Common use of Certain Accelerated Payments Clause in Contracts

Certain Accelerated Payments. In certain limited circumstances the Bank may make an accelerated distribution to the Executive of deferred amounts, solely to the extent that such distribution meets the requirements of Section 1.409A-3(j)(4). In order to make such accelerated payments, Bank will notify Executive of the specific Section 1.409A-3(j)(4) exemption being relied upon by the Bank in making the accelerated payments.

Certain Accelerated Payments. In certain limited circumstances the Bank may make an accelerated distribution to the Executive of deferred amounts, solely to the extent that such distribution meets the requirements of Section 1.409A-3(j)(4). In order to make such accelerated payments, both Executive and Bank will notify Executive must sign a written acknowledgement of the specific Section 1.409A-3(j)(4) exemption being relied upon by the Bank in making the accelerated payments.