Common use of Payment of Monthly Benefits Clause in Contracts

Payment of Monthly Benefits. The monthly benefits payable under this Section 2.1 shall commence on the first day of the month following the lapse of six months from the date of the Executive’s Separation from Service (the “First Payment Date”) and end with the monthly payment preceding his death, provided that the first monthly payment shall equal the sum of (i) one monthly payment plus (ii) the cumulative amount of the monthly payments that would have been paid as of the first day of each month following the date of Separation from Service and prior to the First Payment Date absent the six-month delay required by Section 409A of the Code.