Common use of Modified Payment Schedules Clause in Contracts

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. Modified After the occurrence of a Potential Change of Control, modified Payment Schedules shall be delivered by the Company a Participating Employer 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 a Participating Employer 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 Sub-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 Sub-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 Participating Employer within three (3) business days of the delivery to the Trustee. Unless the Trustee receives written objection from the Company Participating Employer within thirty (30) business days after receipt by the Trustee Participating Employer 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 Participating Employer delivers to the Trustee a written objection in accordance with the preceding sentence, then, if the Company Participating Employer and the Executive are unable to resolve their differences within the 45-day period following the CompanyParticipating Employer's delivery of objections to the Trustee, the parties shall submit the matter to arbitration in accordance with Section 14.314.4.