Common use of DIVISION OF DEATH PROCEEDS Clause in Contracts

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 herein, the division of the death proceeds of the Policy(ies) is as follows: A. In the event the Insured has not yet Separated from Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars ($1,500,000) or Fifty Percent (50%) of the NAR on all policies issued on the life of the Insured. B. Should the Insured Separate from Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement. C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest. E. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 herein, the division of the death proceeds of the Policy(ies) is as follows: A. In the event the Insured has not yet Separated from From Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars of one hundred percent ($1,500,000) or Fifty Percent (50100%) of the NAR on all policies issued on or three (3) times the life of the InsuredFinal Base Salary. B. Should the Insured Separate from From Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement. C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest. E. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 8 herein, the division of the death proceeds of the Policy(ies) is as follows: A. In the event the Insured has not yet Separated from From Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars of ($1,500,000i) or Fifty Percent one hundred percent (50100%) of NAR or (ii) one times the NAR on all policies issued on the life of the InsuredFinal Base Salary. B. Should the Insured Separate from From Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement.upon C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement. D. The Bank shall be entitled to the proceeds of any Policy(ies) payable after payment to the Insured’s Beneficiary(ies) under Xxxxxxxxx 0X. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest. E. F. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank. 7. ACCELERATED BENEFIT IN THE EVENT OF TERMINAL OR CHRONIC ILLNESS (AS APPLICABLE) AND DIVISION OF CASH SURRENDER VALUE OF THE POLICY(IES).

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 herein, the division of the death proceeds of the Policy(ies) is as follows: A. In the event the Insured has not yet Separated from From Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars ($1,500,000) or Fifty Percent (50%) of the NAR on all policies issued on the life of the InsuredPolicy(ies) subject to this Agreement. B. Should the Insured Separate from From Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement. C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement. D. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest. E. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.

DIVISION OF DEATH PROCEEDS. Subject to Paragraphs 7 and 9 8 herein, the division of the death proceeds of the Policy(ies) is as follows: A. In the event the Insured has not yet Separated from From Service at the time of death, then, upon the death of the Insured, the Insured’s Beneficiary(ies) shall be entitled to receive an amount equal to the lesser of: One Million, Five Hundred Thousand Dollars of one hundred percent ($1,500,000) or Fifty Percent (50100%) of NAR or one (1) times the NAR on all policies issued on the life of the InsuredFinal Base Salary. B. Should the Insured Separate from From Service for any reason other than death (the circumstances of which are governed by Paragraph 6A), then neither the Insured nor the Insured’s Beneficiary(ies) shall be entitled to receive any amount of the Policy(ies) proceeds pursuant to this Agreement. C. The Bank may select which Policy(ies) shall be used to pay benefits due under this Agreement. D. The Bank shall be entitled to the proceeds of any Policy(ies) payable after payment to the Insured’s Beneficiary(ies) under Xxxxxxxxx 0X. E. The Bank and the Insured (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bears to the total proceeds, excluding any such interest. E. F. Any refund of unearned premium as provided in any Policy(ies) shall be paid to the Bank.