Common use of Collection of Death Proceeds Clause in Contracts

Collection of Death Proceeds. a. Upon the death of the Employee, the Corporation and the Policy beneficiary 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 Employee, 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 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 such premiums in an amount not to exceed the net premiums paid by it.

Collection of Death Proceeds. a. Upon the death of the Employee, the Corporation and the Policy beneficiary 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 Employee, 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 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.