Common use of Policy Proceeds Clause in Contracts

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 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 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 the Insured’s beneficiary(ies) under Section 6(a) above. (c) The Bank and Insured’s beneficiary(ies) 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 person 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) The Insured’s '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 the Insured’s 's beneficiary(ies) under Section 6(a) above. (c) The Bank and Insured’s beneficiary(ies) 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 person party divided by the total amount of proceeds, excluding any such interest.