Acquisition of Policy; Ownership of Insurance. The parties to this --------------------------------------------- Agreement shall cooperate in applying for and obtaining the Policy. The Policy shall be issued to the Owner as the sole and exclusive owner of the Policy, subject to the rights and interests granted to the Corporation as provided in this Agreement and the Collateral Assignment. Concurrent with the signing of this Agreement, the Owner will collaterally assign the Policy to the Corporation, in the form of the Collateral Assignment, as security for the payment of the Collateral Interest, which assignment shall not be altered or changed without the mutual consent of the Corporation and the Owner.
Appears in 3 contracts
Samples: Split Dollar Agreement (Wisconsin Energy Corp), Exchange Agreement (Parker Hannifin Corp), Split Dollar Agreement (Wisconsin Energy Corp)
Acquisition of Policy; Ownership of Insurance. The parties to this --------------------------------------------- Agreement shall cooperate in applying for and obtaining the Policy. The Policy shall be issued to the Owner as the sole and exclusive owner of the Policy, subject to the rights and interests granted to the Corporation as provided in this Agreement and the Collateral Assignment. Concurrent with the signing of this Agreement, the Owner will collaterally assign the Policy to the Corporation, in the form of the Collateral Assignment, as security for the payment of the Collateral Interest, which assignment shall not be altered or changed without the mutual consent of the Corporation and the Owner.
Appears in 2 contracts
Samples: Exchange Agreement (Parker Hannifin Corp), Exchange Agreement (Parker Hannifin Corp)
