Common use of Simultaneous Death Clause in Contracts

Simultaneous Death. If all Shareholders die simultaneously or under any circumstances where it cannot be determined which Shareholder died first, or if the death of all of the Shareholders occurs within such close proximity that the death of the remaining Shareholder occurs before the aggregate Purchase Price for all of the Shares owned by the other Shareholder(s) has been paid in accordance with this Agreement, then the estate of each deceased Shareholder shall retain the respective Shares, the Legal Representatives of the respective estates of the deceased Shareholders shall collect and retain the Proceeds of the respective Policies and any payments made with respect to any of the Shares shall be returned to the estate of the Shareholder that made such payments.