Collateral Interest Clause Samples
Collateral Interest. On the Benefit Measurement Date, the Collateral ------------------- Interest shall be paid or repaid to the Corporation in the following manner:
(a) Notwithstanding any provision of this Agreement or the Policy that may be construed to the contrary, when the Benefit Measurement Date occurs, (i) the Corporation shall be entitled to that portion of the Policy's death proceeds or Cash Surrender Value if one or more of the insureds is still alive, that equals the sum of the Collateral Interest, and (ii) the Owner or the Designated Beneficiary, as the case may be, shall be entitled to the Owner's Death Benefit, or any remaining Cash Surrender Value if one or more of the insureds is still alive; provided, however, if the Benefit Measurement Date occurs due to the suicide of the Decedent, and the proceeds from the Policy are limited by either a suicide or contestability provision under the Policy, the Corporation shall be entitled to that portion of the higher of the Policy's Cash Surrender Value or death proceeds that does not exceed the Aggregate Premiums Paid. In either event, promptly following the Decedent's death, the Corporation and the Owner or the Designated Beneficiary shall take all steps necessary to collect the death proceeds of the Policy by submitting the proper claims forms to the Insurer. The Corporation shall notify the Insurer of the amount of the Owner's Death Benefit (except when the Policy's proceeds are limited because of the Decedent's death by suicide) and the Corporation's Collateral Interest in the Policy at the time of such death. Such amounts shall be paid, respectively, by the Insurer to the Owner or to the Designated Beneficiary, as the case may be, and the Corporation.
(b) The Corporation agrees to keep records of its premium payments and to furnish the Owner and the Insurer with a statement of its Collateral Interest whenever either party requires such statement.
(c) The Participant and/or Owner hereby acknowledge, understand and agree that, upon the release of the Corporation's Collateral Interest, the Corporation shall have no further interest in the Policy and shall have no obligation to make any additional premium payments.
(d) Upon payment to the Corporation of its Collateral Interest in accordance with this Section 6, this Agreement, and the Participant's participation in the Plan, shall terminate and no party shall have any further rights or obligations under the Agreement or the Plan with respect to any other party, except...
Collateral Interest. (a) Upon the occurrence of the Measurement Date, the Corporation's interest in the Policy (the "Collateral Interest") shall be determined in the following manner:
(i) Upon the Employee's Termination of Employment, or upon a termination of this Agreement by either party in accordance with Section 9 below, the Corporation shall be entitled to an amount that is equal to that portion of the Policy's Cash Surrender Value that does not exceed the Aggregate Premiums Paid, plus the difference, if any, between the remaining Cash Surrender Value and the Required Cash Surrender Value, all as determined at the time of such Measurement Date.
(ii) Upon the Employee's Retirement, the Corporation shall be entitled to an amount that is equal to that portion of the Policy's Cash Surrender Value that does not exceed the Aggregate Premiums Paid, plus the difference, if any, between the remaining Cash Surrender Value and the Required Cash Surrender Value, all as determined at the time of such Measurement Date. Despite the foregoing, if, at the time of the Measurement Date, the Policy's remaining Cash Surrender Value (after taking into account the Corporation's Collateral Interest described in the preceding sentence) is less than the Required Cash Surrender Value, then the Corporation's Collateral Interest specified in the preceding sentence shall be reduced by the amount that the Required Cash Surrender Value exceeds the remaining Cash Surrender Value.
(iii) Upon a Change of Control Event with respect to the Employee, the Corporation shall be entitled to an amount that is equal to that portion of the Policy's Cash Surrender Value that does not exceed the Aggregate Premiums Paid. Despite the foregoing, if, at the time of the Measurement Date, the Policy's remaining Cash Surrender Value (after taking into account the Corporation's Collateral Interest described in the preceding sentence) is less than the Required Cash Surrender Value, then the Corporation's Collateral Interest specified in the preceding sentence shall be reduced by the amount that the Required Cash Surrender Value exceeds the remaining Cash Surrender Value.
