Modified Payment Schedules Clause Samples
The Modified Payment Schedules clause establishes alternative arrangements for when and how payments are to be made under a contract, differing from the standard payment terms. This clause may specify new due dates, installment plans, or adjusted amounts, often in response to changes in project scope, unforeseen delays, or financial hardship. Its core practical function is to provide flexibility and accommodate the parties' evolving needs, thereby reducing the risk of default and maintaining the continuity of the contractual relationship.
Modified Payment Schedules. A Modified Payment Schedule shall be delivered by the Company to the Trustee and to the Executive each time that additional amounts are required to be paid by the Company to the Trustee under Section 5.3, upon the occurrence of any event requiring a new Payment Schedule under Section 4.1., or upon the death of the Executive. The Trustee shall make payments from the Trust Funds to the Executive in accordance with the provisions of the applicable Payment Schedule. In the event that the Executive reasonably believes that the Payment Schedule, as modified, does not properly reflect the amount payable to the Executive and/or dates of Payment under the Employment Agreement, the Executive shall be entitled to deliver to the Trustee written notice ("the Executive's Notice") setting forth payment instructions for the amount the Executive believes is payable under the relevant terms of the Agreement. The Executive shall also deliver a copy of the Executive's Notice to the Company within three (3) business days of delivery to the Trustee. Unless the Trustee receives written objection from the Company within thirty (30) business days after receipt by the Trustee of such notice, the Trustee shall make the payment in accordance with the payment instructions set forth in the Executive's Notice.
Modified Payment Schedules. Modified Payment Schedules shall be delivered by the Company to the Trustee and to each Executive (as it pertains to such Executive) each time that additional amounts are required to be paid by the Company to the Trustee under Section 5.3 and upon the occurrence of any event, such as early retirement of an Executive, requiring a modification of the Payment Schedule. The Trustee shall make payments from the Trust assets to an Executive in accordance with the provisions of the Payment Schedule applicable to such Executive. In the event that an Executive reasonably believes that the Payment Schedule, as modified, does not properly reflect the amount payable to such Executive or the time or form of payment from the Trust assets in respect of any Plan, such Executive shall be entitled to deliver to the Trustee written notice (the "Executive's Notice") setting forth payment instructions for the amount the Executive believes is payable under the relevant terms of such Plan. The Executive shall also deliver a copy of the Executive's Notice to the Company within three (3) business days of the delivery to the Trustee. Unless the Trustee receives written objection from the Company within thirty (30) business days after receipt by the Trustee of such notice, the Trustee shall make the payment in accordance with the payment instructions set forth in the Executive's Notice. In the event the Company delivers to the Trustee a written objection in accordance with the preceding sentence, then, if the Company and the Executive are unable to resolve their differences within the 45-day period following the Company's delivery of objections to the Trustee, the parties shall submit the matter to arbitration in accordance with Section 14.3.
Modified Payment Schedules. 5 4.3 Withholdings .........................................5 4.4
Modified Payment Schedules. On each annual anniversary of the date specified in Section 4.1, a modified Payment Schedules shall be delivered by the Company to the Trustee and to each Participant (as it pertains to such Participant) or ▇▇▇▇▇▇▇▇ reflecting the remaining payment obligations of the Company. The Trustee shall make payments from the Trust assets to a Participant or ▇▇▇▇▇▇▇▇ in accordance with the provisions of the Payment Schedule applicable to such Participant or ▇▇▇▇▇▇▇▇, as the case may be. In the event that a Participant or ▇▇▇▇▇▇▇▇ reasonably believes that the Payment Schedule, as originally issued or as modified, does not properly reflect the amount payable to such Participant (or ▇▇▇▇▇▇▇▇) or the formula for determining such amount or the time of payment in accordance with the Plan (or the ▇▇▇▇▇▇▇▇ Agreement), such Participant (or ▇▇▇▇▇▇▇▇) shall be entitled to deliver to the Trustee written notice (the "Participant's Notice") setting forth payment instructions for the amount the Participant believes is payable under the relevant terms of the Plan. The Participant shall also deliver a copy of the Participant's Notice to the Company within three (3) business days of the delivery to the Trustee. The Trustee shall promptly confirm with the Company that the Company has received a copy of the Participant's Notice. If the Company supplies written objection within the thirty (30) business days, the Trustee shall resolve the dispute in accordance with the provisions of Section 4.3.
Modified Payment Schedules. 4 4.3 Resolution of Disputes as to Payment Schedules........................5 4.4 Records.......................................5 4.5 Withholdings..................................5 4.6
Modified Payment Schedules. A Modified Payment Schedule shall be delivered by the Company to the Trustee and to
1. The Trustee shall make payments from the Trust Funds to the Executive in accordance with the provisions of the applicable Payment Schedule. In the event that the Executive reasonably believes that the Payment Schedule, as modified, does not properly reflect the amount payable to the Executive and/or dates of Payment under the Employment Agreement, the Executive shall be entitled to deliver to the Trustee written notice ("the Executive's Notice") setting forth payment instructions for the amount the Executive believes is payable under the relevant terms of the Agreement. The Executive shall also deliver a copy of the Executive's Notice to the Company within three (3) business days of delivery to the Trustee. Unless the Trustee receives written objection from the Company within thirty (30) business days after receipt by the Trustee of such notice, the Trustee shall make the payment in accordance with the payment instructions set forth in the Executive's Notice.