Common use of DIVISION OF DEATH PROCEEDS Clause in Contracts

DIVISION OF DEATH PROCEEDS. Upon the death of the Executive, the Bank shall cooperate with the Executive's Beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Section VII of this Agreement, the death proceeds of the Policy shall be divided as follows and paid in the following order to the extent that such proceeds permit. All payments of proceeds under the Part Two Share will be reduced by outstanding policy loans or withdrawals made to or by the Bank. When such death benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.

DIVISION OF DEATH PROCEEDS. Upon the death of the Executive, the Bank shall cooperate with the Executive's Beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Section VII of this Agreement, the death proceeds of the Policy shall be divided as follows and paid in the following order to the extent that such proceeds permit. All payments of proceeds under the Part Two Share will be reduced by outstanding policy loans or withdrawals made to or by the Bank. When such death benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.

DIVISION OF DEATH PROCEEDS. Upon the death of the Executive, the Bank shall cooperate with the Executive's ’s Beneficiary to take whatever action is necessary to collect the death benefit provided under the Policy. Subject to Section VII of this Agreement, the death proceeds of the Policy shall be divided as follows and paid in the following order to the extent that such proceeds permit. All payments of proceeds under the Part Two One Share and the Part Three Share will be reduced by outstanding policy loans or withdrawals made to or by the Bank. When such death benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate.