Multiple Payment Events Clause Samples
The "Multiple Payment Events" clause defines the circumstances under which several separate payments may be required under a contract, rather than a single lump sum. This clause typically outlines specific milestones, deliverables, or dates that trigger each payment, such as upon completion of certain project phases or delivery of goods. By clearly specifying when and how payments are to be made, the clause ensures both parties understand their financial obligations and helps manage cash flow and performance expectations throughout the contract term.
Multiple Payment Events. If the Plan permits multiple payment events, the change payment election provisions of Section 4.02(B)(1) apply separately as to each payment due upon each payment event. The addition or deletion of a permissible payment event to Deferred Compensation previously deferred is subject to the change election provisions of Section 4.02(B)(1) where the additional event may cause a change in the time or form of payment. However the addition of death, Disability or Unforeseeable Emergency as an “earliest of” payment event is not a change payment election and is not an impermissible acceleration under Section 4.02(C).
Multiple Payment Events. If the Plan permits multiple payment events (such as death, Separation from Service, etc.), the Subsequent Election of Section 8.3(a)(1) shall apply to each payment due upon each payment event.