Common use of Death After Termination of Employment But Before Commencement of Payment under the ESCA Clause in Contracts

Death After Termination of Employment But Before Commencement of Payment under the ESCA. If the Executive is entitled to a benefit under Article 2 of the ESCA, but dies prior to the commencement of said benefit payments, the Bank shall pay no benefit under the ESCA but shall pay to the Executive’s beneficiary a split dollar death benefit equal to the present value of the remaining stream of payments under the ESCA. This amount is payable in a lump sum upon the death of the Executive.