Annual Valuation Date

Annual Valuation Date. Shall mean December 31 of any year during which any Plan benefits are in pay status or a Credit Rating Reduction is in effect; provided that in the event the Bank changes its fiscal year, the Bank may change the date of subsequent Annual Valuation Dates, but in no event shall more than twelve months elapse without an Annual Valuation Date other than by reason of there being neither Plan benefits in pay status nor a Credit Rating Reduction in effect.