Common use of Payment After Death Clause in Contracts

Payment After Death. The Bank agrees that if the Executive shall die before receiving the full amount of monthly payments to which he is entitled hereunder (if any), it will continue to make such monthly payments to the Executive's designated beneficiary for the remaining period. The Executive shall execute a Beneficiary Designation as shown on the attached Schedule B, but if a valid Beneficiary Designation is not in effect, the payment shall be made to the Executive's surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of his estate.

Payment After Death. The Bank agrees that if the Executive shall die before receiving the full amount of monthly payments to which he is entitled hereunder (if any), it will continue to make such monthly payments to the Executive's ’s designated beneficiary Beneficiary for the remaining period. The Executive shall execute a Beneficiary Designation as shown on the attached Schedule B, but if a valid Beneficiary Designation is not in effect, the payment shall be made to the Executive's ’s surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of his estate.