Common use of Death During Payment of a Benefit under the ESCA Clause in Contracts

Death During Payment of a Benefit under the ESCA. If the Executive dies after any benefit payments have commenced under Article 2 of the ESCA but before receiving all such payments, the Bank shall cease paying the remaining benefit, if any, and shall then pay to the Executive’s beneficiary a split dollar 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.