performance Units will be made by payment in cash and shall be paid to the Participant in a lump sum as soon as administratively practicable following the applicable vesting date determined pursuant to Paragraph 3.
Settlement and Payment. (a) Unless paid earlier pursuant to Sections 5(b) or 5(c) below, payment of 2012 Performance Awards that vest by reason of Section 2(a) or 2(b) above shall be made as soon as administratively practicable after the close of the 2012-2014 Performance Period. In no event shall such payment be made later than the 15th day of the third calendar month following the calendar month that includes the close of the 2012-2014 Performance Period. In the event a Change of Control occurs during the 2012-2014 Performance Period, the amount of such payment shall be determined as if each Performance Goal had been satisfied at the Maximum Level.
(b) Upon Participant ceasing to serve as Chairman as a result of any circumstances or events that would constitute the Participant refusing to serve as Chairman if the provisions of Section 4(b) of the Service Agreement were applicable, the portion of the 2012 Performance Award that has vested by reason of Section 2(b) above, shall be paid as soon as administratively practicable after the close of the 2012-2014 Performance Period as if each Performance Goal had been satisfied at the Target Level, with no reduction for such date occurring prior to the close of the 2012-2014 Performance Period. In no event shall such payment be made later than the 15th day of the third calendar month following the calendar month that includes the close of the 2012-2014 Performance Period.
(c) Upon Participant ceasing to serve as Chairman under circumstances resulting in vesting under Section 2(c) above, the entire 2012 Performance Award shall be paid as soon as administratively practicable after such cessation of service as if each Performance Goal had been satisfied at the Maximum Level, with no reduction for such date occurring prior to the close of the 2012-2014 Performance Period. In no event shall such payment be made later than the 15th day of the calendar month following the calendar month that includes the date of such cessation of service.
(d) Settlement of all 2012 Performance Awards will be made by payment in cash.
Settlement and Payment. Subject to the terms and conditions of this Award Agreement, Restricted Stock Units and associated Dividend Cash Amounts that have become vested in accordance with Paragraph 2 shall be paid and settled as of the applicable Vesting Date. The date on which payment and settlement occurs is referred to as the “Settlement Date.” Unless otherwise determined by the Committee, (a) settlement of the vested Restricted Stock Units on a Settlement Date shall be made in the form of shares of Common Stock with one share of Common Stock being issued in settlement of each Restricted Stock Unit, plus an amount of cash equal to the Fair Market Value of any fractional Restricted Stock Unit being settled as of such Settlement Date and (b) settlement of the vested Dividend Cash Amounts on a Settlement Date shall be paid in a cash lump sum payment. Upon the settlement of any vested Restricted Stock Units such Restricted Stock Units shall be cancelled and upon payment of any Dividend Cash Amounts the balance in the Executive’s Dividend Cash Account shall be reduced by the amount paid to the Executive pursuant to subparagraph 3(b).
Settlement and Payment. You agree to pay all amounts due by You in respect of any Transactions You effect using the System as those amounts become due regardless of any right of set-off or counterclaim that You or Your Firm may have against Citibank and free and clear of, and without withholding or deduction for, any taxes of whatever nature, unless required by Applicable Law. In this case, You shall pay the sum in an amount necessary to ensure that Citibank receive the net amount equal to the sum that Citibank would receive if the payments were not subject to such deductions and/or withholdings of any kind (…)”
10. Section 11 is deleted in its entirety and the following paragraph shall be inserted in substitution thereof:
Settlement and Payment. Subject to the terms and conditions of this Agreement, the Earned Performance Units (and associated Earned Dividend Equivalent Units) shall be settled and the Earned Cash Award shall be paid in accordance with the following:
(a) The Earned Performance Units (and associated Earned Dividend Equivalent Units shall be settled within sixty (60) days following the end of the Performance Period (the “Settlement Date”). Settlement of the Earned Performance Units and Earned Dividend Equivalent Units on the Settlement Date shall be made in the form of shares of Common Stock with one share of Common Stock being issued in settlement of each Earned Performance Unit and each Earned Dividend Equivalent Unit (and cash equal to any fractional share). Upon the settlement of any Earned Performance Unit and associated Earned Dividend Equivalent Units, such Earned Performance Unit and Earned Dividend Equivalent Units shall be cancelled. Any Performance Stock Units and associated Dividend Equivalent Units outstanding as of the last day of the Performance Period that do not become Earned Performance Units and associated Earned Dividend Equivalent Units shall be automatically cancelled as of the last day of the Performance Period.
(b) The Earned Cash Award shall be paid on the Settlement Date in a lump sum cash payment. Any portion of the Cash Incentive Award that does not become part of the Earned Cash Award shall be automatically cancelled as of the last day of the Performance Period.
Settlement and Payment. Wave 1 optional trials will provide 2,520 hours of opportunity for DER to be available. Every hour they are available will contribute towards their participation payment. Participation Payments will be made in line with the monthly settlement process where the cumulative number of hours a DER was available for will be calculated and settled for accordingly, in line with Table 2 below. Where a DER has already received payment in a previous month, additional payments will only be made to reflect the additional hours the DER were available for but have not yet been compensated. For example, if a DER achieves 700 hours of availability over month 1 and 2, they will receive £36,000 through the month 2 payment process. If by the end of month 3 they have cumulatively been available for 1000 hours (including month 1-2 availability) they will receive an additional £2,000 (£38,000 minus £36,000) through the month 3 payment process. For the purpose of determining hours achieved, a DER Unit will be deemed to have been available for each Settlement Period: If non-synchronous, when it is online with an active communications link as indicated by the DERMS Monitoring, in voltage droop control mode, and has submitted to the DERMS Web Interface an Expected Operating Level for active power (which could be zero, but for which the associated reactive power volume available would be non-zero.). If synchronous, when it is online with an active communications link as indicated by the DERMS Monitoring, in voltage control mode, and has submitted to the DERMS Web Interface an Expected Operating Level for active power (which could be zero, but for which the associated reactive power volume available would be non-zero). For the purpose of determining Reactive Power Availability in Wave 1 Optional Technical Trials, a Provider is expected to offer its full range of Reactive Power Availability for each active power operating level, consistent with the performance test at site commissioning.
Settlement and Payment. Subject to the terms and conditions of this Award Agreement, Restricted Stock Units and associated Dividend Cash Amounts that have become vested in accordance with Paragraph 2 shall be paid and settled as of the applicable Vesting Date. The date on which payment and settlement occurs is referred to as the “Settlement Date.” Unless otherwise provided by the Committee in accordance with the Plan, (a) settlement of the vested Restricted Stock Units on a Settlement Date shall be made in a cash lump sum payment in an amount equal to (i) the fair market value of a share of Common Stock (determined as of the applicable Settlement Date), multiplied by (ii) the number of vested Restricted Stock Units being settled as of such Settlement Date and (b) settlement and payment of the vested Dividend Cash Amounts on a Settlement Date shall be made in a cash lump sum payment. Upon the payment and settlement of any vested Restricted Stock Units, such Restricted Stock Units shall be cancelled and upon payment of any Dividend Cash Amounts the balance in the Participant’s Dividend Cash Account shall be reduced by the amount paid to the Participant pursuant to the foregoing provisions of this Paragraph 4.
