Commutation Date definition

Commutation Date has the meaning set forth in Article 3.D.
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Commutation Date means the date of any termination as specified in Article XI.
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Commutation Date as defined in Section 8.1 hereof or such earlier date as may be determined under Section 9.1 hereof.
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Examples of Commutation Date in a sentence

  • If the Commutation Date is not a Valuation Day, the commuted value will be calculated as of the next Valuation Day.

  • The commuted value equals the present value, as of the Commutation Date, of the Variable Income Payments remaining in the Period Certain.

  • If we are not offering single premium immediate annuity contracts on the Commutation Date, we will calculate the commuted value by discounting the unpaid Period Certain payments using a rate of interest available on a US Government Treasury security whose maturity is equal to the length of the remaining Period Certain rounded to the nearest year, plus 0.50%.

  • A Proof of Loss Claim with respect to a certain Payment Date must be submitted by the Ceding Insurer to the Claims Reviewer on the date which is at least 32 Business Days prior to the relevant Payment Date, and with respect to the Commutation Date, to the Loss Reserve Specialist, at least 52 Business Days prior to the Commutation Date.

  • At least 60 days before each Payment Date during the Extension Period, the Ceding Insurer will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium payments due on the two next succeeding Payment Dates; except that with respect to the Payment Date immediately preceding the Commutation Date, no additional deposit will be due.

  • The Company may commute this Agreement at December 31, 2007, or any subsequent December 31 (the date selected being the "Commutation Date"), provided that there are no Significant Negative Results, by giving 60 days written notice to the Reinsurer by certified or registered mail.

  • In calculating the present value, each Variable Income Payment will be set equal to the sum, over all Subaccounts, of the number of Annuity Units multiplied by the Annuity Unit Value as of the Commutation Date.

  • In calculating the present value, each remaining Variable Income Payment will be set equal to (a) divided by (b), where: (a) is the sum, over all Subaccounts, of the number of Annuity Units multiplied by the Annuity Unit Value as of the Commutation Date; and (b) is the modal factor shown on the Contract Data Pages.

  • This Agreement shall become effective on the Closing Date and shall terminate on the Commutation Date.

  • The Ceding Insurer shall submit to the Reinsurer a proof of loss claim (‘‘Proof of Loss Claim’’) in the form of Exhibit C hereto within 30 days from the Commutation Date.


More Definitions of Commutation Date

Commutation Date means the date this Agreement is commuted in accordance with the COMMUTATION Section herein.
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Related to Commutation Date

  • Allowance Date means the date on which a Claim becomes an Allowed Claim.

  • Loan Termination Date means each day on which a deposit is made into the Collateral Account in respect of Terminated Loans.

  • Escrow Termination Date has the meaning set forth in Section 11.7.

  • Policy Issuance Date means the date of first issuance of these Terms and Benefits.

  • Termination Payment Date means the date on which the RECIPIENT is required to repay to ECOLOGY any outstanding balance of the loan and all accrued interest.

  • Loan Payment Date means any date on which any Bond Service Charges are due and payable.

  • Purchase Termination Date means the date upon which the Transferor shall cease, for any reason whatsoever, to make purchases of Receivables from the Seller under the Receivables Purchase Agreement or the Receivables Purchase Agreement shall terminate for any reason whatsoever.

  • Lease Termination Date means the last day of the Lease Term.

  • Retention Date shall have the meaning set forth in Section 9.01 of this Agreement.

  • Payment Date means the last day of each March, June, September and December.

  • Term Loan Termination Date means the earlier to occur of (a) the Term Loan Maturity Date and (b) the acceleration of the Term Loans in accordance with the terms hereof.

  • Change of Control Payment Date has the meaning provided in Section 4.15.

  • Severance Date means the date on which an Executive incurs a Severance, which shall be the date of termination as determined under Section 5.2.

  • Amortization Payment Date shall have the meaning set forth in Section 2(d).

  • Plan Termination Date means the date that is ten (10) years after the Effective Date, unless the Plan is earlier terminated by the Board pursuant to Section 15 hereof.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Initial Adjustment Date As to any Adjustable Rate Mortgage Loan, the first Adjustment Date following the origination of such Mortgage Loan.

  • Principal Payment Date means, if applicable, each date designated as such in the Series Term Sheet.

  • Non-Payment Period means a period commencing on and including a Dividend Payment Date or redemption date for which the Trust shall fail to (i) declare, prior to the close of business on the second Business Day preceding such Dividend Payment Date, for payment on or (to the extent permitted by Section 11.2(c)(i) of these Bylaws) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on APS payable on such Dividend Payment Date, provided, however, that if the Trust is not able to make such declaration in compliance with the foregoing because an unforeseen event or unforeseen events causes or cause a day that otherwise would have been a Business Day not to be a Business Day, then the Trust may make such declaration on the Business Day immediately preceding the Dividend Payment Date, if possible, or, if not possible, on the Dividend Payment Date, and in such case the Trust shall not be deemed to have failed to declare a dividend otherwise required to be declared, or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any such redemption date for any shares of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five days’ but no more than 30 days’ written notice of such deposit or availability to the Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend Payment Date or redemption date, as the case may be, in each case to the extent contemplated by Section 11.2(c)(i) of these Bylaws, shall not constitute a “Non-Payment Period.”

  • Bank Closing Date means the close of business of the Failed Bank on the date on which the Chartering Authority closed such institution.

  • Allocation Date means, with respect to any Transfer Date, the Business Day which is immediately prior to such Transfer Date.

  • Special Payment Date means each Distribution Date with respect to the Early Amortization Period.

  • Swap Payment Date For so long as the Swap Agreement is in effect or any amounts remain unpaid thereunder, the Business Day immediately preceding each Distribution Date.

  • Revolver Termination Date means the earlier of (a) October 21, 2004 or, if extended pursuant to Section 2.16, the date that is 364 days after the Revolver Termination Date then in effect, and (b) the date of termination in whole of the Commitments pursuant to Section 2.04 or 6.01; provided, however, that the Revolver Termination Date of any Lender that is a Declining Lender to any requested extension pursuant to Section 2.16 shall be the Revolver Termination Date in effect immediately prior to the date on which such extension was granted for all purposes of this Agreement.

  • Collection Date means the date on which the aggregate outstanding principal amount of the Advances have been repaid in full and all Interest and fees and all other Obligations (other than contingent indemnification and reimbursement obligations which are unknown, unmatured and/or for which no claim giving rise thereto has been asserted) have been paid in full, and the Borrower shall have no further right to request any additional Advances.

  • Amortization Date means the earliest to occur of (i) the Commitment Termination Date, (ii) the declaration or automatic occurrence of the Amortization Date pursuant to Section 7.03 and (iii) that Business Day which the Borrower designates as the Amortization Date by notice to the Administrative Agent at least five (5) Business Days prior to such Business Day.