Payment Upon Constructive Receipt Sample Clauses
The 'Payment Upon Constructive Receipt' clause defines when a payment obligation is considered fulfilled based on the recipient's ability to access or control the funds, rather than the actual physical receipt of money. In practice, this means that once the payer has made funds available to the payee—such as by depositing them into an account or sending a check—the payment is deemed to have been made, even if the payee has not yet withdrawn or used the funds. This clause helps clarify the timing of payment obligations and can prevent disputes over whether payment was made on time, ensuring both parties have a clear understanding of when payment is legally recognized.
Payment Upon Constructive Receipt. Notwithstanding any other provision of this Trust Agreement, if any amounts held in the Trust Fund are found in a "determination" (within the meaning of Section 1313(a) of the Code) to have been includible in the taxable income of a Participant or Beneficiary prior to, or without, payment of corresponding amounts under the Covered Arrangements, and the Participant or Beneficiary provides the Trustee with such determination, the Trustee promptly shall forward the determination to the Committee. The Trustee then, unless directed otherwise by the Committee, shall make a finding as to the extent to which such determination applies to (i) Company Benefits, Bank Benefits or Joint Benefits and (ii) amounts otherwise arising out of the Participant's or Beneficiary's interest in, or relationship to, the Trust. Then, subject to the provisions of Section 5.1(b) and (c) hereof (without regard to whether there has been an Irrevocable Election or Change in Control), the Trustee shall pay to such Participant or Beneficiary, as soon as practicable, an amount equal to the sum of (A) the amount described in (i) above, reduced by Benefits already paid (whether by the Trust or otherwise) which were included in such determination (so as to avoid any double payment of the same Benefits), plus (B) solely with respect to the amount described in
Payment Upon Constructive Receipt. Notwithstanding any other --------------------------------- provision of this Trust Agreement, if any amounts held in the Trust are found in a "determination" (within the meaning of Section 1313(a) of the Code) to have been includable in gross income of a Participant or Beneficiary prior to payment of such amounts from the Trust, the Trustee shall, as soon as practicable, to the extent the Company has not made such payment from its own assets, pay to such Participant or Beneficiary an amount equal to the product of (i) the amount determined to have been includable in gross income in such determination, and (ii) the sum of the maximum marginal federal, state and local individual income tax rates, as determined by the Company, in effect with respect to such Participant or Beneficiary during the taxable year to which the "determination" applies, and shall both reduce the Participant's or Beneficiary's future Benefits accordingly and charge the applicable Participant Account of such Participant or Beneficiary. The Trustee shall not make any distribution to a Participant or Beneficiary pursuant to this Section 4.5 unless it has received a copy of the "determination" described above. The Company shall be primarily liable for making the payment described in this Section 4.5.
Payment Upon Constructive Receipt. Notwithstanding any other provision of this Trust Agreement, if any amounts held in the Trust Fund are found in a "determination" (within the meaning of Section 1313(a) of the Code) to have been includible in the taxable income of a Participant or Beneficiary prior to, or without, payment of corresponding amounts under the Covered Arrangements, and the Participant or Beneficiary provides the Trustee with such determination, the Trustee promptly shall forward the