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: Executive Supplemental Retirement Plan Agreement (Ameriana Bancorp), Executive Supplemental Retirement Plan Executive Agreement (Grandsouth Bancorporation), Director Indexed Salary Continuation Plan (Quitman Bancorp 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), Executive Salary Continuation Plan Agreement (Osage Federal Financial Inc), Executive Salary Continuation Plan Agreement (Osage Federal Financial Inc)
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: Endorsement Method Split Dollar Plan Agreement (Bucs Financial Corp), Split Dollar Plan Agreement (Central Bancorp Inc /Ma/), Life Insurance Endorsement Method Split Dollar Plan Agreement (Carolina Bank Holdings 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: Endorsement Method Split Dollar Plan Agreement (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan Agreement (First Litchfield Financial Corp), Endorsement Method Split Dollar Plan Agreement (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: Life Insurance Endorsement Method Split Dollar Plan Agreement (Banks of the Chesapeake Inc), Life Insurance Endorsement Method Split Dollar Plan Agreement (Banks of the Chesapeake Inc), Life Insurance Endorsement Method Split Dollar Plan Agreement (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 Agreement (Ecb Bancorp Inc), Endorsement Method Split Dollar Plan Agreement (Ecb Bancorp Inc), Endorsement Method Split Dollar Plan Agreement (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 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. In the event of death, the Bank shall be entitled to the greater of the premiums paid or the cash surrender or death as the case may bevalue.
Appears in 2 contracts
Samples: Indexed Executive Salary Continuation Plan Agreement (Rockport National Bancorp Inc), Indexed Executive Salary Continuation Plan Agreement (Rockport National Bancorp 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 as the case may be.
Appears in 1 contract
Samples: Endorsement Method Split Dollar Plan Agreement (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)
