Common use of Internal Revenue Code Section 1035 Exchanges Clause in Contracts

Internal Revenue Code Section 1035 Exchanges. The Executive recognizes and agrees that Southcoast may after this Agreement is adopted wish to exchange the Policy of life insurance on the Executive's life for another contract of life insurance insuring the Executive's life. Provided that the Policy is replaced or intended to be replaced with a comparable policy of life insurance, the Executive agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing the Policy or, if necessary, for modifying or updating to a comparable insurer.

Internal Revenue Code Section 1035 Exchanges. The Executive Director recognizes and agrees that Southcoast may after this Agreement is adopted wish to exchange the Policy of life insurance on the ExecutiveDirector's life for another contract of life insurance insuring the ExecutiveDirector's life. Provided that the Policy is replaced or intended to be replaced with a comparable policy of life insurance, the Executive Director agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective insurer for implementing the Policy or, if necessary, for modifying or updating to a comparable insurer.