Release of Policy Collateral. 9.1 For sixty (60) days after the date of termination of this Agreement, the Owner shall have the option of obtaining the release of the collateral assignment of the Policy to the Company. To obtain such release, the Owner shall pay or cause to be paid to the Company an amount equal to the Policy's then cash surrender value. Upon receipt of that payment, the Company promptly shall release the collateral assignment of the Policy. 9.2 If the Owner fails to exercise such option within such sixty (60) day period with respect to the Policy, then the Owner shall transfer the Policy to the Company. Thereafter, neither the Owner, the Employee, nor their respective heirs, assigns or beneficiaries shall have any further interest in and to the Policy, either under the terms thereof or under this Agreement.
Appears in 4 contracts
Samples: Split Dollar Insurance Agreement (Pma Capital Corp), Employment Agreement (Pma Capital Corp), Split Dollar Insurance Agreement (Pma Capital Corp)
