Single Sum Clause Samples

The Single Sum clause defines a contractual obligation where a specified amount of money is to be paid in one lump sum rather than in installments or over time. Typically, this clause applies to payments such as settlements, compensation, or purchase prices, where the entire agreed amount is due at a single point, often upon completion of a milestone or delivery of goods or services. Its core function is to provide clarity and certainty regarding payment terms, ensuring both parties understand when and how much is to be paid, thereby reducing the risk of disputes over payment schedules.
Single Sum. A distribution made on account of a Participant's death or separation from service with the Employer and all Affiliates which is made in more than one payment shall be deemed to be a single sum distribution for purposes of this Plan if the additional payment or payments are necessary to reflect allocations completed following the Participant's death or separation from service.
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Single Sum. [ ] 3. Installment Payments. [ ] 4. Installment Refund Annuity. [ ] 5. Employer Stock, to the extent the Participant is invested therein. [ ] 6. In-kind distribution from self-directed brokerage account, to the extent the Participant is invested therein.
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Single Sum. [ ] 2. Life Annuity. [X] 3. Installment Payments. [ ] 4. Installment Refund Annuity. [X] 5. Employer Stock, to the extent the Participant is invested therein.
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Single Sum. The Account Value shall be withdrawn by the Company and paid as a single sum to the Owner on a Business Day elected by the Owner that is no later than December 31 of the calendar year that contains the fifth anniversary of the date of the death of the Deceased. Prior to such time, the Owner may elect that monthly payments in a specified amount be paid to the Owner. This monthly payment must be at least $100. Monthly payments shall cease at the earliest of: (a) the date the Company receives Notice of the Owner’s death; (b) the date the Company receives Notice from the Owner to cancel this option; (c) the first date on which the value of the Interest Accumulation Account or an Investment Fund designated by the Owner as a source of such payment is not sufficient to provide the portion of the specified amount to be withdrawn from such account; or (d) the date on which, pursuant to this Contract, the entire Account Value must be distributed. At any time before payments cease, the Owner has the right to: (a) request a change in the amount of the monthly payment; or (b) request a change in the Investment Funds or Interest Accumulation Account from which the amount of the monthly payment are to be withdrawn; or (c) cancel this option.
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Related to Single Sum

  • Single Loan All Loans to Borrower and all of the other Obligations of Borrower arising under this Agreement and the other Loan Documents shall constitute one general obligation of Borrower secured, until the Termination Date, by all of the Collateral.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Single Coverage The School District will pay up to $28.00 per month for individual coverage for each full-time teacher who qualifies for and enrolls in the School District's group dental insurance plan.

  • Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies.

  • Single Audit Subrecipient must be audited as required by 2 CFR part 200, subpart F when it is expected that Subrecipient's Federal awards expended during the respective fiscal year equaled or exceeded the threshold set forth in §200.501 Audit requirements.