Common use of Disposition of Policy Upon Termination of Agreement Clause in Contracts

Disposition of Policy Upon Termination of Agreement. The Executive may dispose of the Policy upon termination of this Agreement by sale or otherwise except that no disposition of such Policy shall take place unless (i) the Corporation has certified to the Insurer that its interest in such Policy has been satisfied or released; or (ii) the Executive so certifies and the Corporation does not, within thirty (30) days after notice thereof, contest such certification.

Disposition of Policy Upon Termination of Agreement. The Executive may dispose of the Policy upon termination of this Agreement by sale or otherwise except that no disposition of such Policy shall take place unless (i) the Corporation has certified to the Insurer that its interest in such Policy has been satisfied or released; , or (ii) the Executive so certifies and the Corporation does not, within thirty (30) days after notice thereof, contest such certification.

Disposition of Policy Upon Termination of Agreement. The Executive may dispose of the Policy upon termination of this Agreement by sale or otherwise except that no disposition of such Policy shall take place unless (i) the Corporation has certified to the Insurer that its interest in such Policy has been satisfied or released; or (ii) the Executive so certifies and the Corporation does not, within thirty (30) days after notice thereof, contest such certification. For purposes of this Paragraph, the Corporation's interest shall not be deemed satisfied if the action contemplated by Executive will adversely affect the Corporation's rights under Paragraph 7.