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. In the event the Company receives any proceeds of a life insurance policy as a consequence of the death of a Unit Holder, such proceeds shall be applied by the Company (i) first to the payment of the indebtedness of the Company outstanding on the Buy-out Date with respect to which the deceased Unit Holder was personally liable, unless the Company obtains the release of the estate of the deceased Unit Holder and such Unit Holder's spouse, if any, from all liability with respect to such indebtedness, and (ii) then to the purchase of the Units of the deceased Unit Holder pursuant to this Section, if any. Receipt by the Company of life insurance policy proceeds upon the death of a Unit Holder shall not be taken into account in any valuation of the Units of the deceased Unit Holder; provided, however, that the net cash surrender value as of the date of the death of a Unit Holder of any such life insurance policy or policies shall be deemed an asset of the Company for valuation purposes.
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. 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. 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. The payment of the purchase or redemption price owed by the Company or an Other Member to the estate of a deceased Member hereunder shall be accelerated to the extent of the balance, if any, of the net proceeds collected by Company or the Other Member under any life insurance policy insuring the Member’s life. Any such payments all first be applied against the last unpaid installment due to the deceased Member or his estate under Section 4 above. Any and all such payments shall be made no later than thirty (30) days after receipt of said insurance proceeds by Company or the Other Member.
Life Insurance Proceeds. A. Notwithstanding anything to the contrary contained in Section 5.1 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
Life Insurance Proceeds. If Agent or Borrower receives any proceeds of life insurance on the life of Xxxx XxXxxxxxx, as and when received by Agent or Borrower, as applicable, Agent shall apply such proceeds as a mandatory prepayment of the Loans, to be applied first against the last maturing installments of principal of Term Loan B until Term Loan B is paid in full, second to the last maturing installments of principal of Term Loan A until Term Loan A is paid in full and then to the outstanding Revolving Loans as a permanent reduction in the Revolving Loan Commitment.
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.
