Common use of Payment of Annual Premiums Clause in Contracts

Payment of Annual Premiums. 3.1 The Owner shall pay each annual premium for the Policy (the "Premium") on or before its due date or within the grace period provided therefor under the Policy (the "Premium Due Date") as follows: 3.1.1 At least ten (10) days before the Premium Due Date, the Owner shall pay the portion of the Premium that would be includable in the gross income of the insured for federal income tax purposes if not paid by the Insured (the "Taxable Portion") and shall send evidence of its payment to the Company. 3.1.2 Upon receipt of the Owner's evidence of payment, the Company promptly shall advance to the Owner the remaining portion of the Premium (the "Remaining Portion"), or in its discretion the Company may pay its advance directly to the Insurer. 3.1.3 The obligation of the Company to advance the Remaining Portion of the Premium under Section 3.1.2 is conditioned upon the Owner's payment of the Taxable Portion of the Premium under Section 3.1.1. 3.2 The obligation of the Company to make the annual payments provided in Section 3.1 hereof shall be governed by the Employment Agreement.

Payment of Annual Premiums. 3.1 The Owner shall pay each annual premium for the a Policy (the a "Premium") on or before its due date or within the grace period provided therefor under the Policy (the "Premium Due Date") as follows: 3.1.1 At least ten fifteen (1015) days before the Premium Due Date, the Owner shall pay the portion of the Premium that would be includable in the gross income of the insured for federal income tax purposes if not paid by the Insured insured (the "Taxable Portion") and shall send evidence of its payment to the CompanyCorporation. 3.1.2 Upon receipt of the Owner's evidence of payment, the Company Corporation promptly shall advance to the Owner the remaining portion of the Premium (the "Remaining Portion"), or in its discretion the Company Corporation may pay its advance directly to the Insurer. 3.1.3 The obligation of the Company Corporation to advance the Remaining Portion of the a Premium under Section 3.1.2 is conditioned upon the Owner's payment of the Taxable Portion of the Premium under Section 3.1.13.1. 3.2 The obligation of the Company Corporation to make the annual payments provided in Section 3.1 hereof shall be governed by Compensation Agreement. Accordingly, if it is determined that the Employment Employee's services are terminated for "Cause" (as defined in Section 4.3 of the Compensation Agreement), the Corporation shall have no further obligation to make payments under Section 3.1 following the Employee's Date of Termination, as determined under Section 4.5 of the Compensation Agreement.