Common use of Payment Directed By Company Clause in Contracts

Payment Directed By Company. Prior to the occurrence of a Qualifying Termination following a Change in Control, there shall be no payment to an Executive or Beneficiary from the Trust. Upon a Qualifying Termination, the Committee shall determine and notify the Trustee of the total amount to be paid to or with respect to the eligible Executive and the timing of the required payment or payments pursuant to the SERP and/or Severance Agreement. Except as otherwise provided herein, the Trustee shall make the payment or payments to each eligible Executive or Beneficiary, debiting each payment from the Executive's account.