Common use of Survivorship Benefits Clause in Contracts

Survivorship Benefits. (a) Prior to commencement of normal retirement benefits. If a Participant dies while in the service of the Company or after a Termination of Employment due to Disability and while disabled, but prior to commencement of any benefit payments under this Agreement, the Company shall pay to the Participant's beneficiary a survivor's benefit of 204 equal monthly installments of $3,333 each commencing on the first day of the month after the Participant's death and continuing on the first day of each month thereafter until all such payments are completed. In the event a beneficiary dies before receiving all the survivor's benefit payments, the remaining payments shall be paid to the legal representative of the beneficiary's estate. Payment of the survivor's benefit shall relieve the Company of the obligation to pay any other benefit which the Participant would have otherwise received, under the terms of this Agreement.