One Benefit Only Clause Samples
The "One Benefit Only" clause establishes that a party is entitled to receive only a single benefit or remedy in relation to a specific event or circumstance, even if multiple benefits or remedies might otherwise be available under the agreement. In practice, this means that if a party could claim both compensation and a penalty for the same breach, they must choose one and cannot receive both. This clause prevents double recovery and ensures that the party at fault is not penalized more than once for the same issue, thereby promoting fairness and clarity in the enforcement of contractual rights.
One Benefit Only. Despite anything to the contrary in this Agreement, the Executive and Beneficiary are entitled to one benefit only under this Agreement, which shall be determined by the first event to occur that is dealt with by this Agreement. Except as provided in section 2.5 or Article 3, subsequent occurrence of events dealt with by this Agreement shall not entitle the Executive or Beneficiary to other or additional benefits under this Agreement.
One Benefit Only. Despite anything to the contrary in this Agreement, the Director and Beneficiary are entitled to one benefit only under this Agreement, which shall be determined by the first event to occur that is dealt with by this Agreement. Except as provided in section 2.5 or Article 3, subsequent occurrence of events dealt with by this Agreement shall not entitle the Director or Beneficiary to other or additional benefits under this Agreement.
One Benefit Only. Notwithstanding any provision of this Agreement, the Executive and the Executive’s Beneficiary are entitled to one benefit derived from Article 2 of this Agreement, which shall be determined by the first event to occur that is dealt with by Article 2 of this Agreement. Subsequent occurrence of events dealt with by Article 2 shall not entitle the Executive or the Executive’s Beneficiary to other or additional benefits derived from Article 2.
One Benefit Only. Subject to Article 5, the Executive and/or Beneficiary are entitled to one benefit only under Article 2 of this Agreement, which shall be determined by the first event to occur that is dealt with by Article 2 of this Agreement. Subsequent occurrence of events covered by this Article 2 shall not entitle the Executive and/or the Executive’s Beneficiary to additional benefits under Article 2.
One Benefit Only. Only one benefit shall be payable under this Agreement to the Executive or the Beneficiary, which shall be determined by the first event to occur for which benefits are payable hereunder. No subsequent occurrence of an event shall entitle the Executive or Beneficiary to other or additional benefits under this Agreement; however the payments may be accelerated in accordance with the terms of Sections 2.5 or 3.2.
One Benefit Only. Despite anything to the contrary in the Plan or in this Participation Agreement, the Executive and Beneficiary are entitled to one benefit only, which shall be determined by the first event to occur that is dealt with by the Plan and this Participation Agreement. Subsequent occurrence of events dealt with by the Plan and this Participation Agreement shall not entitle the Executive or Beneficiary to other or additional benefits under the Plan or this Participation Agreement.
One Benefit Only. Notwithstanding any provision to the contrary, the Executive and/or his Beneficiary are entitled to one benefit only under this Plan, which shall be determined by the first event to occur for which the Executive is entitled to benefits.
One Benefit Only. Despite any contrary provision of this Plan, the Executive and Beneficiary are entitled to one benefit only under Article 2 of this Plan, which shall be determined by the first event to occur that is dealt with by Article 2 of this Plan. Subsequent occurrence of events dealt with by this Article 2 shall not entitle the Executive or the Executive’s Beneficiary to other or additional benefits under Article 2.
One Benefit Only. Despite anything to the contrary in the SERP, or in this Participation Agreement, the Executive and Beneficiary are entitled to one benefit only, which shall be determined by the first event to occur that is dealt with by the SERP and this Participation Agreement. Subsequent occurrence of events dealt with by the SERP and this Participation Agreement shall not entitle the Executive or Beneficiary to other or additional benefits under the SERP or this Participation Agreement.
One Benefit Only. Despite any provision of this Agreement to the contrary, the Executive and Beneficiary are entitled to one benefit only under Article 3 of this Agreement, which shall be determined by the first event to occur that is dealt with by Article 3 of this Agreement. Subsequent occurrence of events dealt with by this Article 3 shall not entitle the Executive or the Executive’s Beneficiary to other or additional benefits under Article 3. The Executive shall have no rights to any benefit under this Agreement if the Executive has a Separation from Service before Normal Retirement Age for any reason other than death, Disability or Change in Control.