Release of Collateral Assignment. Upon receipt of the Employer's Interest in the Policy, as provided above, either whether from the Policy, or from the Owner, the Employer will release the Collateral Assignment. Upon satisfaction of the Employer's Interest in the Policy, the Owner shall have unrestricted ownership to the Policy, subject to the terms of the Exercise Agreement.
Release of Collateral Assignment. For sixty (60) days after the date this Agreement is terminated, the Insured shall have the option of obtaining the release of the collateral assignment of each Policy to the Company. The Insured may exercise this option by repaying Company the total amount of the premium payments Company has made under this Agreement, and upon receipt of such amount, Company shall release the Employee's collateral assignment of each Policy by its execution and delivery of an appropriate instrument of release. If the Insured fails to exercise such option within the said sixty (60) day period, then, at the Company's written request, he shall execute any document required by the Insurer to transfer his interest in such Policy to the Company. Alternatively, the Company may enforce its right to be repaid the amount of each Policy premiums paid by it from the Policy's cash surrender value under such Policy's collateral assignment, and if the cash surrender value exceeds the amount of such premium payments, the excess will be paid to the Insured.
Release of Collateral Assignment. The Employer hereby agrees to execute such documents as may be reasonably required by the Trustee to release the Collateral Assignments.
Release of Collateral Assignment a. For sixty (60) days after the date of the termination of this Agreement, Owner shall have the option of obtaining the release by Corporation of any collateral assignment of the Policy. To obtain such release, Owner shall pay to Corporation the amount of Corporation's Policy Interest in the policy. Upon receipt of such amount with respect to the Policy, Corporation shall release the collateral assignment of the Policy, by the execution and delivery of an appropriate instrument of release.
b. If Owner fails to exercise such option within such sixty (60) day period, then, at the request of Corporation, Owner shall execute any document or documents required by the Insurer to transfer the interest of Owner in the Policy to Corporation.
Release of Collateral Assignment. The Company executed on this same day a Release of Collateral Assignment that confirmed that the liabilities for which the Policies were assigned and held as collateral security were fully satisfied this same day. The Company released all interests in the Policies to the Owner.
Release of Collateral Assignment. Contemporaneously with the effectiveness of this Amendment, the Agent, at the direction and with the consent of the Lenders hereby terminates that certain Collateral Assignment and Security Agreement dated as of November 10, 2000 (the "Assignment") made by AMS in favor of the Agent for the benefit of the Lenders, with respect to Account No. 00-0000000 and all funds contained therein.
Release of Collateral Assignment. (a) The Trust shall have the right and option to obtain the release of the Collateral Assignment at any time by payment to the Corporation of an amount equal to the Corporation's Policy Interest. Upon payment to the Corporation of such amount, the Corporation shall promptly release the Collateral Assignment and shall have no further interests in the Policy.
(b) In the event of a termination of this Agreement other than on account of the death of Employee and Employee's wife, unless the Trust shall pay the
Release of Collateral Assignment. (a) The Trust shall have the right and option to obtain the release of the Collateral Assignment at any time by payment to the Corporation of an amount equal to the Corporation's Policy Interest. Upon payment to the Corporation of such amount, the Corporation shall promptly release the Collateral Assignment and shall have no further interests in the Policy.
(b) In the event of a termination of this Agreement other than on account of the death of Employee and Employee's wife, unless the Trust shall pay the 6 Corporation an amount equal to the Corporation's Policy Interest, the Trust shall execute and deliver such documents and instruments as may reasonably be required in order to transfer the Policy to the Corporation. Should the Trust elect to surrender the Policy to the Corporation, then the Corporation may hold, maintain, surrender, or otherwise dispose of the Policy as it may desire and the Trust shall have no further interests in the Policy.
Release of Collateral Assignment. 4.02-1 For sixty days after the date of termination of the Agreement under 4.01, the Trustee shall have the option of obtaining the release of the Collateral Assignment as follows.
4.02-2 The Trustee may exercise this option by paying to the Company the amount of the net cash surrender value of the Policy that the Company would then be entitled to receive under 3.01 if the Policy were then surrendered.
4.02-3 Upon receipt of payment under 4.02-2 the Company will release the Collateral Assignment by executing and delivering to the Trustee and the Insurer an appropriate instrument of release.
Release of Collateral Assignment a. Notwithstanding anything contained herein to the contrary, (i) if Employee fulfills all the terms and conditions of that certain Employment Agreement between Employee and Corporation dated as of the ____ day of ____________, 1996 on December 31, 2001 Corporation shall assign all of its right, title and interest in and to the Policy to the Employee free and clear of the "Collateral Assignment" and any and all other liens and encumbrances including the rights of the Corporation to the Corporation Reimbursement Amount and this Agreement shall terminate, or (ii) if the employment of Employee is terminated by the Corporation prior to December 31, 2001 but within twelve (12) months from the date of a change in control of the Corporation, Corporation shall immediately assign all of its right, title and interest in and to the Policy to the Employee free and clear of the "Collateral Assignment" and any and all other liens and encumbrances including the rights of the Corporation to the Corporation's Reimbursement Amount.
b. In the event that the Employment Agreement is terminated prior to December 31, 2001 for any reason whatsoever or the employment of Employee by the Corporation has terminated prior to December 31, 2001, for any reason whatsoever, other than Employee being terminated within 12 months after a change in control of Corporation, Employee has the option to (i) purchase the Policy from Corporation for the Corporation Reimbursement Amount, or (ii) assign all of Employee's right, title and interest in and to the Policy free and clear of all liens and encumbrances other than the Collateral Assignment to the Corporation and if the cash surrender value of the Policy is less than the insurance premiums paid by the Corporation, pay to the Corporation the difference between the insurance policy premiums paid by the Corporation and the policy's cash surrender value.
