Common use of Treatment of Payment as Made on Designated Payment Date Clause in Contracts

Treatment of Payment as Made on Designated Payment Date. Each payment under this Plan is deemed made on the required payment date even if the payment is made after such date, provided the payment is made by the latest of: (i) the end of the calendar year in which the payment is due; (ii) the 15th day of the third calendar month following the payment due date; (iii) in case the Plan Sponsor cannot calculate the payment amount on account of administrative impracticality which is beyond the Participant's control (or the control of the Participant's estate), in the first calendar year in which payment is practicable; (iv) in the case where the payment would jeopardize the ability of the Plan Sponsor to continue as a going concern, in the first calendar year in which the making of the payment would not have such effect.