Replacement Payment definition
Examples of Replacement Payment in a sentence
Executive shall not receive the Severance Benefits, the “Enhanced Severance Benefits” as provided in Section 5(e), or the Termination Notice Replacement Payment (as defined below) unless Executive executes the separation agreement and general release attached as Exhibit A (the “Release”), and the same becomes irrevocable pursuant to its terms within the 60-day period following his/her termination of employment.
Because continued participation in any qualified pension and qualified retirement savings plans of the Company is not permitted during the Without Cause Continuation Period, the Company shall provide to the Executive, subject to Section 6(l), cash payments, to be paid in accordance with Section 6(l)(i), equal to the Pension Replacement Payment (as defined in Section 6(a)) with respect to the Without Cause Continuation Period.
To the extent that an early termination of a Master Issuer Swap Agreement is not caused by the ratings downgrade of a Master Issuer Swap Provider then the Master Issuer Revenue Receipts shall include any Swap Replacement Payment received by the Master Issuer.
The amount of the Value Replacement Payment on any day for a Bulk Purchase Mortgage or Lost Commitment Mortgage is the amount, if greater than zero, sufficient to cause (i) the Minimum Net Share for that day for that Mortgage based on the purchase price paid by the Warehouse Purchasers for that Mortgage (reduced by this and any prior Value Replacement Payment), to be no greater than (ii) the value on that day of mortgage-backed securities based on and backed by mortgage loans comparable to the Mortgage.
The Company shall pay the Value Replacement Payment to RMST no later than the next Banking Business Day after RMST makes demand by notice to the Company.
Executive shall not receive the Severance Benefits, the “Enhanced Severance Benefits” as provided in Section 5(e), or the Termination Notice Replacement Payment (as defined below) unless Executive executes a separation agreement and general release in a form reasonably acceptable to the Company (the “Release”), and the same becomes effective and irrevocable pursuant to its terms within the 60-day period following the termination of his/her employment.
Replacement Payment Methods may have new account numbers that will require updates to information contained on file for any scheduled or recurring payments.
Employee shall be eligible to receive such Replacement Payment until the earliest of (1) the COBRA Expiration Date or (2) the date on which Employee becomes eligible to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to the Company by Employee).
Each Replacement Payment shall be paid to Employee on the Company’s first regularly scheduled pay date in the calendar month immediately following the Termination Date.
Collectively, (i) the Severance Payment, (ii) any Termination Bonus Payment and (iii) the COBRA Subsidy or the Replacement Payment, as applicable, are referred to herein as the “Termination Benefits”.