Payment After Death Clause Samples
The 'Payment After Death' clause outlines the procedures and obligations for making payments that become due after an individual's death. Typically, this clause specifies who is entitled to receive such payments—such as an estate, beneficiary, or legal representative—and may detail the timing and method of payment. Its core function is to ensure that any outstanding financial obligations or entitlements are properly fulfilled, providing clarity and certainty for both the payer and the deceased's successors.
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Payment After Death. In the event of Executive’s death, any payments by the Company shall be made to the executors or administrators of Executive’s estate upon the delivery of such documents as the Company may reasonably request confirming such person’s appointment and authority.
Payment After Death. The Bank agrees that if the Executive shall die before receiving the full amount of monthly payments to which he is entitled hereunder (if any), it will continue to make such monthly payments to the Executive's designated beneficiary for the remaining period. The Executive shall execute a Beneficiary Designation as shown on the attached Schedule B, but if a valid Beneficiary Designation is not in effect, the payment shall be made to the Executive's surviving spouse or, if none, said payments shall be made to the duly qualified personal representative, executor or administrator of his estate.
Payment After Death. If the Participant dies with Stock Units standing to his Account, the Company will pay to the person designated by the Participant or, in the absence of designation, to the Participant's estate, within a reasonable period after death (not to exceed six months), an amount equal to the number of Stock Units standing to his Account times the Market Value at the most recent fiscal quarter end preceding the date of payment.
Payment After Death. Any distribution or delivery to be made to the Participant under this Agreement will, if the Participant is then deceased, be made to the Participant’s beneficiary designated in accordance with the procedures specified by the Company, or if no effective beneficiary designation is on file with the Company or the Participant is not survived by his or her designated beneficiary, to the administrator or executor of the Participant’s estate on behalf of the estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to such transfer.
Payment After Death. Any payment of Restricted Share Units to a deceased Participant shall be paid to the estate of the Participant, unless the Participant files a completed Designation of Death Beneficiary with the Company in accordance with its procedures.