Split Dollar Life Insurance Policies. As of the Closing Date, Crown shall transfer to Constar all of it interest, rights and obligations with respect to the split dollar life insurance policies identified in Appendix F and Constar shall assume all of Crown’s liability and responsibility with respect to such policies.
Split Dollar Life Insurance Policies. From the date hereof ------------------------------------ and continuing throughout the business day immediately preceding the Closing Date, each Seller shall have a "Split Dollar Option" of requiring the Company to ------------------- continue to pay the premiums on such Seller's Split Dollar Life Insurance Policy (the "Split Dollar Policy") from and after the date of the Closing until ------------------- the earlier occurrence of (i) full satisfaction of the premium payments on such Seller's Split Dollar Policy or (ii) the death of such Seller (the earlier to occur of clause (i) and (ii) is referred to herein as the "Premium Satisfaction -------------------- Event"); provided that, as part of the Split Dollar Option, it is agreed that ----- -------- ---- within 30 days of the occurrence of the Premium Satisfaction Event, such Seller or such Seller's estate shall pay to the Company an amount equal to the sum of (A) the aggregate amount of premium payments on such Seller's Split Dollar Policy made by the Company since the Closing Date (the "Split Dollar Premiums"), ----- ------ -------- plus (B) interest on each Split Dollar Premium at a rate of 15% per annum ---- compounded monthly commencing with the date on which such Split Dollar Premium was paid (the "Split Dollar Interest", and together with the Split Dollar --------------------- Premiums, the "Reimbursement Amount"); provided, further, that as a condition -------------------- -------- ------- precedent to such Seller's election of his Split Dollar Option, the Seller must execute and deliver a Collateral Assignment Agreement to the Purchaser granting the Company a security interest for the Reimbursement Amount in such Split Dollar Policy. Notwithstanding anything in this Stock Purchase Agreement to the contrary, in the event that either Seller elects not to exercise his Split Dollar Option in accordance with this Section 9.8, then the Company's current security interest in such Seller's Split Dollar Policy shall be included in the definition of Excluded Assets and Liabilities as set forth in Section 1.1.
Split Dollar Life Insurance Policies. (a) The Split-Dollar Arrangements shall have been terminated, (b) the cumulative premiums previously paid by the Company pursuant to such Split-Dollar Arrangements shall be, at or prior to the Closing, repaid in full as contemplated by Section 6.18 and (c) all Shares held by the Company as security for such Split-Dollar Arrangements shall have been released by the Company, and the Company shall have delivered evidence reasonably satisfactory to Merger Sub that the foregoing has occurred.
Split Dollar Life Insurance Policies. On or prior to the Closing Date, Commercial Air may assign the split-dollar life insurance policies maintained by Commercial Air on employees of Commercial Air.
Split Dollar Life Insurance Policies. In accordance with the Company's commitment to do so as set forth in its letter dated April 3, 1996 to Winged Keel Group, Inc., the Company shall continue to pay all scheduled premiums in full for the split-dollar life insurance policies currently existing on the life of the Executive and his spouse, according to current terms and provisions and as currently in effect, for eleven (11) years from the Effective Date, as more fully set forth in EXHIBIT B attached hereto. In addition, pursuant to such commitment, the Company shall not be entitled to the repayment of the Company's collateral interest in such policies until the surrender of such policies by the trusts holding the same, the second death of the two insureds with respect to the second-to-die policies, and the death of the insured with respect to the single life policies, as stated in the applicable split-dollar agreements.
Split Dollar Life Insurance Policies. The Company owns part of policy and family member beneficiaries own part.
Split Dollar Life Insurance Policies. (a) The Company and Xxxxxx Xxxxxxx shall, in the form of Exhibit 6.10(a) attached hereto, terminate the Amended Split-Dollar Agreement by and between the Company and Xxxxxx Xxxxxxx dated June 3, 1999 (“Xxxxxxx Split Dollar Agreement”), and Xxxxxx Xxxxxxx shall, at the Closing, assign to the Company all right, title and interest in and to the life insurance policy issued by AXA Equitable Life Insurance Company, Policy No. 047 237 217 in the face amount of $1,000,000 (“Xxxxxxx Policy”) in full release of the rights and claims of Xxxxxx Xxxxxxx and the Company pursuant to said Split Dollar Agreement. The cash surrender value of the Xxxxxxx Policy shall not be included in the computation of Adjusted Working Capital.
Split Dollar Life Insurance Policies. For purposes of the split-dollar life insurance agreements in effect between Nabors Delaware and Executive, the parties agree that Executive’s termination of employment shall be considered a termination under §7(d) of those agreements.
Split Dollar Life Insurance Policies. The Company and the Company Stockholders covenant and agree that (i) prior to December 31, 2001, the Company and the Company Stockholders shall cause each of the trustees party to the Split Dollar Insurance Agreements to terminate the Split Dollar Insurance Agreements by providing written notice of termination to the Company, (ii) neither the Company nor the Buyer will have any obligation to pay any premium amount pursuant to the Split Dollar Insurance Agreements on or after the Closing, (iii) on or before December 31, 2001, the Company Stockholders will cause to be paid to, or will direct payment to, the Buyer the full amount of the cash surrender value, if any, of the Split Dollar Life Insurance Policies determined as of the date of Closing, and (iv) upon receipt of such payment, the Company shall terminate the Split Dollar Insurance Collateral Assignments such that the Company or the Buyer will fully release its security interest in the Split Dollar Life Insurance Policies.
Split Dollar Life Insurance Policies. Each of the Company and Xxxxxx X. Xxxxx, Xx., as trustee (the "TRUSTEE") of each of the Xxxxx X. Xxxxx Family Trust dated April 15, 1993, the Xxxx X. Xxxxx Family Trust dated April 15, 1993, and the Xxxxxxx X. Xxxxxxxx Family Trust dated April 15, 1993 (collectively, the "TRUSTS") shall have executed and delivered such agreement or agreements as may be required to effect the termination and surrender of the variable life insurance policies that have been collaterally assigned to the Company (the "SURRENDER DOCUMENTS"), the Company shall have released its collateral assignment of such policies, and the Trustee shall have agreed to execute such further documents, instruments, and agreements as may be necessary to effect the consummation of the transactions contemplated by the Surrender Documents and to pay or cause to be paid to the Company such amounts as are specified therein as due and owing to the Company.
