Common use of New Policies Clause in Contracts

New Policies. If either Party dies while in breach of the provisions of this Exhibit, any new policy or policies of life insurance acquired after the execution of this Agreement insuring that Party’s life shall be deemed to have been intended by the insured Party to secure the obligations set forth in this Exhibit, regardless of any other beneficiary designation. In that event, the after-acquired insurance policy or policies shall be payable to the other Party (or, if applicable, the Insurance Trust), in an amount no less than that required for coverage under this Exhibit, as if the insured Party or Insurance Trust had duly maintained the specifically identified life insurance policies referenced in this Exhibit with the beneficiary designations required under this Exhibit.