Common use of PAYMENTS TO EXECUTIVE OR HIS BENEFICIARIES Clause in Contracts

PAYMENTS TO EXECUTIVE OR HIS BENEFICIARIES. 6.1 The Trustee shall make payments to the Executive or his Beneficiary in accordance with the terms and conditions of this Agreement and the Trust. Prior to making any payment to the Executive or his Beneficiary, the Trustee shall provide the Company with at least ten (10) days prior written notice of such proposed payment and the Company shall have a period of five (5) days following receipt of such notice (which shall be deemed to be received three (3) days following the date such notice is mailed by first class U.S. mail, on the day after such notice is deposited with an overnight carrier, the date of hand delivery or the date on which notice is transmitted by facsimile) to provide the Trustee in writing with a notice of its objection to such proposed payment. If the Trustee receives from the Company a timely notice of objection, the matter shall promptly be submitted to arbitration in accordance with Section VIII hereof. No payment shall be made until decision on the arbitration has been made and then payment will be made in accordance with such decision. If the Trustee fails to receive a timely notice of objection from the Company, the Trustee may proceed with the proposed payment. The Company shall report all distributions from the Trust to appropriate taxing authorities. The Trustee shall cooperate with the Company in making provision for the withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of this Agreement and shall pay amounts withheld to the appropriate taxing authorities. 6.2 The entitlement of Executive or his Beneficiary to benefits under this Agreement shall initially be determined by the Trustee or such party as it designates, except in the event that the Company files a notice of objection to payment in accordance with Section 6.1 hereof, in which event such determination shall be made by the arbitrators in accordance with Section VIII hereof. 6.3 No benefit which shall be payable under this Agreement to any person shall be subject in any manner to alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to attachment or legal process for, or against, such person except to such extent as may be required by law. 6.4 Whenever any benefit which shall be payable under this Agreement is to be paid to or for the benefit of any person who is then a minor or determined to be incompetent by qualified medical advice, the Company or the Trustee need not require the appointment of a guardian or custodian, but shall be authorized to pay the same over to the person having custody of such minor or incompetent, or to cause the same to be paid to such minor or incompetent without the intervention of a guardian or custodian, or to cause the same to be paid to a legal guardian or custodian of such minor or incompetent if one has been appointed or to cause the same to be used for the benefit of such minor or incompetent.

PAYMENTS TO EXECUTIVE OR HIS BENEFICIARIES. 6.1 The Trustee shall make payments to the Executive or his Beneficiary in accordance with the terms and conditions of this Agreement and the Trust. Prior to making any payment to the Executive or his Beneficiary, the Trustee shall provide the Company with at least ten (10) days prior written notice of such proposed payment and the Company shall have a period of five (5) days following receipt of such notice (which shall be deemed to be received three (3) days following the date such notice is mailed by first class U.S. mail, on the day after such notice is deposited with an overnight carrier, the date of hand delivery or the date on which notice is transmitted by facsimile) to provide the Trustee in writing with a notice of its objection to such proposed payment. If the Trustee receives from the Company a timely notice of objection, the matter shall promptly be submitted to arbitration in accordance with Section VIII hereof. No payment shall be made until decision on the arbitration has been made and then payment will be made in accordance with such decision. If the Trustee fails to receive a timely notice of objection from the Company, the Trustee may proceed with the proposed payment. The Company shall report all distributions from the Trust to appropriate taxing authorities. The Trustee shall cooperate with the Company in making provision for the withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of this Agreement and shall pay amounts withheld to the appropriate taxing authorities. 6.2 The entitlement of Executive or his Beneficiary Beneficiairy to benefits under this Agreement shall initially be determined by the Trustee or such party as it designates, except in the event that the Company files a notice of objection to payment in accordance with Section 6.1 hereof, in which event such determination shall be made by the arbitrators in accordance with Section VIII hereof. 6.3 No benefit which shall be payable under this Agreement to any person shall be subject in any manner to alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to attachment or legal process for, or against, such person except to such extent as may be required by law. 6.4 Whenever any benefit which shall be payable under this Agreement is to be paid to or for the benefit of any person who is then a minor or determined to be incompetent by qualified medical advice, the Company or the Trustee need not require the appointment of a guardian or custodian, but shall be authorized to pay the same over to the person having custody of such minor or incompetent, or to cause the same to be paid to such minor or incompetent without the intervention of a guardian or custodian, or to cause the same to be paid to a legal guardian or custodian of such minor or incompetent if one has been appointed or to cause the same to be used for the benefit of such minor or incompetent.

PAYMENTS TO EXECUTIVE OR HIS BENEFICIARIES. 6.1 The Trustee shall make payments to the Executive or his Beneficiary in accordance with the terms and conditions of this Agreement and the Trust. Prior to making any payment to the Executive or his Beneficiary, the Trustee shall provide the Company with at least ten (10) days prior written notice of such proposed payment and the Company shall have a period of five (5) days following receipt of such notice (which shall be deemed to be received three (3) days following the date such notice is mailed by first class U.S. mail, on the day after such notice is deposited with an overnight carrier, the date of hand delivery or the date on which notice is transmitted by facsimile) to provide the Trustee in writing with a notice of its objection to such proposed payment. If the Trustee receives from the Company a timely notice of objection, the matter shall promptly be submitted to arbitration in accordance with Section VIII hereof. No payment shall be made until decision on the arbitration has been made and then payment will be made in accordance with such decision. If the Trustee fails to receive a timely notice of objection from the Company, the Trustee may proceed with the proposed payment. The Company shall report all distributions from the Trust to appropriate taxing authorities. The Trustee shall cooperate with the Company in making provision for the withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of this Agreement and shall pay amounts withheld to the appropriate taxing authorities. 6.2 The entitlement of Executive or his Beneficiary to benefits under this Agreement shall initially be determined by the Trustee or such party as it designates, except in the event that the Company files a notice of objection to payment in accordance with Section 6.1 hereof, in which event such determination shall be made by the arbitrators in accordance with Section VIII hereof. 6.3 No benefit benefits which shall be payable under this Agreement to any person shall be subject in any manner to alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void; and no such benefit shall in any manner be liable for, or subject to, the debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to attachment or legal process for, or against, such person except to such extent as may be required by law. 6.4 Whenever any benefit which shall be payable under this Agreement is to be paid to or for the benefit of any person who is then a minor or determined to be incompetent by qualified medical advice, the Company or the Trustee need not require the appointment of a guardian or custodian, but shall be authorized to pay the same over to the person having custody of such minor or incompetent, or to cause the same to be paid to such minor or incompetent without the intervention of a guardian or custodian, or to cause the same to be paid to a legal guardian or custodian of such minor or incompetent if one has been appointed or to cause the same to be used for the benefit of such minor or incompetent.