Purchase of Policies Clause Samples

Purchase of Policies. The Corporation may purchase one or more Policies that will be subject to this Agreement. The Face Amount of Insurance and Death Benefit of any Policies shall be reflected on Exhibit A attached hereto. The maximum Face Amount of Insurance of the Policies subject to this Agreement shall be $200,000,000. The parties hereto will take all necessary action to cause the Insurer to issue the Policy, and shall take any further action which may be necessary to cause each Policy to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the endorsement to the Policy to be filed with the Insurer.

Purchase of Policies. The Owner shall purchase the Policies described in Exhibit A from the Insurer. The parties have taken all necessary action to cause the Insurers to issue the Policies and shall take any further action which may be necessary to cause the Policies to conform to the provision of this Agreement. The parties agree that the Policies shall be subject to the terms and conditions of this Agreement and of the collateral assignments (the "Collateral Assignments") filed with the Insurers relating to the Policies.

Purchase of Policies. The Plan Administrator shall purchase policies on the lives of the Participants specified in the Adoption Agreement in the manner and amounts set forth in the Adoption Agreement. The death benefit payable under this Plan will be a Qualified Pre-Retirement Survivor Annuity and if applicable, any other additional incidental death benefit as selected by the employer in the Adoption Agreement.

Purchase of Policies. The Owner has purchased the Policies from the Insurer. The parties hereto have taken all necessary action to cause the Insurer to issue the Policies, and shall take any further action which may be necessary to cause the Policies to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the collateral assignments filed with the Insurer relating to the Policies. All capitalized words and phrases not otherwise defined herein shall have the same meaning such words and phrases have in the Policies.

Purchase of Policies. The Trust had previously purchased the Policies from the Insurer; the Policies have been reissued to the Company as the owner, each with face amounts of $6,219,128 (as of January 31, 2008) and Increasing Death Benefit Option (as such term is defined in the Policies). The parties hereto will take all necessary action to cause both of the Policies to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the endorsement to each of the Policies or beneficiary designation filed with the Insurer in accordance herewith.

Purchase of Policies. The Corporation shall contemporaneously purchase the Policies from the Insurer in the total face amount of [$__________]. The parties hereto agree that they will take all necessary action to cause the Insurer to issue the Policies, and shall take any further action which may be necessary to cause the Policies to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the endorsement to the Policies filed with the Insurer.

Purchase of Policies. The Owner has purchased the Policies on the --------------------- lives of the Insureds from the Insurers, each of which has a total Face Amount of Insurance of $25,000,000. The parties hereto have taken all necessary action to cause the Insurers to issue the Policies, and shall take any further action which may be necessary to cause the Policies to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the collateral assignments filed with the Insurers relating to the Policies. All capitalized words and phrases not otherwise defined herein shall have the same meaning such words and phrases have in the Policies.

Purchase of Policies. The Owner will contemporaneously purchase the Policies from the Insurer in the total aggregate face amount of $12,000,000. The parties hereto agree that they will take all necessary action to cause the Insurer to issue the Policies, and shall take any further action which may be necessary to cause the Policies to conform to the provisions of this Agreement. The parties hereto agree that the Policies shall be subject to the terms and conditions of this Agreement and of the collateral assignments filed with the Insurer relating to the Policies.

Purchase of Policies. No Life Insurance Policy will be purchased under the Plan unless at the time of purchase it benefits an active Participant and such policy or separate definite written agreement between the Employer and the Insurer provides that no value or credits determined by the Insurer (on account of dividends, earnings, or other experience rating credits, or surrender or cancellation credits) with respect to such policy may be paid or returned to the Employer or diverted to or used for other than the exclusive benefit of the Participants or their Beneficiaries. Any Life Insurance Policy must provide that any proceeds are payable to the Trustee, subject to the Trustee’s obligation to transfer such proceeds to the Beneficiary. Under no circumstances shall the Trust retain any part of the proceeds. If, at any time, a policy described herein shall not be available from or shall be determined to be invalid or unenforceable by an Insurer, the Trustee, when directed by the Plan Administrator, shall purchase a policy or make such other alternative arrangements that, in the opinion of the Plan Administrator, conform most closely to the descriptions herein. In the event of a conflict between the terms of the Plan and the terms of any Life Insurance Policy, the Plan provisions shall control.