Cash Surrender Value of the Policy. The cash surrender value of the Policy shall be equal to the cash value of the Policy at the earlier of the time of the Insured’s death or the surrender of the Policy, less (i) any loans or withdrawals or any other indebtedness previously incurred or made by the Bank that is secured by the Policy, and any unpaid interest thereon, and (ii) any applicable surrender charges, as determined by the Insurer or agent servicing the Policy.
Cash Surrender Value of the Policy. In addition, and subject to the Bank’s obligations herein, at all times prior to the Insured’s death, the Bank shall be entitled to an amount equal to the Policy(ies)’s cash value, as that term is defined in the Policy(ies) contract, less (i) any Policy loans or withdrawls or any other indebtedness secured by the Policy(ies), and any unpaid interest or cash withdrawals previously incurred by the Bank and (ii) any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.
Cash Surrender Value of the Policy. The “Cash Surrender Value of the Policy” shall be equal to the cash value of the Policy at the time of the Insured’s death or upon surrender of the Policy, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policy, and any unpaid interest thereon, previously incurred or made by Bank, and (ii) any applicable surrender charges, as determined by the Insurer or agent servicing the Policy. 8. Termination of Agreement.
(a) This Agreement shall terminate upon the first to occur of the following:
(i) the distribution of the death benefit proceeds in accordance with Section 6 above;
(ii) the termination of Insured’s employment with Bank For Cause (as defined below); or
(iii) Insured engages in a Competing Activity; provided, however that this subsection (a)(iii) shall not apply if Bank elects in writing, in its sole and absolute discretion, to waive the application of this subsection.
(b) Insured acknowledges and agrees that the termination of this Agreement pursuant to subsection (a)(ii) or (a)(iii) above prior to the death of Insured shall terminate any right of Insured to receive any Policy proceeds under this Agreement, and such termination shall be without any liability of any nature to Bank.
(c) For the purposes of this Agreement:
