Common use of Death After Termination of Service Clause in Contracts

Death After Termination of Service. If the Director dies after having terminated active service with the Bank but before receiving any or all of the benefits to which the Director is entitled under Article 2 of this Agreement, the Bank shall pay to the Director's Beneficiary the benefits set forth in Article 2 to which the Director was entitled at the time of death. The benefits shall be payable to the Director's Beneficiary at the same time and in the same amounts they would have been paid to the Director had the Director survived, except that benefit payments shall begin in the month immediately after the Director's death if payments to the Director had not already commenced by the date of the Director's death.