Definite Time

(1)An instrument is payable at a definite time if by its terms it is payable

(a)On or before a stated date or at a fixed period after a stated date; or

(b)At a fixed period after sight; or

(c)At a definite time subject to any acceleration; or

(d)At a definite time subject to extension at the option of the holder or to extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.

(2)An instrument which by its terms is otherwise payable only upon an act or event uncertain as to time of occurrence is not payable at a definite time even though the act or event has occurred.