Common use of Policy Proceeds Clause in Contracts

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. 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 it advanced with respect to the Policy under SectionSection 3.1.

Policy Proceeds. 7.1 Upon the death of the EmployeeEmployee (or his wife, if she survives him), the Company Corporation and the Owner shall promptly take all action necessary to obtain the death benefit provided under the each Policy. 7.2 The Company Corporation shall have the unqualified right to receive a portion of the each 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 it advanced with respect to the Policy under SectionSection 3.

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 it advanced with respect to the Policy under Section