Common use of DEATH PAYMENT Clause in Contracts

DEATH PAYMENT. In the event that benefits become payable due to the Executives death, the benefit will be payable as of the first day of the month coincident with or next following the Executive’s death, and based on the presumption that the day before his death, the Executive began to receive a Fifty Percent (50%) Joint and Survivor Annuity, and died on the following day.

DEATH PAYMENT. In the event that benefits become payable due to the Executives death, the benefit will be payable as of the first day of the month coincident with or next following the Executive’s death, and based in a lump sum calculated under Section 2.19 on the presumption that basis of the day before his death, the Executive began to receive a Fifty Percent (50%) Joint and Survivor Annuity, and died on the following dayExecutive’s then attained age.