Disposition of Policy Upon Termination of Agreement. The Executive may dispose of the Policy upon termination of this Agreement by sale or otherwise except that no disposition of such Policy shall take place unless (i) the Corporation has certified to the Insurer that its interest in such Policy has been satisfied or released; or (ii) the Executive so certifies and the Corporation does not, within thirty (30) days after notice thereof, contest such certification.
Disposition of Policy Upon Termination of Agreement. If this --------------------------------------------------- Agreement terminates pursuant to an event described in paragraph 5.1, Employee shall have the right to obtain a release of the collateral assignment of the Policy to Corporation. To obtain such release, Employee shall repay to Corporation within sixty (60) days of the Termination Event, the Corporate Interest. Alternatively, at the election of Employee prior to the expiration of said sixty (60) day period, Employee may request, in writing, that Corporation apply to Insurer for a loan from the Policy the proceeds of which shall be paid to Corporation in satisfaction of its Corporate Interest. Upon receipt of such amount, Corporation shall release the collateral assignment of the Policy, by the execution and delivery of an appropriate instrument of release. If Employee fails to exercise either such option within such sixty (60) day period, then, at the request of Corporation, Employee shall execute any document or documents required by Insurer to transfer the interest of Employee in the Policy to Corporation. Alternatively, Corporation may enforce its right to be repaid the Corporate Interest from the cash surrender value of the Policy under the collateral assignment of the Policy; provided that in the event the cash surrender value of the Policy exceeds the amount due Corporation, such excess shall be paid to Employee. Thereafter, neither Employee nor his respective heirs, assigns or beneficiaries shall have any further interest in and to the Policy, either under the terms thereof or under this Agreement.
Disposition of Policy Upon Termination of Agreement. Upon the termination of this Agreement for any reason other than due to an Applicable Termination, the Company shall provide the Executive with a thirty (30) day option to purchase the Policy from the Company. The purchase price of the Policy shall be the greater of the then total cash value of the Policy or aggregate Policy premiums paid by the Company. If the Executive exercises such option to purchase the Policy, including paying the applicable purchase price thereof to the Company, the Company agrees to execute such documents as may be necessary to effect the transfer of ownership of the Policy to the Executive. If the Executive does not exercise such option to purchase the Policy, (a) the Executive agrees to execute such documents as may be necessary to release or transfer his interest, if any, in the Policy, including the right to designate Beneficiary(ies) as provided in the Agreement, to the Company, (b) the Company may make such disposition of the Policy as it determines to be appropriate, and (c) neither the Executive nor the Executive’s Beneficiary(ies) shall have any interest in any Proceeds of the Policy. 15.
Disposition of Policy Upon Termination of Agreement. For thirty (30) days after the date of the termination of this Agreement, the Employee shall have the assignable option to purchase the Policy from the Corporation. The purchase price for the Policy shall be an amount equal to the cash surrender value, including dividend accumulations and the cash value of dividend additions existing in the Policy at the end of the period of which premiums have been paid. If the Policy shall then be encumbered by assignment, policy loan, or otherwise, the Corporation shall either remove such encumbrance, or reduce the sale price to the Employee by the total amount of indebtedness outstanding against the Policy. Upon receipt of such amount, the Corporation shall transfer all of its rights, title and interest in and to the Policy to the Employee or his or her assignee, by the execution and delivery of an appropriate instrument of transfer. If the Employee or his or her assignee fails to exercise such option within such thirty (30) day period, then the Corporation may enforce its right to be repaid for the cash surrender value which it paid hereunder by surrendering or canceling the Policy for its cash surrender value, or it may change the beneficiary designation provisions of the Policy, naming itself or any other person or entity as revocable beneficiary thereof, or exercise any other ownership rights in and to the Policy, without regard to the provisions thereof. Thereafter, neither the Employee, his or her assignee nor their heirs, assigns or beneficiaries shall have any further interest in and to the Policy, either under the terms thereof or under this Agreement.
Disposition of Policy Upon Termination of Agreement. Upon the termination of this Agreement for any reason other than Section 8(d) above, the Policyholder shall have a thirty (30) day option to satisfy the Collateral Assignment regarding the Policy held by the Employer in accordance with the terms of this Section 9. The amount necessary to satisfy such Collateral Assignment shall be an amount equal to the total premium payments made, from time to time, by the Employer pursuant to Section 2 hereof, and, at the option of the Policyholder, either shall be paid directly by the Policyholder or through the Employer's collection from the cash value under the Policy. If the Policy shall then be encumbered by assignment, policy loan, or other means which have been the result of the Employer's actions, the Employer shall either remove such encumbrance, or reduce the amount necessary to satisfy the Collateral Assignment by the total amount of indebtedness outstanding against the Policy. The provisions of this Section 9 are subject to the terms of Section 6 if the Policy's supplemental agreements have been activated. If the Policyholder exercises his/her option to satisfy the Collateral Assignment, the Employer shall execute all necessary documents required by the Insurer to remove and satisfy the Collateral Assignment outstanding on the Policy. If the Policyholder does not exercise his/her option to satisfy the Collateral Assignment outstanding on the Policy, the Policyholder shall execute all documents necessary to transfer ownership of the Policy to the Employer. Such transfer shall constitute satisfaction of any obligation the Policyholder has to the Employer with respect to this Agreement. The Employer shall then pay to the Policyholder the amount, if any, by which the cash surrender value of the Policy exceeds the amount necessary to satisfy the Collateral Assignment.
Disposition of Policy Upon Termination of Agreement. Upon the termination of this Agreement for any reason other than Section 8(c) or Section 8(e) above, the Employee shall have the option for 90 days of obtaining the release of the Collateral Assignment of the Policy to the Employer. To obtain such release, the Employee shall repay to the Employer the total amount of unreimbursed premium payments made by the Employer pursuant to Section 2. Upon receipt of such amount, the Employer shall release the Collateral Assignment of the Policy. If the Employee does not repay such amount to the Employer within the time period provided above, the Employer may enforce its rights under the Collateral Assignment but the Employee shall not be liable for any deficiency realized by the Employer upon the exercise of the Employer's rights under the Collateral Assignment.
Disposition of Policy Upon Termination of Agreement. Upon any termination of this Agreement –
Disposition of Policy Upon Termination of Agreement. The Trustee may dispose of this Policy upon termination of this Agreement by sale or otherwise except that no disposition of such Policy shall take place if the Corporation has not certified to the Insurer that its interest in such Policy has been satisfied or released.
Disposition of Policy Upon Termination of Agreement. Except as provided in Section 3.2 of this Agreement, the Executive may dispose of all or any portion of the Policy upon termination of this Agreement by sale or otherwise except that no disposition of such the Policy shall take place unless: (i) the Employer, or if Employer has assigned its rights under this Agreement, the Employer's assignee, has certified to the Insurer that its interest in such the Policy has been satisfied or released; or (ii) the Executive so certifies with written notice to the Employer (or its assignee), and the Employer (or its assignee) does not, within thirty (30) days after such notice, contest such certification.
Disposition of Policy Upon Termination of Agreement. Upon any termination of this Agreement --
