Common use of Terminal Benefits Clause in Contracts

Terminal Benefits. The entire outstanding Dues shall be payable immediately by the Borrower to the Bank, if the Borrower opts for any retirement scheme or accepts any offer from his employer providing any benefit on resigning or retiring from the employment prior to superannuation or upon the employer terminating his employment for any reason or upon the Borrower resigning or retiring from the service of the employer for any reason whatsoever. In such a case, the outstanding Dues may be paid from the amount or amounts receivable by him from the employer under such scheme or offer or any terminal benefit, as the case may be. Provided however, in the event of the said amount or amounts being insufficient to repay the said sums to the Bank in full, the unpaid amounts remaining due to the Bank shall be paid by the Borrower forthwith. The Borrower does hereby irrevocably authorize the Bank to communicate with and receive the said amounts from the Borrower’s employer directly.

Terminal Benefits. The entire outstanding Dues shall be payable immediately by the Borrower to the Bank, if the Borrower opts for any retirement scheme or accepts any offer from his employer providing any benefit benefit on resigning or retiring from the employment prior to superannuation or upon the employer terminating his employment for any reason or upon the Borrower resigning or retiring from the service of the employer for any reason whatsoever. In such a case, the outstanding Dues may be paid from the amount or amounts receivable by him from the employer under such scheme or offer or any terminal benefitbenefit, as the case may be. Provided however, in the event of the said amount or amounts being insufficient insufficient to repay the said sums to the Bank in full, the unpaid amounts remaining due to the Bank shall be paid by the Borrower forthwith. The Borrower does hereby irrevocably authorize the Bank to communicate with and receive the said amounts from the Borrower’s employer directly.