Common use of Liabilities Secured by This Assignment Clause in Contracts

Liabilities Secured by This Assignment. This Assignment is made, and the Policy is to be held as collateral security for, all liabilities of the Owner to the Assignee, now existing or hereafter arising under and pursuant to that certain Split-Dollar Agreement, among the Assignee, the Insured and the Owner of even date herewith (the "Split-Dollar Agreement"). It is the intention of the Owner to reserve all rights in and to the Policy, except those specific rights to realize on a portion of the cash value thereof and a portion of the death benefit thereof granted to the Assignee hereby, as security for and only to the extent of the liabilities of the Owner to the Assignee under the Split-Dollar Agreement.

Liabilities Secured by This Assignment. This Assignment is made, and the Policy is to be held as collateral security for, all liabilities of the Owner to the Assignee, now existing or hereafter arising under and pursuant to that certain Split-Dollar Agreement, among the Assignee, the Insured and the Owner of even date herewith Owner, dated December 18th, 1998 (the "Split-Dollar Agreement"). It is the intention of the Owner to reserve all rights in and to the Policy, except those specific rights to realize on a portion of the cash value thereof and a portion of the death benefit thereof granted to the Assignee hereby, as security for and only to the extent of the liabilities of the Owner to the Assignee under the Split-Dollar Agreement.