Company Default. A Company Default shall be deemed to have occurred with respect to the Policy if the Company fails to pay a Premium on the Policy as required under the terms of the Agreement within sixty (60) days after the due date for such Premium, or if the Company processes or attempts to process a policy loan, or a complete or partial surrender, or a cash value withdrawal without prior written approval from the Assignees.
Appears in 2 contracts
Sources: Life Insurance Agreement (Amsouth Bancorporation), Life Insurance Agreement (Amsouth Bancorporation)
Company Default. A Company Default shall be deemed to have occurred with respect to the a Policy if the Company fails to pay a Premium on the Policy as required under the terms of the Agreement within sixty (60) 30 days after the due date for such Premium, or if the Company processes or attempts to process a policy loan, or a complete or partial surrender, or a cash value withdrawal without prior written approval from the AssigneesParticipant (or Assignee).
Appears in 1 contract
Sources: Officer Life Insurance Option Plan (Lucent Technologies Inc)