How is Index Date defined in a legal contract?
- Index Date means the first day of the Calendar Year when a participant has reached the age of 45, if they've accomplished this on or before the defined plan commencement date. If they were under 45 at the start of the plan, it's the first day of the Calendar Year when they will turn 45 plus a number of years (“n”) that equals the timespan from the start of their plan participation until the year they turn 45. If the participant joins the plan after the commencement date and has already turned 45, then it's the first day they turned 45. If a participant joins after the defined plan commencement date and is under 45 when they commence participation in the plan, then it's the first day of the Calendar Year when they turn 45 plus ""n"" years, where ""n"" equals the number of years from the beginning of their first year of participation in the plan prior to the year they turn 45. Seen in 5 SEC filings
- Index Date means the contract date and the corresponding day of each following month. In certain contexts where a date may not exist in a month, the preceding day will be used. For instance, if the contract date is January 31, 2009, the next index date would be February 28, 2009, and the last day of each month thereafter. Seen in 4 SEC filings
- Index Date means the 1st of January each year, beginning from January 1, 2004. Seen in 2 SEC filings
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Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Index Date means the first day of the Calendar Year when a participant reaches or is over the age of 45.
Relevant Contract Types
Relevant Circumstances
- Employee retirement plans
- Pension schemes and annuities
Relevant Sectors
Genie Definition 2
- Index Date means the contract date and same day of each following month.
Relevant Contract Types
Relevant Circumstances
- Monthly subscription services
- Rent collections
- Loan repayments
Relevant Sectors
Genie Definition 3
- Index Date means the 1st of January each year.
Relevant Contract Types
Relevant Circumstances
- Renewal of yearly franchise agreements
- Annual consultation services
Relevant Sectors
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Index Date means the first day of the Calendar Year when a participant reaches or is over the age of 45
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