Alternative Payment; Timing Clause Samples
The "Alternative Payment; Timing" clause defines the conditions under which a party may make payments using methods or schedules different from those originally specified in the agreement. Typically, this clause outlines acceptable alternative payment forms—such as wire transfers, checks, or electronic payments—and may set forth specific deadlines or procedures for when and how these alternatives can be used. Its core practical function is to provide flexibility in payment arrangements, ensuring that both parties have clear guidelines for acceptable payment methods and timing, thereby reducing the risk of disputes or delays related to payment processing.
Alternative Payment; Timing. To the extent that it is not commercially practical, without unreasonable burden on Participant, for Brand Amounts to be delivered directly to Fantex from any payor of Brand Income, or any assignment of Brand Income is deemed invalid or unenforceable, then Participant shall receive such portion of the Brand Amount as agent for Fantex and will deliver such portion of the Brand Amount to Fantex as and when (or as promptly as practicable after) such Brand Income is received by Participant; provided, however, that in no case shall any Brand Amount be delivered later than fifteen (15) days following receipt of funds by Participant (or any other Person on behalf of Participant) with respect to such payment.
Alternative Payment; Timing. To the extent that it is not commercially practical, without unreasonable burden on Participant, for the Brand Amount to be delivered directly to Vestible from the payor of Brand Income, or any assignment of the Brand Amount is deemed invalid or not enforceable, then Participant shall receive such portion of the Brand Amount as agent for Vestible and will deliver such portion of the Brand Amount to Vestible as and when (or as promptly as practicable after) corresponding Brand Income is received by Participant; provided, however, that in no case shall any Brand Amount be delivered later than fifteen (15) days following receipt of funds by Participant (or any other Person on behalf of Participant) with respect to such payment.
Alternative Payment; Timing. To the extent that it is not commercially practical, without unreasonable burden on Participant, for Brand Amounts to be delivered directly to Fantex from any payor of Brand Income, or any assignment of Brand Income is deemed invalid or not enforceable, then Participant shall receive such portion of the Brand Amount as agent for Fantex and will deliver such portion of the Brand Amount to Fantex as and when (or as promptly as practicable after) such Brand Income is received by Participant; provided, however, that in no case shall any Brand Amount be delivered later than fifteen (15) days following receipt of funds by Participant (or any other Person on behalf of Participant) with respect to such payment. If Participant owns a business that is in or substantially related to the Principal Business (an “Owned Business”) and Brand Income arises from the Owned Business (“Participant Business Profits”), Participant shall deliver to Fantex the Brand Amount relating to such Brand Income in any calendar year, if any, no later than the earlier of (i) April 30th of the subsequent calendar year or (ii) 15 days after Participant files the annual tax return for such calendar year (“Annual Payment Date”). If Participant reports any losses to Fantex relating to an Owned Business on any Annual Payment Date, then such losses shall be first offset against any future Participant Business Profits relating to such Owned Business and Participant shall not have any obligation to make any payment to Fantex with respect to Participant Business Profits in such Owned Business until the Participant Business Profits exceed the reported losses for the Owned Business.
Alternative Payment; Timing. To the extent that it is not commercially practical, without unreasonable burden on Participant, for Brand Amounts to be delivered directly to Fantex from any payor of Brand Income, Participant shall receive such portion of the Brand Amount as agent for Fantex and will deliver such portion of the Brand Amount to Fantex as and when (or as promptly as practicable after) such Brand Income is received by Participant; provided, however, that in no case shall any Brand Amount be delivered later than fifteen (15) days following receipt of funds by Participant (or any other Person on behalf of Participant) with respect to such payment.
Alternative Payment; Timing. In the event that (i) the aggregate amount of Non-CIC Severance Benefits or CIC Severance Benefits provided under Section 3.3 or Section 3.4, as applicable, exceeds the lesser of two times (A) the Executive’s annualized compensation for the preceding calendar year, or (B) the limit on compensation set forth in Section 401(a)(17) of the Code (the “Section 409A Severance Limit”), and (ii) the Executive is determined to be a “specified employee” in accordance with Section 409A, payment of salary continuation benefits under Section 3.3(a) or Section 3.4(a), as applicable, shall be temporarily reduced by such amount as is necessary to ensure that the Section 409A Severance Limit is not exceeded (the unpaid amount the “Section 409A Severance Reduction Amount”). The Section 409A Severance Reduction Amount shall be paid to the Executive in a single lump sum payment six months following her “separation from service” determined in accordance with Section 409A.