Collateral Assignment of Policy. Simultaneously with the execution of ------------------------------- this Agreement, the Trust and FRIT shall enter into a Collateral Assignment Agreement (the "Collateral Assignment"), substantially in the form of Exhibit B attached hereto and made a part hereof.
Collateral Assignment of Policy. The Participant shall, and does hereby, collaterally assign to the Company an interest in the cash values and death benefit of the Policy as follows:
(a) If the Participant surrenders or sells the Policy, he shall pay the Company, out of the proceeds of the Policy, an amount equal to the lesser of (i) the cash value of the Policy, or (ii) the aggregate amount of premiums paid by the Company with respect to the Policy;
(b) The Company shall be entitled to receive the cumulative premiums paid for MetLife Policies Nos. 940250361 E3 and 940250367 E3 (the amount of which is a portion of the amount indicated in the column headed Death Benefits Payable to the Company shown on Exhibit "A" attached hereto) from the death benefit paid under Nationwide Policy No. N056117510, and the Company shall be entitled to receive the cumulative premiums paid for Johx Xxnxxxx Xxlicy No. 534889 (the amount of which is the remainder of the amount indicated in the column headed Death Benefits Payable to the Company shown on Exhibit "A" attached hereto) from the death benefits payable under such policy upon the death of the survivor of the insured covered under such policy. All death benefits payable under MetLife Policies Nos. 940250361 E3 and 940250367 E3 shall be paid to the beneficiary or beneficiaries of the Participant, and all
Collateral Assignment of Policy. The Participant shall, and does hereby, collaterally assign to the Company an interest in the cash values and death benefit of the Policy as follows:
(a) If the Participant surrenders or sells the Policy, he shall pay the Company, out of the proceeds of the Policy, an amount equal to the lesser of (i) the cash value of the Policy, or (ii) the aggregate amount of premiums paid by the Company with respect to the Policy;
(b) The Company shall be entitled to receive the cumulative premiums paid for the Policy (the amount indicated in the column headed Death Benefits Payable to the Company shown on Exhibit "A" attached hereto) from the death benefits under the Policy. All death benefits payable under the Policy that exceed the amount paid to the Company under the preceding sentence shall be paid to the beneficiary or beneficiaries of the Participant. The amount payable to such beneficiary or beneficiaries is indicated in the column headed Death Benefit Payable to Participant's Beneficiary: Individual Coverage shown on Exhibit "A" attached hereto. If the death benefits payable under this Agreement exceed the aggregate amount of premiums paid by the Company as set forth on Exhibit "A," such excess death benefits shall be payable to the Participant's beneficiary or beneficiaries. The collateral assignment of the Policy shall not be altered or changed without the consent of the Company and the Participant.
Collateral Assignment of Policy. The Trust hereby collaterally assigns the policy on Employee's life, acquired pursuant to the terms of this Agreement, to the Corporation as security for the obligations under Sections 6, 7 and 8 hereof. This collateral assignment will not be altered or changed without the consent of the Corporation. 5.
Collateral Assignment of Policy. As security for the repayment to the Corporation of the Corporation Premiums paid pursuant to Section 4 of this Agreement, the Employee has executed an assignment of the Policy (the "Assignment"), which Assignment is attached hereto as Exhibit A. During the term of this Agreement, the Employee's rights of ownership with respect to the Policy shall be limited to those specified in the Assignment. Except as provided in this Agreement, the Assignment will not be altered without the written consent of the Corporation.
Collateral Assignment of Policy. Simultaneously with the execution of this Agreement, the Owner shall execute a Collateral Assignment of the Policy to the Corporation (the "Collateral Assignment"), a copy of which Collateral Assignment is attached hereto and made a part hereof as Exhibit B.
Collateral Assignment of Policy. 1.1 As a general and continuing collateral security for the performance of all of the Borrower’s covenants and obligations under or in connection with the Loan Agreement, and the payment of any amount of indebtedness, including, but not limited to, the Outstanding Balance, present or future, direct or indirect, absolute or contingent, matured or not, due to the Lender and incurred or arising under or in connection with the Loan Documents (as “Loan Documents” is defined in the Loan Agreement and collectively referred to herein as the
Collateral Assignment of Policy. To secure the repayment to the ------------------------------- Corporation of the total amount of the premiums on the Policy paid by it hereunder, the Owner shall execute and deliver to the Insurer the Assignment pursuant to which the Owner shall grant to the Corporation the limited rights in and to the Policy specified therein. The Assignment shall not be terminated, altered, or amended by the Owner without the written consent of the Corporation, which consent shall not be unreasonably withheld. The parties hereto agree to take all action necessary to cause the Assignment to conform to the provisions of this Agreement. All rights in and to the Policy not granted to the Corporation by the Assignment or this Agreement, including but not limited to the right to designate and change the beneficiary of that portion of the Policy proceeds to which the Owner is entitled hereunder, shall be retained by the Owner subject to the provisions hereof, including, specifically, the provisions of the last sentence of Paragraph 6 below. The Assignment is intended only to grant to the Corporation a security interest in the Policy and this security interest shall not be interpreted in any way to include any incidents of ownership, except as provided in this Agreement or the Assignment.
Collateral Assignment of Policy. Part II of this Agreement provides for an assignment of the Policy (hereinafter "the Collateral Assignment") to the Corporation to secure the Employee's obligation under Section 4.
Collateral Assignment of Policy. To secure the repayment to the Corporation of the amount of the premiums on the Policy paid by it hereunder, the Owner has, contemporaneously herewith, assigned the Policy to the Corporation as collateral, under the form used by the Insurer for such assignments. The collateral assignment of the Policy to the Corporation hereunder shall not be terminated, altered or amended by the Owner, without the express written consent of the Corporation. The parties hereto agree to take all action necessary to cause such collateral assignment to conform to the provisions of this Agreement.
