Collection of Death Proceeds. 8.1 Upon the death of the Executive, the Company shall cooperate with the beneficiary or beneficiaries designated by the Executive to take whatever action is necessary to collect the death benefit provided under the Policy; when such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
8.2 Upon the death of the Executive, the Company shall have the unqualified right to receive a portion of such death benefit equal to the greater of (i) one-third thereof or (ii) the greater of the total amount of premiums paid by it hereunder or the then cash surrender value of the policy, such amount reduced by the amount, if any, of indebtedness against the Policy existing at the date of the death of the Executive (including any interest due on such indebtedness). The balance of the death benefit provided under the Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Company at the direction of the Executive, in the manner and in the amount or amounts provided in the beneficiary designation provisions of the Policy. In no event shall the amount payable to the Company hereunder exceed the Policy proceeds payable at the death of the Executive. No amount shall be paid from such death benefit to the beneficiary or beneficiaries designated by the Company at the direction of the Executive until the full amount due the Company hereunder has been paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof.
8.3 Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Executive and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Company and the Executive’s beneficiary or beneficiaries shall have the unqualified right to share such premiums based on their respective cumulative contributions thereto.
Collection of Death Proceeds a. Upon the death of the last surviving Insured, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
b. Upon the death of the last surviving Insured, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid.
c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.
Collection of Death Proceeds. (a) Following the deaths of both Insureds, the Corporation and the Owner promptly shall take all action necessary to obtain the death benefit provided under the Policy.
(b) The Corporation shall have the unqualified right to receive a portion of such death benefit equal to its Collateral Interest in the Policy. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Owner, pursuant to the beneficiary designation for the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable at the death of the Insureds. No amount shall be paid from such death benefit by the Owner until the full amount due the Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provisions of the Policy shall conform to the provisions hereof.
Collection of Death Proceeds. (a) Upon the death of the second to die of the Employee and Claixx X. Xxxxxxxx, xxe Corporation and the Owner shall cooperate to take whatever action is necessary to collect the death benefit, if any, provided under the Policy, and when such death benefit, if any, has been collected and paid as provided herein, this Agreement shall thereupon terminate.
Collection of Death Proceeds. Upon the death of the Employee, the Corporation shall promptly take all action necessary to obtain the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
Collection of Death Proceeds. (a) Upon the death of the Employee, the beneficiary or beneficiaries designated by the Owner shall collect the death benefits provided under the Policies.
(b) Upon the death of the Employee, the Company shall have no right whatsoever to receive any portion of the death benefit payable under any Policy. The entire death benefit provided under each Policy, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner, in the manner and in the amount or amounts provided in the beneficiary designation provision of each Policy.
Collection of Death Proceeds a. Upon the death of the Employee, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
b. Upon the death of the Employee, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid.
c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corpora- tion shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.
Collection of Death Proceeds. Upon the death of the latter to die of Xxxxxxx Xxxxxxx Xxxxxxxxx and Xxxxxxx Xxxxxx Xxxxxxxxx, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and the Corporation is paid as provided herein, this Agreement shall thereupon terminate and the parties shall have no further obligation to each other hereunder. Upon the death of the latter to die Xxxxxxx Xxxxxxx Xxxxxxxxx and Xxxxxxx Xxxxxx Xxxxxxxxx, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the total amount of the premiums paid by it hereunder and the total amount of the premiums previously paid by the Corporation toward premiums on the Massachusetts Life Insurance Policy (less any sums previously received by the Corporation with respect to the Massachusetts Life insurance Policy). The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Trust. In no event shall the total amount payable to the Corporation hereunder exceed the Policy proceeds payable at the death of the latter to die of Xxxxxxx Xxxxxxx Xxxxxxxxx and Xxxxxxx Xxxxxx Xxxxxxxxx. No amount shall be. paid from such death benefit to the Trust until the full amount due the Corporation hereunder has been. paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the latter to die of Xxxxxxx Xxxxxxx Xxxxxxxxx and Xxxxxxx Xxxxxx Xxxxxxxxx and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation and the Trust shall have the unqualified right to share such premiums based on the respective cumulative contributions by the Corporation (including premiums paid by the Corporation toward the Massachusetts Life Insurance Policy, less any sums previously received by the Corporation with respect to the Massachusetts Life Insurance Policy) and the Trust, whereupon this Agreement shall terminate.
Collection of Death Proceeds. Promptly following the Employee’s death, the parties shall cooperate in the filing of a death claim in accordance with the Insurer’s claims procedures and shall request distribution to the beneficiary designated by the Employee of the Employee’s interest in the Policy and the balance of the death proceeds, if any, shall be paid by the Insurer to the Employer under the Policy. When the death proceeds have been collected and paid as provided herein, this Agreement shall thereupon automatically terminate without any action required by the parties.
Collection of Death Proceeds a. Upon the death of the Employee and his spouse, the Corporation shall promptly take all action necessary to obtain the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.
b. Upon the death of the Employee and his spouse, the Corporation shall have the unqualified right to receive a portion of the Policy’s death benefit equal to the greater of the total amount of the premiums paid by the Corporation hereunder or the then cash value of the Policy, reduced by any indebtedness against the Policy existing at the death of the Employee and his spouse (including any interest due on such indebtedness). The balance of the death benefit provided under the Policy, if any, shall be paid in the manner and in the amount or amounts provided in the beneficiary designation applicable to the Policy. In no event shall the amount payable to the Corporation under the Policy exceed the total proceeds payable at the death of the Employee and his spouse under the Policy. No amount shall be paid from a death benefit under the Policy to the beneficiary or beneficiaries until the full amount due the Corporation under the Policy has been paid to the Corporation. The parties hereto agree that the beneficiary designation applicable to the Policy shall conform to the provisions hereof.
