Special Termination Date definition
Examples of Special Termination Date in a sentence
The date of any termination of the obligations of the Bank to consent to the issuance of Commercial Paper Notes and to issue a Letter of Credit as provided in this Section 2.07 is herein called the "Special Termination Date".
Each Receivable Interest other than any Special Receivable Interest, as computed as of the day immediately preceding the Termination Date, shall remain constant at all times on and after the Termination Date; and any Special Receivable Interest, as computed as of any Special Termination Date, shall remain constant (at 100%) at all times on and after such Special Termination Date.
Nothing contained herein shall relieve the Bank of its obligation to honor demands under a Letter of Credit with respect to Commercial Paper Notes outstanding on or before the Special Termination Date.
On the Special Termination Date, all options and other rights that the Executive may hold to purchase or otherwise acquire common stock of FII will immediately become vested and exercisable in full for the total number of shares that are or might become purchasable thereunder, in each case without further condition or limitation except the giving of notice of exercise and the payment of the purchase price thereunder (but without amendment of the plan under which they were issued).
FII will, for the Continuation Period following the Special Termination Date, make monthly payments to the Executive in an amount equal to 1/12th of the sum of the Base Salary Amount plus the average of the annual incentive compensation earned by the Executive, for the two most recent calendar years ending before the date on which the Change of Control occurred.
Subject to Section 6.8(d), for the Benefits Continuation Period following the Special Termination Date, Financial Institutions will continue to provide health and dental benefits to the Executive and his covered dependents.
Restricted stock units shall be paid as soon practicable following the Special Termination Date that payment may be made without violating Section 409A.
Following the Special Termination Date, Financial Institutions will pay the Executive an amount equal to the product of (a) the Continuation Multiple and (b) the sum of (1) the Base Salary Amount, plus (2) the average of the annual incentive compensation actually earned by and paid to the Executive for the three (3) most recent calendar years ending before the date on which the Change in Control occurred.
The Bank may at any time after the giving of a Special Termination Notice or the occurrence of a Special Termination Date, by a written notice to the Company (with a copy to the Depositary), reinstate its consent to the issuance of Commercial Paper Notes and the Bank may issue a Letter of Credit in the amount of the Total Commitment then in effect.
Such amount shall be payable to the Executive in a lump sum, less applicable deductions and withholdings, within ten (10) days following the Special Termination Date.