Common use of Payment to Beneficiary Clause in Contracts

Payment to Beneficiary. Subject to the provisions of Article VIII, upon the death of a Participant, such Participant's account balance shall be paid to his designated Beneficiary or if no such Beneficiary is designated or survives the Participant, to the legal representative of such Participant's estate. Such payment shall commence as soon as practicable after the Participant's death and after the Trustee is given such documentation as may be required under the provisions of the Trust Agreement or Custodial Agreement.