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

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. The Employer or the Trust 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 Employer or the Trust and any applicable surrender charges.

DIVISION OF THE CASH SURRENDER VALUE OF THE POLICY. The Employer or the Trust 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 Employer or Trustee at the Trust direction of the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.