Common use of Option to Purchase Clause in Contracts

Option to Purchase. The Bank shall not sell, surrender, or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director or the Director’s transferee a right of first refusal to purchase the Policy for the Policy’s interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o days after the date the Bank gives written notice of the Bank’s intention to sell, surrender, or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and Endorsement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, or transfer ownership of the Policy while this Amended Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Amended Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director or the Director’s transferee a right of first refusal to purchase the Policy for the Policy’s interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after the date the Bank gives written notice of the Bank’s intention to sell, surrender, or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and Endorsement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the DirectorExecutive’s transferee a right of first refusal to purchase the Policy for the Policy’s interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve valuevalue (as determined by the Insurer). The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director or the Director’s 's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Amended Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The Such right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Amended Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Endorsement Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the DirectorExecutive’s transferee a right of first refusal to purchase the Policy for the Policy’s interpolated terminal reserve value. The Such right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Endorsement Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Split Dollar Agreement and Endorsement is in effect without first giving the Director Trust or the Director’s Trust's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank shall not sell, surrender, surrender or transfer ownership of the Policy while this Endorsement Split Dollar Agreement and Endorsement is in effect without first giving the Director Executive or the Director’s Executive's transferee a right of first refusal to purchase the Policy for the Policy’s 's interpolated terminal reserve value. The Such right of first refusal to purchase the Policy must be exercised within 6o 60 days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the Policy. This provision shall not impair the right of the Bank to terminate this Endorsement Split Dollar Agreement and EndorsementAgreement.

Option to Purchase. The Bank bank shall not sell, surrender, surrender or transfer ownership of the Policy Policies while this Split Dollar Agreement and Endorsement is in effect without first giving the Director or the Director’s transferee a right of first refusal refusal, subject to the Insurers' approval, to purchase the Policy Policies for the Policy’s interpolated Policies' terminal reserve value. The right of first refusal to purchase the Policy Policies must be exercised within 6o sixty (60) days after from the date the Bank gives written notice of the Bank’s 's intention to sell, surrender, surrender or transfer ownership of the PolicyPolicies. This provision shall not impair the right of the Bank to terminate this Split Dollar Agreement and EndorsementAgreement.