Common use of Date of Payment Clause in Contracts

Date of Payment. The payments provided for in Section 6.1.(a) and Section 6.2 hereof shall , unless deferred pursuant to the last sentence of this Section 6.3, be made not later than the fifteenth (15th) day following the Date of Termination; provided, however, that if the amounts of such payments cannot be finally determined on or before such day, the Company shall pay to the Executive (subject to the last sentence of this Section 6.3) on such day an estimate, as determined in good faith by the Company, of the minimum amount of such payments to which the Executive is likely to be entitled to and shall pay the remainder of such payments (together with interest at the rate provided in section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no event later than the thirtieth (30th) day after the Date of Termination. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by the Company to the Executive, payable on the tenth (10th) business day after demand by the Company (together with interest at the rate provided in section 1274(b)(2)(B) of the Code). At the time that payments are made or would have been made, disregarding for this purpose only, any deferral effected by the Executive, under this Section 6.3, the Company shall provide the Executive with a detailed written statement setting forth the manner in which such payments were calculated and the basis for such calculations including, without limitation, any opinions or other advice the Company has received from outside counsel, auditors or consultants (and any such opinions or advice which are in writing shall be attached to the statement). The Executive may irrevocably elect, in a writing delivered to the Company no later than the last day of the calendar year preceding the calendar year in which occurs the Change in Control, to defer the receipt of any payment to which the Executive may become entitled to under Section 6.1 of this Agreement for the period of time specified in such writing.