Common use of Election to Defer Payments Clause in Contracts

Election to Defer Payments. Upon entering into this Agreement and thereafter at any time up to sixty (60) days before amounts are payable to you pursuant to this Agreement, you may, in writing, direct Encore that any amounts which should become payable to you pursuant to section 7(i) hereof shall be paid to you in equal annual installments over a period of three (3) to ten (10) years, with the first such installment payable within five business days of the Date of Termination and each successive installment paid on the anniversary of the Date of Termination or the next following business day if such date is not a business day (the “Deferred Payment Election”). Any amount deferred pursuant to the preceding sentence shall be credited with interest at the rate provided in Section 1274(b)(2)(B) of the Code. Notwithstanding anything in the foregoing to the contrary, a Deferred Payment Election shall be automatically revoked should you terminate your employment under the circumstances described in section 9 below.