Policy Proceeds. Subject to the provisions of Section 8, upon the death of the Insured, the proceeds of the Policy shall be divided in the following manner:
(a) The Insured’s beneficiary(ies) designated in accordance with Section 3 above shall be entitled to receive an amount equal to the lesser of (i) the Death Benefit, determined in accordance with Exhibit A hereto, or (ii) one hundred percent (100%) of the difference between the total death proceeds payable under the Policy and the cash surrender value of the Policy, as determined in accordance with Section 7 below (such difference in the total death proceeds and the cash surrender value of the policy is defined as the “net amount at-risk.”).
(b) The Bank shall be entitled to any death proceeds remaining payable under the Policy after payment to the Insured’s beneficiaries pursuant to Section 6(a) above.
(c) The Bank and the Insured’s beneficiaries shall share in any interest due and payable on the death proceeds of the Policy on a pro rata basis, based on the amount of death proceeds due each party, excluding any such interest.
Policy Proceeds. 7.1 Upon the death of the Employee, the Company and the Owner shall promptly take all action necessary to obtain the death benefit provided under the Policy.
7.2 The Company shall have the unqualified right to receive a portion of the Policy's death benefit equal to the total of the amount which the Company advanced to the Existing Policy and the aggregate of the amounts that the Company advanced with respect to the Policy under Section
Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
a. The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the Death Benefit as defined in Exhibit A attached to and made a part hereof.
b. The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above.
c. The Bank and Insured shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest.
d. The Bank shall be entitled to a certified copy of the Insured’s death certificate prior to providing the Insurer the amount to be paid to the Insured’s beneficiary(ies) as set forth in this Section 6.
Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
(a) The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the lesser of (i) the Death Benefit (as defined in Exhibit B hereto) or (ii) one hundred percent (100%) of the difference between the total Policy proceeds and the “Cash Surrender Value of the Policy” (as defined in Section 7 below).
(b) The Bank shall be entitled to any Policy proceeds remaining after application of Section 6(a) above.
(c) Bank and Insured shall share in any interest due on the death proceeds on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest.
Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
(a) Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the lesser of (i) the Death Benefit (as defined in Exhibit B hereto) or (ii) one hundred percent (100%) of the difference between the total death proceeds payable under the Policy and the “Cash Surrender Value of the Policy” (as defined in Section 7 below); such difference in the total death proceeds and the Cash Surrender Value of the Policy is defined as the “Net at Risk Amount.”
(b) The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to Insured’s beneficiary(ies) under Section 6(a) above.
(c) The Bank and Insured’s beneficiary(ies) shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each person divided by the total amount of proceeds, excluding any such interest.
Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy will be divided in the following manner:
(a) The Insured’s beneficiary(ies) designated in accordance with Section 3 will be entitled to an amount equal to $1,500,000 from the proceeds of the Policy, such amount being assigned and endorsed to the beneficiary(ies), provided the Insured remains employed by the Bank through the earlier of (i) the Insured’s date of death or (ii) the date that is two (2) years from the Effective Date; notwithstanding the foregoing, if the Insured terminates employment, other than due to death, prior to the date that is two (2) years from the Effective Date but after the date that is one (1) year from the Effective Date, the Insured’s beneficiary(ies) will be entitled to 50% of the foregoing amount.
(b) Subject to Section 6(c), the Bank will be entitled to all Policy proceeds remaining after payment to the Insured’s beneficiary(ies) under Section 6(a).
(c) The Bank and Insured will share equally in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest. It is understood by the parties that, in issuing the Policy, the Insurer will have no liability except as set forth in the Policy. Upon the death of the Insured, the Insurer will be discharged from all liability on payment of the proceeds in accordance with the provisions of the Policy. It is understood and intended by the parties that the Insurer may rely on the representations of the Bank in dividing the death proceeds pursuant to this Section 6.
Policy Proceeds. 7.1 Upon the death of the Employee, the Company and the Owner shall promptly take all action necessary to obtain the death benefit provided under the Policy.
7.2 The Company shall have the unqualified right to receive a portion of the Policy's death benefit equal to the total amounts that it advanced with respect to the Policy under Section 3.1.2, but such amounts shall not include any amount that was transferred by the Owner from the Existing Policy to the Policy. The balance of the death benefit, if any, shall be paid directly to the beneficiary or beneficiaries designated by the Owner, in the manner and the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Company hereunder with respect to the Policy exceed the amount of the Policy's death benefit. The parties agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof.
Policy Proceeds. Any amount payable from the Policy during the Participant's or the Wife's lives or at the Decedent's (as defined in the Agreement) death shall first be paid to the Corporation to the extent of its Collateral Interest or the Corporation's Death Benefit (as defined in the Agreement), respectively. Any balance will be paid to the Owner during the Participant's or the Wife's lifetime or to the Designated Beneficiary (as defined in the Agreement) upon or after the Decedent's death. A settlement option may be elected by the recipient of the proceeds. For purposes of this Section, the amount of the Collateral Interest or Corporation's Death Benefit shall be determined for purposes of the Insurer by a written statement delivered to the Insurer and signed by the Corporation.
Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
(a) The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the Death Benefit (as defined in Exhibit B hereto).
(b) The Bank shall be entitled to any death proceeds payable under the Policy remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above.
(c) The Bank and Insured shall share in any interest due on the death proceeds of the Policy on a pro rata basis based upon the amount of proceeds due each party divided by the total amount of proceeds, excluding any such interest.
Policy Proceeds. Any amount payable from the Policy during the Executive's life or at death shall first be paid to the Corporation to the extent of its Collateral Interest. Any balance will be paid to the Executive during the Executive's lifetime, or at the Executive's death, to the beneficiary designated by the Executive. A settlement option may be elected by the recipient of the proceeds. For purposes of this Section, the amount of the Collateral Interest shall be determined for purposes of the Insurer by a written statement delivered to the Insurer and signed by the Corporation.
