Common use of Commencement of Payment Clause in Contracts

Commencement of Payment. The Transition Payment is payable after the Separation Agreement is effective, but no later than sixty (60) days following the Termination Date; notwithstanding the foregoing to the contrary, where Executive’s Termination Date occurs after November 1 of a calendar year, assuming the Company receives a fully executed Separation Agreement within sixty (60) days following the Termination Date, the Transition Payment shall be made as soon as practicable after the beginning of the next following calendar year, but in no event later than March 15 of such calendar year.

Commencement of Payment. The Transition Payment is payable after the Separation Agreement is effective, but no later than sixty (60) days following the Termination Datedate; notwithstanding the foregoing to the contrary, where Executive’s Termination Date occurs after November 1 of a calendar year, assuming the Company receives a fully executed Separation Agreement within sixty (60) days following the Termination Date, the Transition Payment shall be made as soon as practicable after the beginning of the next following calendar year, year but in no event later than March 15 of such calendar year.