Payment of Benefit Sample Clauses
The Payment of Benefit clause outlines the conditions and procedures under which benefits are disbursed to eligible parties, such as employees, beneficiaries, or policyholders. It typically specifies the timing, method, and documentation required for payment, and may address scenarios like lump-sum versus installment payments or direct deposits. This clause ensures that all parties understand when and how benefits will be paid, thereby providing clarity and reducing the risk of disputes over entitlements.
Payment of Benefit. The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.
Payment of Benefit. The annual benefit shall be paid to the Executive in twelve (12) equal monthly installments commencing on the first day of the month following the Executive’s attainment of Normal Retirement Age, and continuing on the first of each month thereafter for a total period of twenty (20) years.
Payment of Benefit. The Company shall pay the annual benefit described in Section 2.3.1 above to the Director in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Normal Retirement Age. Such annual benefit shall be paid to the Director for ten (10) consecutive years.
Payment of Benefit. The Bank shall pay the annual benefit to the Executive in twelve (12) equal monthly installments payable on the first day of each month commencing with the month following the Executive’s Normal Retirement Date and continuing for the greater of the Executive’s life or an additional 179 months.
Payment of Benefit. The Company shall pay the annual benefit to the beneficiary in 12 equal monthly installments payable on the first day of each month commencing with the month following the Executive's death and continuing for 179 additional months.
Payment of Benefit. The Company shall pay the benefit to the Director in a lump-sum payment no later than 60 days after the Director's Termination of Service.
Payment of Benefit. The Company shall pay the benefit to the Executive in a lump sum payable within 60 days of the Executive's Termination of Employment.
Payment of Benefit. The Bank shall pay the Disability annual benefit amount to the Executive in 12 equal monthly installments, payable on the last day of each month, beginning with the month after the Normal Retirement Age. The annual benefit shall be paid to the Executive for 15 years.
Payment of Benefit. The Bank shall pay the benefit to the Executive in twelve (12) equal monthly installments commencing within ninety (90) days following the Executive’s Termination of Employment, and payable on the first of each month thereafter. The annual benefit shall be paid to the Executive for ten (10) years.
Payment of Benefit. The Bank shall pay the annual benefit to the Executive’s beneficiary in 12 equal monthly installments commencing with the month following the Executive’s death, paying the annual benefit to the Executive’s beneficiary for a period of 15 years.