Common use of Direct Payment by Company Clause in Contracts

Direct Payment by Company. The Company may make direct payments to an eligible Executive or Beneficiary, as benefits become due under the terms of the applicable Severance Agreement, in lieu of payments by the Trustee. The Committee shall notify the Trustee of its decision to make such payments directly. The Committee may direct the Trustee in writing to reimburse the Company from this Trust, and debit the account of each Executive, for amounts paid directly to the Executive or Beneficiary by the Company. The Trustee shall reimburse the Company for such payments promptly after receipt by the Trustee of satisfactory evidence that the Company has made the direct payments.