Common use of Payments in Installments Clause in Contracts

Payments in Installments. The Company shall pay the severance benefit required under Section 2(c) hereof, without interest thereon, in four (4) substantially equal quarterly installments, payable on the first day of each calendar quarter, with the first such installment payable in the first full calendar quarter commencing twenty-eight (28) days after the date on which the Executive complies with Section 2(e)(i) and, if applicable, Section 2(e)(ii) below, subject to applicable withholding and employment taxes.