Common use of Acceleration of Payment Clause in Contracts

Acceleration of Payment. The Institution may, only upon the mutual written consent of the Employee, or if deceased, Employee's Beneficiaries, accelerate the payment of any benefits payable under this Agreement. In the event it is agreed to accelerate these payments, the present value of all future payments shall be paid to the Employee or his Beneficiaries. The then current Federal Reserve discount rate which is charged on loans to depository institutions by the New York Federal Reserve Bank shall be used in discounting any payments as determined by the Institution.

Acceleration of Payment. The Institution may, only upon the mutual written consent of the Employee, or if deceased, Employee's Beneficiariesmay at its option, accelerate the payment of any benefits payable under this AgreementAgreement without the consent of the Employee or his Beneficiaries. In the event it is agreed to accelerate these payments, the present value of all future payments shall be paid to the Employee or his Beneficiaries. The then current Federal Reserve discount rate which is charged on loans to depository institutions by the New York Federal Reserve Bank shall be used in discounting any payments as determined by the Institution.