QPSA Sample Clauses
The QPSA (Qualified Power Sales Agreement) clause defines the terms and conditions under which power is sold and purchased between parties, typically in the context of energy markets or utility contracts. This clause outlines the obligations of both the seller and buyer regarding the quantity, quality, delivery schedule, and pricing of electricity, and may include provisions for performance guarantees, penalties for non-delivery, and mechanisms for dispute resolution. Its core practical function is to ensure a clear, enforceable framework for the sale and purchase of power, thereby reducing uncertainty and allocating risk between the contracting parties.
QPSA. See Section 6.04(B)(1).
QPSA. In the case of a QPSA, the Plan Administrator shall provide each Participant within the applicable period for such Participant a written explanation of the QPSA in such terms and in such manner as would be comparable to the explanation provided for the QJSA in subsection (a) above. The applicable period for a Participant is whichever of the following periods ends last: (1) the period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age 35; (2) a reasonable period ending after the individual becomes a Participant; or (3) a reasonable period ending after the joint and survivor annuity requirements first apply to the Participant. Notwithstanding the foregoing, notice must be provided within a reasonable period ending after separation from service in the case of a Participant who separates from service before attaining age 35. For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated events described in (2) and (3) is the end of the two-year period beginning one year prior to the date the applicable event occurs, and ending one year after that date. In the case of a Participant who separates from service before the Plan Year in which age 35 is attained, notice shall be provided within the two-year period beginning one year prior to separation and ending one year after separation. If such a Participant thereafter returns to employment with the employer, the applicable period for such Participant shall be redetermined.