Maximum Temporary Income Clause Samples
The Maximum Temporary Income clause sets a cap on the amount of temporary income that can be paid or received under an agreement. Typically, this clause applies in contexts such as insurance policies or employment contracts, where temporary income—like disability payments or interim salary—may be provided for a limited period. By establishing a clear upper limit, the clause prevents excessive payouts and helps both parties understand their financial exposure, thereby ensuring predictability and managing risk.
Maximum Temporary Income. The amount of the additional temporary income paid out of the Fund in a Fiscal Year must not exceed the “Maximum Temporary Income“ in the following formula:
Maximum Temporary Income. The Trustee shall determine the maximum temporary income for the Fiscal year of the Fund (which may not be less than zero) following presentation of an application in accordance with Paragraph 6a) hereof. The said income shall be equal to the product of multiplying the maximum monthly payment set in accordance with the first part of paragraph 6a) hereof by the number of months remaining in the year as of the first day of the month of the application or, where the Annuitant is entitled, for that month, to a temporary income by reason of a prior application, as of the first day of the following month; the product is increased where necessary by any income provided for in Paragraph 6a) hereof and paid to the Annuitant during the year but prior to payment of the income payable as a consequence of the application and reduced by any income paid to the Annuitant, during the same period, from another LIF.
Maximum Temporary Income. An Annuitant who is entitled to payment of the temporary income referred to in this Paragraph 5.a) hereof may determine, for each Fiscal year of the Fund, a maximum temporary income that may not exceed the lesser of the following amounts:
i) the reference temporary income determined in accordance with Paragraph 6.b) hereof;
ii) the amount “X” in the following formula: G – T = X where “G” is equal to 40% of the Maximum Pensionable Earnings determined, for the year covered by the Fiscal year, pursuant to the Act respecting the Quebec Pension plan;
Maximum Temporary Income. An Annuitant who is entitled to payment of the temporary income referred to in this Paragraph 5.a) hereof may determine, for each Fiscal year of the Fund, a maximum temporary income that may not exceed the lesser of the following amounts: