Common use of Death Prior to Distribution of Deferral Account Clause in Contracts

Death Prior to Distribution of Deferral Account. Upon the death of the Trustee prior to the commencement of the distribution of the amounts credited to the Deferral Account, the Deferral Account shall be distributed to the Beneficiary over a period of five (5) years beginning as soon as practicable after the Trustee's death. In the event of the death of the Trustee after the commencement of such distribution, but prior to the complete distribution of the Deferral Account, the balance of the amounts in the Deferral Account shall be distributed to the Beneficiary over the remaining period during which such amounts were distributable to the Trustee under Section 4.1 hereof. In the event the Trustee survives the designated Beneficiary, the balance of such Deferral Account shall be paid in a lump sum to such Trustee's estate. Notwithstanding the above, the Board of Directors may, in its sole discretion, accelerate or, with the consent of the Beneficiary or the Trustee's estate, as applicable, extend the distribution of the Deferral Account.

Death Prior to Distribution of Deferral Account. Upon the death of the Trustee prior to the commencement of the distribution of the amounts credited to the Deferral Account, the Deferral Account shall be distributed to the Beneficiary over a period of five (5) years beginning as soon as practicable after the Trustee's death. In the event of the death of the Trustee after the commencement of such distribution, but prior to the complete distribution of the Deferral Account, the balance of the amounts in the Deferral Account shall be distributed to the Beneficiary over the remaining period during which such amounts were distributable to the Trustee under Section 4.1 hereof. In the event the Trustee survives the designated Beneficiary, the balance of such Deferral Account shall be paid in a lump sum to such Trustee's estate. Notwithstanding the above, the Board of Directors Trustees may, in its sole discretion, accelerate or, with the consent of the Beneficiary or the Trustee's estate, as applicable, extend the distribution of the Deferral Account.

Death Prior to Distribution of Deferral Account. Upon the death of the Trustee prior to the commencement of the distribution of the amounts credited to the Deferral Account, the Deferral Account shall be distributed to the Beneficiary over a period of five (5) years beginning as soon as practicable after the Trustee's death. In the event of the death of the Trustee after the commencement of such distribution, but prior to the complete distribution of the Deferral Account, the balance of the amounts in the Deferral Account shall be distributed to the Beneficiary over the remaining period during which such amounts were distributable to the Trustee under Section 4.1 hereof. In the event the Trustee survives the designated Beneficiary, the balance of such 5 Deferral Account shall be paid in a lump sum to such Trustee's estate. Notwithstanding the above, the Board of Directors may, in its sole discretion, accelerate or, with the consent of the Beneficiary or the Trustee's estate, as applicable, extend the distribution of the Deferral Account.