Common use of Conditions to Payment Clause in Contracts

Conditions to Payment. The payment and benefits provided to the Executive under this Agreement shall be effective only upon the satisfaction of the following conditions: (i) the Merger shall be consummated in accordance with the terms of the Merger Agreement, as it may be amended with the approval of the MONY Board of Directors; and (ii) the Executive shall be employed by MONY Life immediately preceding the Effective Time; provided, however, that the Executive shall continue to be entitled to the payments and benefits under Section 2 and 3 hereof in the event that employment is terminated prior to the Effective Time by reason of the Executive’s death or “Disability” or by MONY Life without “Cause.”

Conditions to Payment. The payment and benefits provided to the Executive under this Agreement shall be effective only upon the satisfaction of the following conditions: (i) : the Merger shall be consummated in accordance with the terms of the Merger Agreement, as it may be amended with the approval of the MONY Board of Directors, and the Effective Time shall occur on a date subsequent to December 31, 2003; and (ii) and the Executive shall be employed by MONY Life immediately preceding the Effective Time; provided, however, that the Executive shall continue to be entitled to the payments and benefits under Section 2 and 3 hereof hereunder in the event that employment is terminated prior to the Effective Time by reason of the Executive’s death or “Disability,” or by MONY Life without “Cause”.”