Common use of Release of Policy Collateral Clause in Contracts

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.

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 total amount that the Company has advanced with respect to the Policy under Section 3.1.2 together with any cash surrender valuevalue attributable thereto. Upon receipt of that payment, the Company promptly shall release the collateral assignment of the Policy.

Release of Policy Collateral. 9.1 a. For sixty (60) days after the earlier of the date of the termination of this AgreementAgreement or the date on which the Corporation's payment obligation ceases under Section 3(d) hereof as a result of the termination of the Employee's services for Cause, the Owner shall have the option of obtaining the release of the each collateral assignment of the a Policy to the CompanyCorporation. To obtain such release, the Owner shall pay or cause to be paid to the Company Corporation 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.surrender

Release of Policy Collateral. 9.1 For sixty (60) days after the earlier of the date of termination of this AgreementAgreement or the date on which the Corporation's payment obligation ceases under Section 3.2 hereof as a result of the termination of the Employee's services for Cause, the Owner shall have the option of obtaining the release of the collateral assignment of the each Policy to the CompanyCorporation. To obtain such release, the Owner shall pay or cause to be paid to the Company Corporation an amount equal to the Policy's then cash surrender value. Upon receipt of that payment, the Company Corporation promptly shall release the collateral assignment of the Policy.