Common use of Cash Surrender Value of the Policies Clause in Contracts

Cash Surrender Value of the Policies. The “Cash Surrender Value of the Policies” shall be equal to the cash value of the Policies at the time of Insured’s death or upon surrender of the Policies, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policies, and any unpaid interest thereon, previously incurred or made by the Bank and Park, respectively; and (ii) any applicable surrender charges, as determined by the insurer(s) under the Policies or the agent(s) servicing the Policies.

Cash Surrender Value of the Policies. The “Cash Surrender Value of the Policies” shall be equal to the cash value of the Policies at the time of Insured’s death or upon surrender of the Policies, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policies, and any unpaid interest thereon, previously incurred or made by the Bank and ParkBank, respectively; and (ii) any applicable surrender charges, as determined by the insurer(s) under the Policies or the agent(s) servicing the Policies.

Cash Surrender Value of the Policies. The “"Cash Surrender Value of the Policies” " shall be equal to the cash value of the Policies at the time of Insured’s 's death or upon surrender of the Policies, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policies, and any unpaid interest thereon, previously incurred or made by the Bank and ParkBank, respectively; and (ii) any applicable surrender charges, as determined by the insurer(s) insurer under each of the Policies or the agent(s) agent servicing the Policies.

Cash Surrender Value of the Policies. The “Cash Surrender Value of the Policies” shall be equal to the cash value of the Policies at the time of Insured’s death or upon surrender of the Policies, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policies, and any unpaid interest thereon, previously incurred or made by the Bank and ParkBank, respectively; and (ii) any applicable surrender charges, as determined by the insurer(s) insurer under each of the Policies or the agent(s) agent servicing the Policies.