(iv) Upon the death of the Employee, the Corporation shall be entitled to that portion of the Policy's death proceeds that exceeds the Employee's Death Benefit.
(b) Subject to Section 6(d) below, the Corporation's Collateral Interest in the Policy, as determined in Section 6(a) above, shall be paid to the Corporation in one of the following ways, as elected by...
Collateral Interest. Notwithstanding anything to the contrary herein, Administrative Agent’s interest in the Collateral is as a security interest and not as an absolute assignment.
Collateral Interest. Seller will effect a filing of form UCC 1, on behalf of Purchaser, on Qualified Purchase Orders purchased by Purchaser. Seller will secure the payment to the Purchaser of the monies due from a customer on bought Purchase Orders within six months. The security provided Purchaser by Seller for timely payment of a Qualified Purchase Order consists of all assets, patents and receivables currently held or obtained by the Seller until the Purchaser has recouped face value of any purchased Qualified Purchase Orders. The security provided herein is described in the Security Agreement attached hereto as Exhibit D.
Collateral Interest. Debtor has and will have at all times full right, power and authority to grant a security interest in the Collateral pledged to Lender in the manner provided herein, free and clear of any lien, security interest, adverse claims or other charge or encumbrance except for Permitted Liens. This Agreement creates a valid and binding security interest in favor of Lender in the Collateral securing the Secured Obligations, except as such enforcement may be limited by bankruptcy, insolvency, or similar laws of general application relating to the enforcement of creditors' rights. The taking of possession by Lender of all instruments and cash constituting Collateral from time to time and the filing of the financing statements delivered concurrently herewith by Debtor to Lender will perfect Lender's security interest hereunder in the Collateral securing the Secured Obligations (except for patents). No further or subsequent filing, recording, registration, other public notice or other action is necessary or desirable to perfect or otherwise continue, preserve or protect such security interest, except for continuation statements or filings upon the occurrence of the events stated in Section 3.3(d) below.
Collateral Interest. As security for the Guaranty or, in the case of the interest granted by the Joint Venture, for the Note), Telepanel (on behalf of itself and each of its subsidiaries) hereby grants to ERS a security interest in all its and its subsidiaries' undertaking and business and all its and their property and assets and rights for the time being, both present and future, of whatsoever nature and kind and wheresoever situate, including, without limiting the generality of the foregoing, all of its and their present and future goodwill, franchises, privileges, benefits, immunities, rents, revenues, incomes, moneys, contracts, book debts, accounts receivable, negotiable and non-negotiable instruments, judgments, securities, choses in action, inventories and all other property and things of value of every kind and nature, tangible and intangible, legal or equitable, of which it or its subsidiaries may be possessed or to which it may be entitled or that may in the future be acquired by it or its subsidiaries; such interest to be subordinated only to any interest therein of The Toronto-Dominion Bank and to be prior to any other security interest granted by Telepanel or any of its subsidiaries; it being expressly understood and agreed that in the event of any deficiency in realization on any collateral so pledged, the Joint Venture and each obligor under the Guaranty shall remain obligated for payment to ERS upon the terms set forth herein and therein. In furtherance of the foregoing, Telepanel (on behalf of itself and each subsidiary) further constitutes and appoints ERS, and its successors and assigns, as the agent and true and lawful attorney or attorneys, with full power of substitution, for it and its subsidiaries and in its and their name and stead or otherwise, but at the sole expense and on behalf of and for the benefit of ERS, its successors and assigns, to collect all amounts payable to Telepanel or any of its subsidiaries under any receivables pledged as aforesaid and to assert or enforce any claim, right or title of any kind in and to such payments, and, generally to do any and all such acts and things in relation thereto as ERS, its successors or assigns, shall deem advisable. The parties agree that the appointment hereby made and the powers hereby granted are coupled with an interest and shall be irrevocable.
Collateral Interest. ▇▇▇▇▇▇ agrees to execute and file with the Insurer a release of its Collateral Interest in the Policy promptly following receipt by ▇▇▇▇▇▇ of the Cash Surrender Value of the Policy.