DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY 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 or death as the case may be.
Appears in 34 contracts
Samples: Director Supplemental Retirement Program (Slades Ferry Bancorp), Executive Supplemental Retirement Plan Agreement (Ameriana Bancorp), Executive Supplemental Retirement Plan (Grandsouth Bancorporation)
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank 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 Bank or the Trustee at the 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.
Appears in 5 contracts
Samples: Agreement (Bucs Financial Corp), Split Dollar Plan Agreement (Central Bancorp Inc /Ma/), Carolina Bank Holdings Inc
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank Institution 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 Institution and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death as the case may be.
Appears in 5 contracts
Samples: Director Supplemental Income Plan Agreement (Osage Federal Financial Inc), Director Supplemental Income Plan Agreement (Osage Federal Financial Inc), Plan Agreement (Osage Federal Financial Inc)
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY 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 Policy contract, less any policy 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 or death as the case may be.
Appears in 5 contracts
Samples: Method Split Dollar Plan (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan (First Litchfield Financial Corp)
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank shall at all times be he 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 or death as the case may be.
Appears in 4 contracts
Samples: Banks of the Chesapeake Inc, Banks of the Chesapeake Inc, Banks of the Chesapeake Inc
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank or the Trust, in the discretion of 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 or the Trustee at the direction of the Bank and any applicable surrender charges. Such cash value shall be determined as of the date of surrender or death of the Insured as the case may be.
Appears in 3 contracts
Samples: Endorsement Method Split Dollar Plan (Ecb Bancorp Inc), Ecb Bancorp Inc, Ecb Bancorp Inc
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY 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 or death as the case may be.
Appears in 1 contract
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank or the Trust, in the discretion of 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 or the Trustee at the 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.
Appears in 1 contract
Samples: Endorsement Method Split Dollar Plan (Ecb Bancorp Inc)
DIVISION OF THE CASH SURRENDER. VALUE OF THE POLICY The Bank shall at all times be by 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 or death as the case may be.
Appears in 1 contract
Samples: Executive Supplemental Retirement Plan (CCF Holding Co)
