Common use of Death of the Participant Clause in Contracts

Death of the Participant. Upon the death of a Participant prior to the full payment of all amounts credited to the Participant’s Mandatory Deferred Compensation Account, the balance of such Mandatory Deferred Compensation Account shall be paid in accordance with Sections 1.5 and 1.6. All payments of the Participant’s Mandatory Deferred Compensation Account will commence on or before the later of: (1) the last day of the calendar year in which the payment event occurs or (2) the 15th day of the third month following the date the payment event occurs. No payment of the Mandatory Deferred Compensation Account shall be made to the Participant prior to the occurrence of any of the preceding payment events and only to the extent permitted under Section 409A(a)(2) of the Code and the rules and regulations adopted thereunder.