Policy Loans. The Reinsurer will not participate in policy loans or other forms of indebtedness as respects the Reinsured Policies.
Policy Loans. The Reinsurer does not participate in policy loans nor other forms of indebtedness on policies reinsured under this Agreement; therefore, policy loans do not affect the Reinsured Net Amount at Risk.
Policy Loans. You may obtain policy loans by Written Request after the Free Look Period, on the sole security of the Cash Surrender Value of this policy. We recommend you consult your tax advisor before requesting a policy loan. Unless you request otherwise, loan amounts will be deducted from the Investment Options on a pro rata basis. Loan Amount Available – The amount of the loan must be at least $200. The maximum amount available for a loan on any date is equal to the Accumulated Value less: • three times the most recent Monthly Deduction; • any Surrender Charge; and • any existing Policy Debt. Loan Interest – Interest will accrue daily and is due and payable in arrears at the end of each policy year at the maximum annual rate of 2.75%. We may use a lower loan interest rate. Interest not paid when due will be added to the loan principal and bear interest at the same rate. Loan Repayment – Loans may be repaid at any time while the policy is In Force. Any payment we receive from you while you have a loan will be first considered a loan repayment, unless you tell us by Written Request it is a premium payment. An amount equal to the portion of any loan repaid, but not more than the Loan Account Value, will be transferred from the Loan Account to the Investment Options according to your most recent instructions for allocation of premiums. We reserve the right to transfer repayments from the Loan Account to each Fixed Option up to the amount that was originally borrowed from that Fixed Option. Any excess over such amount will be transferred to the Variable Accounts according to your most recent instructions for allocation of premiums. Separate Account – We established the Separate Account and maintain it under the laws and regulations of our state of domicile. The assets of the Separate Account shall be valued at least as often as any policy benefits vary, but at least monthly. The Separate Account is divided into subaccounts, called Variable Accounts. Xxxxxx and realized and unrealized gains and losses from the assets of each Variable Account are credited or charged against it without regard to our other income, gains or losses. Assets may be put in our Separate Account to support this policy and other variable life policies. Assets may be put in our Separate Account for other purposes, but not to support contracts or policies other than variable life contracts or policies. The assets of our Separate Account are our property. The portion of its assets equal to the reserve...
Policy Loans. 9.1 The Bank may pledge or assign the Policies, subject to the terms and conditions of this Agreement, for the sole purpose of securing a loan from the Insurer or from a third party. Interest charges on such loan shall be paid by the Bank. If the Bank so encumbers the Policies, other than by a Policy loan from the Insurer, then, upon the death of the Insured, the Bank shall promptly take all action necessary to secure the release or discharge of such encumbrance.
Policy Loans. The Company may pledge or assign the Policy, subject to the terms and conditions of this Agreement, for the sole purpose of securing a loan from the Insurer or from a third party. The amount of such loan, including accumulated interest thereon shall not exceed the lesser of (i) the amount of the premiums on the Policy paid by the Company hereunder or (ii) the cash surrender value of the Policy (as defined herein) as of the date to which premiums have been paid. Interest charges on such loan shall be paid by the Company. If the Company so encumbers the Policy, other than by a policy loan from the Insurer, then, upon death of the Executive or upon election of the Executive hereunder to purchase the Policy from the Company, the Company shall take all action necessary to secure the release or discharge of such encumbrance.
Policy Loans. The Reinsurer will not participate in policy loans or other forms of indebtedness on policies reinsured under this Agreement.
Policy Loans. (a) The Company has the right to obtain loans secured by the Policy from the Insurer or from others. The Company also has the right to assign the Policy as security for the repayment of such loans. The amount of such loans together with interest thereon shall at no time exceed the Company Cumulative Outlays. All interest charges with respect to any loans shall be paid by the Company.
(b) If the Policy is assigned or encumbered in any way, other than a Policy Loan, on the date of the Executive's death, the Company shall secure a release or discharge of the assignment or encumbrance to ensure the prompt payment of death proceeds under the Policy to the Executive's beneficiary or beneficiaries.
Policy Loans. The Owner may obtain a loan from the Company in an amount that, when added to existing policy debt, is not more than the loan value. On the date a loan is made, the amount invested for this policy in the Separate Account will be reduced by the amount of the loan. The reduction will be allocated to each Division in proportion to the amounts in each Division. On the date a loan repayment is made, or the date accrued interest is paid, the amount invested for this policy in the Separate Account will be increased by the amount of the payment. The increase will be allocated to the Divisions of the Separate Account according to the allocation of net premiums currently in effect.
Policy Loans a. The Company may pledge or assign the Policy, subject to the terms and conditions of this Agreement, for the sole purpose of securing a loan from the Insurer or from a third party. The amount of such loan, including accumulated interest thereon, shall not exceed the lesser of (i) the cumulative amount of premiums on the Policy paid by the Company hereunder, less any portion thereof previously recovered by the Company through a loan from or against or a withdrawal from the Policy permitted hereunder; or (ii) the cash surrender value of the Policy (as defined therein) as of the date to which premiums have been paid. Interest charges on such loan shall be paid by the Company. If the Company so encumbers the Policy, other than by a policy loan from the Insurer, then, upon the death of the Employee or upon the election of the Employee hereunder to purchase the Policy from the Company, the Company shall promptly repay such loan from the death proceeds of the Policy or the amount received from the Employee for the purchase of the Policy, as the case may be, and thereafter shall promptly take all action necessary to secure the release or discharge of such encumbrance.
b. The Company may make withdrawals from the Policy, subject to the terms and conditions hereof. The amount of any such withdrawal shall not exceed the lesser of: (i) the amount of the premiums on the Policy paid by the Company hereunder, less any portion thereof previously recovered by the Company through a loan from or against or a withdrawal permitted hereunder; or (ii) the cash surrender value of the Policy (as defined therein) as of the date to which premiums have been paid, and shall reduce the amount to which the Company would otherwise be entitled hereunder.
Policy Loans. The Owner may obtain a loan from the Company in an amount that, when added to existing policy debt, is not more than the loan value.
