Payment Date Defined Clause Samples
The 'Payment Date Defined' clause establishes the specific date or dates on which payments under the agreement are due. It typically clarifies whether payments must be made upon receipt of an invoice, on a recurring schedule, or by a certain number of days after a triggering event. By clearly defining when payments are expected, this clause helps prevent disputes over timing and ensures both parties have a mutual understanding of their financial obligations.
Payment Date Defined. For the purpose of Section 1.4.8 of this Appendix, the earliest payment date means the earlier of:
(a) The date on which the Participant is entitled to a distribution under the Plan; or
(b) The later of (i) the date the Participant attains age fifty (50) years, or (ii) the earliest date on which the Participant could begin receiving benefits under the Plan if the Participant separated from service.