Distribution on Payment Date Clause Samples
The 'Distribution on Payment Date' clause defines when and how payments or distributions are made to relevant parties, typically specifying that such distributions occur on a predetermined payment date. In practice, this clause outlines the timing and method for transferring funds, such as interest, dividends, or principal, to beneficiaries or stakeholders on scheduled dates. Its core function is to ensure predictability and clarity regarding the timing of payments, thereby reducing confusion and potential disputes over when distributions are due.
Distribution on Payment Date. If a Change in Control occurs before the Payment Date and the Employee is in the active employ of the Company on the Payment Date, upon receipt by the Trust of the final scheduled Company Contribution on May 1, 2010, the Trustee shall make a distribution to the Employee of an amount equal to all amounts allocated to the Employee’s Account as of the Payment Date.