Common use of Effect of Complete Termination Clause in Contracts

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections (a) or (c) below, or under subsection (b) after a Change in Control, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) before a Change in Control, the Employer shall pay the Executive the present value, calculated as of the date of such termination and using a discount rate of five percent (5%), of the benefit described in section 2.4. In any event, complete termination of the Agreement shall occur only under the following circumstances and conditions.

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections (a) or (c) below, or under subsection (b) after a Change in Control, the Employer shall pay the Executive Accrued Benefit to the Accrued BenefitExecutive. In the event of such a complete termination under subsection (b) before a Change in Controlbelow, the Employer shall pay an amount equal to the Executive lump sum benefit that would have otherwise been paid pursuant to Section 2.5 to the present value, calculated as of the date of such termination and using a discount rate of five percent (5%), of the benefit described in section 2.4Executive. In any event, Such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §Regulation Section 1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections subsection (a) or (c) below, or under subsection (b) after a Change in Controlbenefit payments have commenced hereunder, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) before a Change in Controlprior to the commencement of benefit payments, the Employer shall pay the Executive the present valuevalue of the benefit described in Section 2.4 hereof, calculated as of the date of such termination and using a discount rate of five percent (54.36%), of the benefit described in section 2.4. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections subsection (a) or (c) below, or under subsection (b) after a Change in Controlbenefit payments have commenced hereunder, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) before a Change in Controlbelow prior to the commencement of benefit payments, the Employer shall pay the Executive one hundred fifteen percent of the present value, calculated as of the date of such termination and using a discount rate of five four percent (54.0%)) discount rate, of the benefit described in section 2.4Section 2.4 hereof. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.

Effect of Complete Termination. Notwithstanding anything to the contrary in Section 6.3, and subject to the requirements of Code Section 409A and Treasury Regulations §Regulation Section 1.409A-3(j)(4)(ix), at certain times the Employer may completely terminate and liquidate the Agreement. In the event of such a complete termination under subsections subsection (a) or (c) below, or under subsection (b) after a Change in Controlfollowing the commencement of benefit payments hereunder, the Employer shall pay the Executive the Accrued Benefit. In the event of such a complete termination under subsection (b) before a Change in Controlprior to the commencement of benefit payments hereunder, the Employer shall pay the Executive the present value, calculated as of the date of such termination and using a discount rate of five four percent (54%), of the benefit described in section Section 2.4. In any event, such complete termination of the Agreement shall occur only under the following circumstances and conditions.