Life Insurance Proceeds Sample Clauses

Life Insurance Proceeds. Life Insurance Proceeds" shall mean the net amount of cash proceeds actually received by Systems or the Company as a result of the Employee's death, which are: (1) not pledged by Systems or the Company to secure any indebtedness of Systems or the Company; and (2) not required to be paid by Systems or the Company to other Persons by any contract entered into by Systems or the Company prior to the Employee's death.

Life Insurance Proceeds. The Company shall provide such assistance as is necessary to facilitate the payment of the life insurance proceeds provided for in Section 7(a) of this Agreement to the Executive's beneficiary or beneficiaries;

Life Insurance Proceeds. (a) Notwithstanding anything to the contrary contained in Section 6.1 hereof, in the event the Shareholders are grantors of a trust (the "Trust"), the trustee (the "Trustee") of which is the owner and beneficiary of one or more insurance policies ("Policies") on the life of a Shareholder who owns Shares at the time of his death (the "Deceased Shareholder"), the death benefits under the Policies, net of applicable taxes on such proceeds, if any, shall be paid upon the Trustee's receipt thereof as follows: (i) to the estate of the Deceased Shareholder on account of the Purchase Price of the Shares on behalf of the Remaining Shareholders pursuant to Subsection 4.1(c), and (ii) the balance of such proceeds, if any, shall be paid to the Corporation as a contribution to capital on behalf of the Remaining Shareholders pro rata to their voting Shares. (b) If at the time of death of a Former Shareholder (as defined below), the Trustee is the owner and beneficiary of one or more Policies on the Former Shareholder's life, the death benefits under the Policies, net of applicable taxes on such proceeds, if any, shall be paid upon the Trustee's receipt thereof as follows: (i) to the estate of the Former Shareholder as a prepayment of the unpaid balance, if any, of the purchase price, plus accrued interest thereon, then owed by any of the then-current Shareholders, either pursuant to this Agreement or otherwise, for the Former Shareholder's Shares; and (ii) the balance, if any, of such proceeds, or all such proceeds if no unpaid balance described in clause (i) exists, shall be paid to the Corporation as a contribution to capital on behalf of the then-current Shareholders pro rata to their voting Shares. As used herein, the term "Former Shareholder" means any person who previously owned voting Shares, but who, at the time of his death, no longer owns Shares.

Life Insurance Proceeds. In the event of the termination of this Agreement by reason of Xxxxxxxxxx’x death, the obligation of an insurer to pay life insurance proceeds pursuant to section 5(F) shall be deemed to satisfy in full Signalife’s obligation to pay Severance Pay (or any remaining balance thereof) under section 13(C)(1).

Life Insurance Proceeds. If Borrower receives any proceeds of life insurance on the life of Gay Xxxxx, as and when received by Borrower, as applicable, Borrower shall apply such proceeds as a mandatory prepayment of the Loans, to be applied first against the last maturing installments of principal of the Term Loan until the Term Loan is paid in full, and then to the outstanding Revolving Loans as a permanent reduction in the Revolving Loan Commitment.

Life Insurance Proceeds. Any proceeds paid with respect to the Xxx Xxxxxx life insurance policy shall be the property of the Equity Seller to the extent such proceeds are not included as an asset in the computation of the Final Working Capital. To the extent that the Purchaser or the Company or any of its Subsidiaries receives a payment under such policy, the Purchaser shall pay to the Equity Seller the amount of such payment. The Purchaser shall cooperate with Seller Representative to collect (and cause the Company or any of its Subsidiaries, as applicable to collect) any amounts due to the Equity Seller under this Section 5.16.

Life Insurance Proceeds. Laurus hereby acknowledges that it does not have a Lien in the Life Insurance Proceeds and any distribution of Life Insurance Proceeds to Roynat does not constitute a Distribution as defined herein and, until such time as the Roynat Indebtedness is indefeasibly paid in full, Laurus hereby disclaims any Lien it may have in the Life Insurance Proceeds.

Life Insurance Proceeds. It is the intention of the parties that the proceeds of any life insurance maintained by the Company for the benefit of Mr. Xxxxx xxxll constitute a payment in lieu of any severance or termination payment in the event of his death.

Life Insurance Proceeds. Notwithstanding the foregoing, if BNSA is the beneficiary of life insurance on the life of any Shareholder, on the death of that Shareholder the proceeds of the insurance up to the full purchase price shall be applied within ninety (90) days after the proceeds are received by BNSA toward purchase of the shares that BNSA is obligated to purchase. Until payment of any insurance proceeds is made, any such proceeds received by BNSA may only be invested in the form of time certificates of deposit or savings accounts in national banking institutions during the interim period before payment is made. The balance of any life insurance proceeds after being applied for the purchase of the shares shall be retained by BNSA.

Life Insurance Proceeds. Notwithstanding anything to the contrary ----------------------- contained in Section 6.1 hereof, in the event the Corporation is the owner and beneficiary of one or more insurance policies ("Policies") on the life of a Shareholder who owns Shares at the time of his death (the "Deceased Shareholder"), the death benefits under the Policies, net of applicable taxes on such proceeds, if any, shall be paid upon the Corporation's receipt thereof as follows: (i) to Xxxxx, but only to the extent any amounts due to Xxxxx on account of the purchase of the Shares by the Deceased Shareholder remain outstanding and unpaid, (ii) to the estate of the Deceased Shareholder on account of the Purchase Price of the Shares on behalf of the Corporation pursuant to Subsection 4.1(c), and (iii) the balance of such proceeds, if any, shall be paid to the Corporation as a contribution to capital on behalf of the Remaining Shareholders pro rata to their voting Shares.