Deferred Commencement Date. A Participant may elect a deferred commencement date for part or all of the Participant's Account balance at any time prior to the calendar year the Participant attains the Applicable RMD Age (or, if later, 30 days after the Participant’s Severance from Employment). Such date may not be later than the Participant's Required Beginning Date.
Deferred Commencement Date. To the extent (i) any payments to which the Executive becomes entitled under her Agreement in connection with her Involuntary Termination constitute deferred compensation subject to Code Section 409A and (ii) the Executive is deemed at the time of such Involuntary Termination to be a key employee under Code Section 416(i), then such payment or payment shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (as such term is at the time defined in Treasury Regulations under Code Section 409A) with BMP (or any successor entity) or (ii) the date of the Executive s death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to the Executive, including (without limitation) the additional twenty percent (20%) tax for which the Executive would otherwise be liable under Code Section 409A(a)(1)(B) in the absence of such deferral. During any period payment or payments to the Executive are deferred pursuant to the foregoing, the Executive shall be entitled to interest on the deferred payment or payments at a per annum rate equal to the highest rate of interest applicable to six (6)-month money market accounts offered by the following institutions: Citibank N.A., Wxxxx Fargo Bank, N.A. or Bank of America, on the date of such “separation from service”. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period in the absence of her Paragraph 19 shall be paid to the Executive or her beneficiary in one lump sum. Any remaining amounts shall be paid as and when they would otherwise become due under her Agreement.
