Common use of Collection of Death Proceeds Clause in Contracts

Collection of Death Proceeds. a. Upon the death of the last surviving Insured, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate. b. Upon the death of the last surviving Insured, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid. c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.

Collection of Death Proceeds. a. Upon the death of the last surviving InsuredEmployee, the Corporation and the Trust shall cooperate with the beneficiary or beneficiaries designated by the Employee to take whatever action is necessary to collect the death benefit provided under the Policy. When ; when such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate. b. Upon the death of the last surviving InsuredEmployee, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net total amount of the premiums paid by itit hereunder, plus 4%, compounded annually. The balance next $40,00,000 of the death benefit provided under the Policy, if any, Policy shall be paid directly to the Policy beneficiary or beneficiaries designated by the Corporation at the direction of the Employee, in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. The Corporation shall have the unqualified right to receive the balance, if any, of the death benefit provided under the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result at the death of the maturity of the Policy as a death claimEmployee. No amount shall be paid from such death benefit to the Policy beneficiary or beneficiaries designated by the Corporation at the direction of the Employee, until the full amount due the Corporation for the return of its premiums plus interest hereunder has been paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to retain such premiums in an amount not to exceed the net premiums paid by itpremiums.

Collection of Death Proceeds. a. Upon the death of the last surviving InsuredEmployee, the Corporation and the Trust Owner shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate. b. Upon the death of the last surviving InsuredEmployee, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net total amount of the premiums paid by itit hereunder. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary Owner, in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In Notwithstanding any term or provision hereof to the contrary, in no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result at the death of the maturity of the Policy as a death claimEmployee. No amount shall be paid from such death benefit to the Policy beneficiary Owner until the full amount due the Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provision of the Policy shall conform to the provisions hereof. c. Notwithstanding any term or provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation and the Owner shall have the unqualified right to share such premiums in an amount not to exceed the net premiums paid by itbased on their respective cumulative contributions thereto.

Collection of Death Proceeds. a. Upon the death of the last surviving InsuredInsureds, the Corporation and the Trust shall cooperate with the Owner to take whatever action is necessary to collect the death benefit provided under the Policy. When Policies; when such benefit has benefits have been collected and paid as provided herein, this Agreement shall thereupon terminate. b. Upon the death of the last surviving InsuredInsureds, with respect to each Policy, the Corporation shall have the unqualified right to receive a portion of such death benefit of such Policy equal to the net total amount of the premiums paid by itit hereunder with respect to such Policy, reduced by any outstanding indebtedness which was incurred by the Corporation and secured by such Policy, including any interest due on such indebtedness. The balance of the death benefit provided under the such Policy, if any, shall be paid directly to the Policy beneficiary Owner, in the manner and in the amount or amounts provided in the beneficiary designation provision of the such Policy. In no event shall the amount payable to the Corporation hereunder with respect to any one Policy exceed the death benefit of such Policy proceeds payable as a result at the death of the maturity of the Policy as a death claimInsureds. No amount shall be paid from such death benefit to the Policy beneficiary Owner until the full amount due the Corporation hereunder has been paid. The parties hereto agree that the beneficiary designation provisions of the Policies shall conform to the provisions hereof. c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the a Policy upon the death of the last surviving Insured Insureds and in lieu thereof the Insurer refunds all or any part of the premiums paid for the such Policy, the Corporation and the Owner shall have the unqualified right to share such premiums in an amount not to exceed the net premiums paid by itbased on their respective cumulative contributions thereto.

Collection of Death Proceeds. a. Upon the death of the last surviving Insured, the Corporation and the Trust shall cooperate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided herein, this Agreement shall thereupon terminate. b. Upon the death of the last surviving Insured, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid. c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit is payable under the Policy upon the death of the last surviving Insured and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.

Collection of Death Proceeds. a. Upon the death of the last surviving InsuredEmployee, the Corporation and the Trust shall cooperate coop- erate to take whatever action is necessary to collect the death benefit provided under the Policy. When such benefit has been collected and paid as provided hereinhere- in, this Agreement shall thereupon terminatetermi- nate. b. Upon the death of the last surviving InsuredEmployee, the Corporation shall have the unqualified right to receive a portion of such death benefit equal to the net premiums paid by it. The balance of the death benefit provided under the Policy, if any, shall be paid directly to the Policy beneficiary in the manner and in the amount or amounts provided in the beneficiary designation provision of the Policy. In no event shall the amount payable to the Corporation Corpora- tion hereunder exceed the Policy proceeds payable as a result of the maturity of the Policy as a death claim. No amount shall be paid from such death benefit to the Policy beneficiary until the full amount due the Corporation hereunder has been paid. c. Notwithstanding any provision hereof to the contrary, in the event that, for any reason whatsoever, no death benefit bene- fit is payable under the Policy upon the death of the last surviving Insured Employee and in lieu thereof the Insurer refunds all or any part of the premiums paid for the Policy, the Corporation Corpora- tion shall have the unqualified right to such premiums in an amount not to exceed the net premiums paid by it.