Aggregate Premiums Paid definition

Aggregate Premiums Paid means, at any time, an amount equal to the cumulative premiums paid by the Corporation on the Policy.

Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Policy, less (ii) any policy loans to the Corporation and accrued and unpaid interest thereon. Notwithstanding the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the Executive, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider.

Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Company on the Policy, less (ii) any policy loans to the Company and accrued and unpaid interest thereon (excluding any loan under Section 6(e)(ii)), and less (iii) any amounts received by the Company from the Executive for life insurance coverage provided under this Agreement. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider. In addition, no interest shall be deemed to be accrued on and no present value adjustment to the cumulative premiums paid by the Company shall be made in calculating Aggregate Premiums Paid.

Examples of Aggregate Premiums Paid in a sentence

• If the Split Dollar Maturity Date occurs due to the termination of this Agreement by the Corporation in accordance with Section 9 below, the Corporation shall be entitled to receive from the Policy an amount equal to that portion of the Policy's Cash Surrender Value that does not exceed the Aggregate Premiums Paid.

• If the Split Dollar Maturity Date occurs due to the Executive's Retirement or the Fifteenth Anniversary, the Corporation shall be entitled to receive from the Policy an amount equal to that portion of the Policy's Cash Surrender Value that exceeds the Minimum Retirement Cash Value, but in no event less than the Aggregate Premiums Paid.

• If the Split Dollar Maturity Date occurs due to the Executive's Termination of Employment (other than Termination for Cause), the Corporation shall be entitled to receive from the Policy an amount equal to that portion of the Policy's Cash Surrender Value that does not exceed the Aggregate Premiums Paid plus accrued interest thereon (from the date such premiums were actually paid by the Corporation) at a rate of annual interest equal to the Prime Rate.

• If the Split Dollar Maturity Date occurs due to the death of the Executive (except as provided in Section 6(a)(vi) below), the Corporation shall be entitled to that portion of the Policy's death proceeds equal to the sum of (A) the Aggregate Premiums Paid; and (B) any death proceeds in excess of the Aggregate Premiums Paid and the Executive's Death Benefit.

• Upon the death of the Insured, the Employer's Interest in the Policy shall be an amount equal to the greater of Aggregate Premiums Paid or the Cash Surrender Value at such time.

More Definitions of Aggregate Premiums Paid

Aggregate Premiums Paid means, at any time, an amount equal to the Loans which are the cumulative premiums paid by the Corporation on the Joint Life Policy.

Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation under the Policy, less (ii) the amount of any policy dividends or interest thereon paid in cash to the Corporation or used by the Corporation to make premium payments, less (iii) any policy loans to the Corporation and accrued interest thereon at such time. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured.

Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Single Life Policy, plus (ii) the cumulative premiums paid by the Corporation on the Joint LifePolicy, plus (iii) in the case of the Joint Life Policy only, interest at the rate of 3.6%per annum compounded annually on the premiums on such Joint Life Policy. (b) "Benefit Measurement Date" shall mean the date on which the first of any of the following events occurs: (i) termination of this Agreement in accordance with Section 9 below; (1) for the Joint Life Policy, the ___________ (____) anniversary of the issuance of the Joint Life Policy; and (2) for the Single Life Policy, the _________ (___) anniversary of the issuance of the Single Life Policy; or (ii) the death of the Decedent. (c) "Cash Surrender Value" shall mean an amount that equals, at any specified time, the cash surrender value as determined under the terms of the Policy. (d) "Code" shall mean the Internal Revenue Code of 1986, as amended. (e) "Collateral Assignment" shall mean an assignment made by the Owner in favor of the Corporation in a form mutually agreed to by the Corporation and the Owner and accepted by the Insurer. (f) "Collateral Interest" shall mean the Corporation's interest in the Policy, which shall equal, at any time, the lesser of Aggregate Premiums Paid or Cash Surrender Value, and which shall be repaid to the Corporation in accordance with Section 6 below. (g) "Corporation's Death Benefit" shall mean the portion of the Policy's death benefit, if any, that exceeds the sum of the Collateral Interest and the Owner's Death Benefit. (h) "Decedent" shall mean, as to a Single Life Policy, the Participant, and, as to a Joint Life Policy, the second to die of the Participant and his or her spouse. (i) "Designated Beneficiary" shall mean the beneficiary designated under the Policy. (j) "Economic Income" shall mean taxable compensation income for that portion of the premiums paid by the Corporation that is equal in amount to the value of the "economic benefit" derived by the Participant from the Policy's life insurance protection, as determined for Federal income tax purposes under Revenue Rulings 64-328 and 66-110, plus any economic benefit derived from any reimbursement for tax liability under Section 3(c). Economic Income shall include any increase in economic benefit attributable to the death of the first to die under a Joint Life Policy. (k) "Insurer(s)" shall mean . (l) "Joint Life Po...

Aggregate Premiums Paid means, at any time, an amount equal to (i) the cumulative premiums paid by the Corporation on the Policy, less (ii) any Policy loans to the Corporation and accrued and unpaid interest thereon, less (iii) any amounts, if any, received by the Corporation from the Executive for life insurance coverage provided under this Agreement. Despite the foregoing, Aggregate Premiums Paid shall not include extra benefit riders or agreements, other than those providing additional life insurance coverage on the insured, and shall not include premiums waived pursuant to the terms of any disability waiver of a premium rider.