Life Insurance Proceeds. Life Insurance Proceeds" shall mean the net amount of cash proceeds actually received by Systems or the Company as a result of the Employee's death, which are: (1) not pledged by Systems or the Company to secure any indebtedness of Systems or the Company; and (2) not required to be paid by Systems or the Company to other Persons by any contract entered into by Systems or the Company prior to the Employee's death.
Life Insurance Proceeds. The Company shall provide such assistance as is necessary to facilitate the payment of the life insurance proceeds provided for in Section 7(a) of this Agreement to the Executive's beneficiary or beneficiaries;
Life Insurance Proceeds. The payment of the purchase or redemption price owed by the Company or an Other Member to the estate of a deceased Member hereunder shall be accelerated to the extent of the balance, if any, of the net proceeds collected by Company or the Other Member under any life insurance policy insuring the Member’s life. Any such payments all first be applied against the last unpaid installment due to the deceased Member or his estate under Section 4 above. Any and all such payments shall be made no later than thirty (30) days after receipt of said insurance proceeds by Company or the Other Member.
Life Insurance Proceeds. The Auburn companies’ main argument is that the trial court erred with regard to the rights of the parties vis-à-vis the life insurance policies owned by Xx. Xxxxxxxxx and assigned as collateral. In their complaint, the Appellees claimed that “[e]ach of the Plaintiffs have an equitable right of indemnity against Classic City for sums paid as a result of Xx. Xxxxxxxxx’x guarantees [sic], and they are subrogated and succeed to all of the rights of the Bank.” App. at 103. The complaint further alleged that “[b]ecause Classic City is in default and fails and refuses to pay the Note, the Plaintiffs are exercising their rights to declare all sums thereunder due and payable, to foreclose all interests in the [campground] Real Estate, and to demand that all rents from Classic City due under the Lease be paid directly to the Estate henceforth . . . .” App. at 104. Because of the somewhat complex nature of the situation before us, we consider some clarification to be appropriate. First, it is undisputed by the parties that the Estate may properly seek “indemnity” from Classic City for the money the Estate, as guarantor,
Life Insurance Proceeds. If Agent or Borrower receives any proceeds of life insurance on the life of Xxxx XxXxxxxxx, as and when received by Agent or Borrower, as applicable, Agent shall apply such proceeds as a mandatory prepayment of the Loans, to be applied first against the last maturing installments of principal of Term Loan B until Term Loan B is paid in full, second to the last maturing installments of principal of Term Loan A until Term Loan A is paid in full and then to the outstanding Revolving Loans as a permanent reduction in the Revolving Loan Commitment.
Life Insurance Proceeds. In the event the Company receives any proceeds of a life insurance policy as a consequence of the death of a Unit Holder, such proceeds shall be applied by the Company (i) first to the payment of the indebtedness of the Company outstanding on the Buy-out Date with respect to which the deceased Unit Holder was personally liable, unless the Company obtains the release of the estate of the deceased Unit Holder and such Unit Holder's spouse, if any, from all liability with respect to such indebtedness, and (ii) then to the purchase of the Units of the deceased Unit Holder pursuant to this Section, if any. Receipt by the Company of life insurance policy proceeds upon the death of a Unit Holder shall not be taken into account in any valuation of the Units of the deceased Unit Holder; provided, however, that the net cash surrender value as of the date of the death of a Unit Holder of any such life insurance policy or policies shall be deemed an asset of the Company for valuation purposes.
Life Insurance Proceeds. Any proceeds paid with respect to the Xxx Xxxxxx life insurance policy shall be the property of the Equity Seller to the extent such proceeds are not included as an asset in the computation of the Final Working Capital. To the extent that the Purchaser or the Company or any of its Subsidiaries receives a payment under such policy, the Purchaser shall pay to the Equity Seller the amount of such payment. The Purchaser shall cooperate with Seller Representative to collect (and cause the Company or any of its Subsidiaries, as applicable to collect) any amounts due to the Equity Seller under this Section 5.16.
Life Insurance Proceeds. It is the intention of the parties that the proceeds of any life insurance maintained by the Company for the benefit of Mr. Xxxxx xxxll constitute a payment in lieu of any severance or termination payment in the event of his death.
Life Insurance Proceeds. During the term of Employee's employment hereunder, the Company shall maintain a life insurance policy on the life of Employee in the face amount of $2 million, payable upon Employee's death to Employee's designated beneficiaries.
Life Insurance Proceeds. If Borrower receives any proceeds of life insurance on the life of Gay Xxxxx, as and when received by Borrower, as applicable, Borrower shall apply such proceeds as a mandatory prepayment of the Loans, to be applied first against the last maturing installments of principal of the Term Loan until the Term Loan is paid in full, and then to the outstanding Revolving Loans as a permanent reduction in the Revolving Loan Commitment.
