Transfer of Policies. (a) Upon the Participant's retirement, the Trustee shall, upon instructions from the Committee, either transfer and deliver to the Participant any policy held on his behalf (with such endorsements as the Committee may direct), convert such policy to an annuity, or surrender such policy, in which case the cash proceeds thereof shall be included as part of the account balance of such Participant and distributed accordingly.
(b) The Committee shall offer to a vested Participant any policy held in his behalf at a price equal to the total cash surrender value of such policy. If the Participant elects to purchase such policy, the Trustee shall, upon instructions from the Committee, transfer ownership of the policy to such Participant, endorsed so as to vest in the transferee all right, title and interest thereto, free and clear of the Trust. If the Participant declines to purchase such policy, the Trustee shall, upon instructions from the Committee, liquidate the policy for its cash surrender value; transfer the policy to the Participant as a distribution of benefits; or if the Participant has terminated employment with the Employer other than by reason of retirement, death or disability, place the policy on a paid-up basis. The Committee may direct the Trustee to designate itself, if not so designated, as Beneficiary under such policy for the period prior to the date on which it is liquidated.
(c) Subject to the Qualified Joint and Survivor Annuity Rules of Section 8.2, the contracts on a Participant's life will be converted to cash or an annuity or distributed to the Participant upon commencement of benefits.
Transfer of Policies. Upon the Participant's retirement, the Trustee shall, upon instructions from the Committee, either transfer and deliver to the Participant any policy held on his behalf (with such endorsements as the Committee may direct), convert such policy to an annuity, or surrender such policy, in which case the cash proceeds thereof shall be included as part of the account balance of such Participant and distributed accordingly.
Transfer of Policies. 47 ARTICLE 19.
Transfer of Policies. Nothing in this Agreement shall limit the right of Customer to sell or otherwise transfer any of the Policies subject to this Agreement and any Policies which are sold or transferred shall no longer be subject to the terms of this Agreement, subject to the provisions on Services Fees set forth in Exhibit 11.1.
Transfer of Policies. Nothing in this Agreement shall limit the right of UFL or, after Closing, UFL or PNL, to sell or otherwise transfer any of the Policies subject to this Agreement and any Policies which are transferred shall no longer be subject to the terms of this Agreement.
Transfer of Policies. Broker-Dealer will leave in Registered Rep's account all policies credited to Registered Rep's account so long as the policyholder resides within a 75-mile radius of Registered Rep's principal place of business and within a State in which Registered Rep is duly licensed, except that Broker-Dealer may:
a. if service compensation is suspended, reduced or eliminated pursuant to Section IV. G, Section IV. H, and/or Section IV. I of the Schedule of Payments attached hereto as EXHIBIT B, transfer the Variable Products credited to Registered Rep's account to the accounts of other registered representatives or to Broker-Dealer for servicing; and
b. after prior written notice to Registered Rep, transfer any policy to the account of another registered representative when the policyholder makes a bona fide request in writing. Registered Rep will respect the rights and interests of Registered Rep's fellow registered representatives in policies credited to their accounts by refraining from raiding or otherwise diverting policies from their accounts to Registered Rep's account. Registered Rep shall neither directly nor indirectly attempt to divert policies to Registered Rep's own account from unassigned accounts or from those of other registered representatives, or from Registered Rep's own account to the accounts of other registered representatives.
Transfer of Policies. The life insurance policies listed on Exhibit A with policy numbers 159207835 and JJ711646 are each held in a Wisconsin trust, the beneficial interests of which are held by Seller. Seller shall transfer the beneficial interests in the Wisconsin trusts to Buyer, duly executed by the trustee, pursuant to a Xxxx of Sale in the form attached hereto in Exhibit D.
Transfer of Policies. ICB and Bank shall have completed the termination or transfer of the split dollar insurance policies bank-owned life insurance policies as outlined in Section 6.16.
Transfer of Policies. If as a result of a bankruptcy proceeding, sheriff's levy, or for any other reason, the Company is required by law to sell or transfer the life insurance policies called for in Section 1 above, or if the Company (contrary to its obligations hereunder) determines to sell the policies or to cease making premium payments thereon or takes any other action contrary to the terms of this Agreement, the Shareholder shall have the first option to acquire those policies while they remain in force. The purchase price for the policies shall be equal to 85% of their respective cash surrender values at the time of purchase, and that price may be paid by delivery to the Company of the Shareholder's promissory note for that amount, bearing interest at the Applicable Federal Rate as of the date of transfer, with principal and all interest becoming due 60 days after the death of the Shareholder. The Company agrees that, upon request by the Shareholder, the Shareholder (or some other person or entity designated by the Shareholder to be the Shareholder's agent for these purposes) shall be granted a security interest in or a contingent assignment of the policies, with at least 30 days prior notice of any transfer, cancellation, or borrowing, so as to assure that the Shareholder's option will be enforced. Nothing in this Section 7 shall relieve the Company from its obligations to secure and maintain those life insurance policies as provided in Section 1 above and nothing in this Section or consequent to its provisions shall limit the liability of the Company resulting from a breach of this Agreement by the Company.
Transfer of Policies. Broker-Dealer will leave in Registered Rep's account all policies credited to Registered Rep's account so long as the policyholder resides within a ( ) mile radius of Registered Rep's principal place of business and within a State in which Registered Rep is duly licensed, except that Broker-Dealer may:
a. if service compensation is suspended, reduced or eliminated pursuant to Section IV. G, Section IV. H and/or Section IV. I of the Schedule of Payments attached hereto as Exhibit B, transfer the Variable Products credited to Registered Rep's account to the accounts of other registered representatives or to Broker-Dealer for servicing; and
b. after prior written notice to Registered Rep, transfer any policy to the account of another registered representative when the policyholder makes a bona fide request in writing. Registered Rep will respect the rights and interests of Registered Rep's fellow registered representatives in policies credited to their accounts by refraining from raiding or otherwise
