Common use of Designation of Beneficiary Clause in Contracts

Designation of Beneficiary. In the event that the Executive dies prior to the satisfaction of all of the obligations of the Corporation under this Agreement, any remaining amounts payable to the Executive by the Corporation shall be paid to the person or persons previously designated by the Executive to the Corporation for such purposes. Any such designation of beneficiaries shall be made in writing, signed by the Executive and dated and filed with the Secretary of the Corporation. In the event that no designation is made, all such amounts shall be paid by the Corporation to the estate of the Executive.

Designation of Beneficiary. In the event that the Executive dies prior to the satisfaction of all of the obligations of the Corporation Company and its affiliates under the terms of this Agreement, any remaining amounts payable to the Executive by the Corporation Company and its affiliates shall be paid to the person or persons previously designated by the Executive to the Corporation Company for such purposes. Any such designation of beneficiaries shall be made in writing, signed by the Executive and dated and filed with the Secretary of the CorporationCompany. In the event that no designation is made, all such remaining amounts shall be paid by the Corporation Company (or the responsible affiliate) to the estate of the Executive.