Common use of DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY Clause in Contracts

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the Insured’s life, the Bank shall at all times be entitled to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon Insured’s death, the proceeds of the policy shall first be used to satisfy the obligations to Insured’s beneficiaries set forth in Paragraph VI.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the life of the Insured’s life, the Bank shall at all times be entitled to an amount equal to the policyPolicy’s cash value, as that term is defined in the policy insurance contract, less any policy Policy loans and unpaid interest or outstanding, cash withdrawals previously incurred taken by the Bank Bank, and any applicable surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon the Insured’s 's death, the Policy proceeds of the policy shall first be used to satisfy the obligations to the Insured’s 's beneficiaries set forth in Paragraph VI.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the Insured’s 's life, the Bank shall at all times be entitled to an amount equal to the policy’s 's cash value, as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon Insured’s 's death, the proceeds of the policy shall first be used to satisfy the obligations to Insured’s 's beneficiaries set forth in Paragraph VI.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the life of the Insured’s life, the Bank shall at all times be entitled to an amount equal to the policy’s Policy's cash value, as that term is defined in the policy Policy contract, less any policy Policy loans and unpaid interest or outstanding, cash withdrawals previously incurred taken by the Bank Bank, and any applicable surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon the Insured’s 's death, the Policy proceeds of the policy shall first be used to satisfy the obligations to the Insured’s 's beneficiaries set forth in Paragraph VI.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the Insured’s 's life, the Bank shall at all times be entitled to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon Insured’s 's death, the proceeds of the policy shall first be used to satisfy the obligations to Insured’s 's beneficiaries set forth in Paragraph VI.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. During the Insured’s 's life, the Bank shall at all times be entitled to an amount equal to the policy’s cash value, as that term is defined in the policy contract, less any policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable {00269227.DOC / } 2 surrender charges. Such cash value shall be determined as of the date of surrender. Notwithstanding the foregoing, upon Insured’s 's death, the proceeds of the policy shall first be used to satisfy the obligations to Insured’s 's beneficiaries set forth in Paragraph VI.