Common use of Limitation on Distribution Clause in Contracts

Limitation on Distribution. Notwithstanding any other provision of this Plan, but subject to Article 14, if a Participant's employment terminates and his vested interest under the Plan exceeds $3,500 as calculated under section 41 l(a)(11) of the Code (or such other amount prescribed by applicable law), such vested interest shall not be "immediately distributed" (within the meaning of section 411(a)(11) of the Code) without his written consent, except as otherwise permitted by law.

Limitation on Distribution. Notwithstanding any other provision of this Plan, but subject to Article 14, if a Participant's employment terminates and his vested interest under the Plan exceeds $3,500 as calculated under section 41 l(a)(1141l (a) (11) of the Code (or such other amount prescribed by applicable law), such vested interest shall not be "immediately distributed" (within the meaning of section 411(a)(11411 (a) (11) of the Code) without his written consent, except as otherwise permitted by law.