Common use of Six-Month Waiting Period for Distributions Upon Separation From Service Clause in Contracts

Six-Month Waiting Period for Distributions Upon Separation From Service. To the extent required by Section 409A, amounts that would otherwise be payable under this Article 6 during the six-month period immediately following the Employee’s termination, shall instead be paid on the first business day after the expiration of such six-month period, plus interest thereon, at a rate equal to the applicable Federal short-term rate (as defined in Section 1274(d) of the Code) for the month in which such date of termination occurs from the respective dates on which such amounts would otherwise have been paid until the actual date of payment.

Six-Month Waiting Period for Distributions Upon Separation From Service. To the extent required by Section 409A, amounts that would otherwise be payable under this Article 6 during the six-month period immediately following the EmployeeExecutive’s termination, shall instead be paid on the first business day after the expiration of such six-month period, plus interest thereon, at a rate equal to the applicable Federal short-term rate (as defined in Section 1274(d) of the Code) for the month in which such date of termination occurs from the respective dates on which such amounts would otherwise have been paid until the actual date of payment.