Policy Proceeds. Subject to Section 8, upon the death of Insured, the death proceeds of the Policy shall be divided in the following manner:
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.
Policy Proceeds. Any amount payable from the Policy during the Participant's or the Wife's lives or at the Decedent's (as defined in the Agreement) death shall first be paid to the Corporation to the extent of its Collateral Interest or the Corporation's Death Benefit (as defined in the Agreement), respectively. Any balance will be paid to the Owner during the Participant's or the Wife's lifetime or to the Designated Beneficiary (as defined in the Agreement) upon or after the Decedent's death. A settlement option may be elected by the recipient of the proceeds. For purposes of this Section, the amount of the Collateral Interest or Corporation's Death Benefit shall be determined for purposes of the Insurer by a written statement delivered to the Insurer and signed by the Corporation.
Policy Proceeds. Any amount payable from the Policy during the Executive's life or at death shall first be paid to the Company to the extent of its Collateral Interest (as defined in the Agreement). Any balance will be paid to the Owner during the Executive's lifetime, or, at the Executive's death, to the beneficiary designated under the Policy. A settlement option may be elected by the recipient of the proceeds. For purposes of this Assignment, the amount of the Collateral Interest shall be determined by the Company and set forth in an affidavit signed by the Company and delivered to the Insurer (with a copy to the Executive and the Trustee, if any), and the Insurer shall be entitled to rely on the statements set forth in such affidavit.
Policy Proceeds. Any amount payable from the Policy during the Executive's life or at death shall first be paid to the Corporation to the extent of its Collateral Interest. Any balance will be paid to the Executive during the Executive's lifetime, or at the Executive's death, to the beneficiary designated by the Executive. A settlement option may be elected by the recipient of the proceeds. For purposes of this Section, the amount of the Collateral Interest shall be determined for purposes of the Insurer by a written statement delivered to the Insurer and signed by the Corporation.
Policy Proceeds. Any amount payable from the Policy upon the death of --------------- the Decedent shall first be paid to the Corporation to the extent of its Collateral Interest (as such terms are defined in the Agreement). Any balance will be paid to the Designated Beneficiary (as defined in the Agreement) under the Policy upon or after the Decedent's death. A settlement option may be elected by the recipient of the proceeds. For purposes of this Section, the amount of the Collateral Interest shall be determined for purposes of the Insurer by an affidavit delivered to the Insurer and signed by the Corporation.
Policy Proceeds. Upon the death of Xxxxxxx, the Policies shall be paid directly to the beneficiary or beneficiaries designated by Xxxxxxx (or the owner of the Policies, if assigned by, Xxxxxxx) in the manner and in the amount or amounts provided in the beneficiary designation provision of the applicable Policy. The Company shall have no claim with respect to the proceeds of the Policies, whether on account of the Premium Payments, the Bonuses or otherwise.
Policy Proceeds. If the policy is in its fifth policy year or later and you select the life annuity or survivorship annuity option, proceeds are equal to the contract value. Otherwise, proceeds are equal to the contract value less any applicable early withdrawal penalty. Options Proceeds may be paid in one sum or according to one of the following options, or in any other manner agreed to by us. If no option has been selected by the annuity date, the proceeds will be applied to option 2 with 120 guaranteed payments. Once an annuity begins, the method of payment, the annuitant, and the selected option cannot be changed.
Policy Proceeds. (a) Upon the Executive's death or upon any cancellation of the Policy, the Company and the Owner shall cooperate to secure the prompt payment by the Insurer of all Policy proceeds, whether in the form of the death benefit or the cash surrender value ("Proceeds").
Policy Proceeds. The Executive's Beneficiary shall be entitled to an amount equal to 25 percent of the net at risk insurance portion of the proceeds. The net at risk insurance portion is the total proceeds less the cash value of the policy. The Bank shall be entitled to the remainder of such proceeds. The Bank and the Executive (or assignees) shall share in any interest due on the death proceeds on a pro rata basis as the proceeds due each respectively bear to the total proceeds, excluding any such interest. The Bank shall at all times be entitled to an amount equal to the Policies' cash value less any Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. In the event the Policy involves an endowment or annuity element, the Bank's right and interest in any endowment proceeds or annuity benefits, on expiration of the deferment period, shall be determined under the provisions of this Agreement by regarding such endowment proceeds or the commuted value of such annuity benefits as the policy's cash value. Such endowment proceeds or annuity benefits shall be considered to be like death proceeds for the purposes of division under this Agreement.
