Common use of Duration of Payments Clause in Contracts

Duration of Payments. (a) Subject to Section 2.7 and subsections (b) and (c) of this Section, the Executive's Supplemental Target Pension Benefit, once commenced, shall continue to be paid on the first day of each month until (and shall terminate with the payment made on) the first day of the month in which the Executive's death occurs. (b) Notwithstanding subsection (a) of this Section, the Executive's Disability Benefit shall terminate upon the Executive's recovery from his Disability. Upon termination of his Disability Benefit, the Executive shall be restored to his position under this Agreement prior to his Disability, and the Executive shall be entitled either to resume participation in this Agreement (if he is reemployed by the Company in a position entitling him to so participate), or to receive such other benefits as he may be eligible for under the terms of this Agreement based on his Credited Service at the time of his Disability.

Appears in 1 contract

Sources: Supplemental Target Pension Benefit Agreement (Allen Group Inc)

Duration of Payments. (a) Subject to Section 2.7 2.6 and subsections (b) and (c) of this Section, the Executive's Supplemental Target Pension Benefit, once commenced, shall continue to be paid on the first day of each month until (and shall terminate with the payment made on) the first day of the month in which the Executive's death occurs. (b) Notwithstanding subsection (a) of this Section, the Executive's Disability Benefit shall terminate upon the Executive's recovery from his Disability. Upon termination of his Disability Benefit, the Executive shall be restored to his position under this Agreement prior to his Disability, and the Executive shall be entitled either to resume participation in this Agreement (if he is reemployed by the Company in a position entitling him to so participate), or to receive such other benefits as he may be eligible for under the terms of this Agreement based on his Credited Service at the time of his Disability. (c) Notwithstanding the foregoing, in the event of (i) the occurrence of an Accelerating Event or (ii) the termination

Appears in 1 contract

Sources: Supplemental Target Pension Benefit Agreement (Allen Group Inc)