POLICY ROLLOUT PROCEDURE Sample Clauses

POLICY ROLLOUT PROCEDURE. To accomplish the Policy Rollout, GFC and the Owner will apply to Insurer to split the Policy into two separate life insurance policies. One policy will provide a death benefit for GFC and will have a cash value equal to GFC's Corporate Interest in such amounts as set forth in Exhibit A or as adjusted because of Policy dividends or because the assumptions utilized by the Insurer to generate the values listed on Exhibit A have changed since the date this Agreement was executed (the "FIRST POLICY"). The other policy will have the remaining cash surrender value and death benefits of the original Policy, as set forth in Exhibit A or as adjusted if because of Policy dividends or because the assumptions utilized by the Insurer to generate the values listed on Exhibit A have changed since the date this Agreement was executed (the "SECOND POLICY"). Ownership of the First Policy will be transferred to GFC, and upon receipt of First Policy, GFC will execute all document(s) required by Insurer to release the Collateral Assignment. The First Policy will be free and clear of any obligation to Owner, and GFC may, in its sole discretion, hold First Policy or surrender it for its cash value without notice to or permission from the Owner. Ownership of the Second Policy will be transferred to Owner and will be free and clear from any obligations to GFC.