Common use of Payment Date Election Clause in Contracts

Payment Date Election. I hereby designate the first day of the calendar quarter following the designated event below as my Payment Date for the amounts credited to my Deferral Account pursuant to the Agreement [place an “X” preceding your choice and fill in the missing information, as applicable]: (a) 1, . [Insert any date at least two years after this deferral election is made] (b) Termination of my services as a Trustee with respect to all Funds. (c) The later of (a) 1, [fill in month and year from (a) above] or (b) termination of my service as a Trustee with respect to all Funds. (d) The earlier of (a) 1, [fill in month and year from (a) above] or (b termination of my service as a Trustee with respect to all Funds. Note: administrative delays in making the actual payment consistent with 409A will not affect the Payment Date. I understand that any future decision I make to change the Payment Date of amounts already deferred must be made at least 12 months before the scheduled payment date and must defer payment for at least five years after the amount would otherwise have been paid. Notwithstanding any statement to the contrary in the Agreement, amounts deferred cannot be paid to me or on my behalf prior to the Payment Date elected herein except on account of Hardship.