Common use of Effective Time Payment Clause in Contracts

Effective Time Payment. Subject to Paragraph 4 below, at the Effective Time, the Company or NYB shall pay you $1,090,000. For the avoidance of doubt, and notwithstanding anything herein to the contrary, you agree that this payment and the payment described in Paragraph 2 below, shall not be taken into account in computing any benefits under any plan, program or arrangement of the Company or its Affiliates in which you participate or to which you are a party. Not later that 10 business days prior to the scheduled payment date, NYB shall be provided with sufficient information by the Company to enable its Tax Advisor (as defined below) to determine whether such payment is in compliance with Paragraph 4 of this Agreement and to make any adjustments authorized by Paragraph 4.