Policy Interest shall be an amount equal to the LESSER of the "Cash Surrender Value" of the Policy OR the Assignee's "Premium Interest"; provided, if the Insured dies while this Agreement is in effect, the Assignee's Policy Interest shall be an amount equal to 1.10 times the Assignee's Premium Interest in the Policy; provided further, if the Insured dies within two years after the Owner terminates this Agreement (by paying to Assignee the LESSER of Cash Surrender Value of the Policy or the Premium Interest of the Assignee), then the Owner also shall pay to the Assignee the amount (if any) by which (i) 1.10 times the Assignee's Premium Interest, exceeds (ii) the amount paid by the Owner to the Assignee to terminate this Agreement. The existence of the Assignee's Policy Interest shall be evidenced by filing with the Insurer a copy of this Agreement, along with a collateral assignment in the form prescribed by the Insurer.
Policy Interest means the Assignee's "Policy Interest" as set forth in the Split-Dollar Plan. The Insurer shall be entitled to rely on the Assignee's certification of the amount of its Policy Interest.
Policy Interest as set forth in the Split-Dollar Plan. The Insurer shall be entitled to rely on the Assignee's certification of the amount of its Policy Interest.
Examples of Policy Interest in a sentence
The Bank’s Policy Interest shall be reduced by any amount borrowed against the Insurance Policy(ies) by Bank.
Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
This Agreement shall terminate (i) upon surrender of the Policy (or surrender of any supplemental contracts issued in connection therewith) by the Owner, or (ii) at such time as the Owner otherwise arranges to pay to the Assignee the full amount of Assignee's Policy Interest.
The Bank’s Policy Interest shall be payable as provided in Section 5 of this Agreement.
The Bank’s Policy Interest shall be payable as provided in Section 6 of this Agreement.
More Definitions of Policy Interest
Policy Interest means the interest of the Company in the Policy. Policy Interest is an amount equal to the aggregate premiums paid by the Company. The existence of the Company's Policy Interest shall be evidenced by filing with the Insurer an assignment in substantially the form attached hereto as Schedule "B."
Policy Interest with respect to a Policy is an amount equal to the lesser of (I) the aggregate amount paid by Corporation prior to the execution of this Agreement and under Article 5 of this Agreement towards the premium payments due with respect to each Policy listed on Exhibit "A" to this Agreement, less any amounts reimbursed by the Owner to the Corporation prior to or following the execution of this Agreement under such Article 5, and (ii) an amount equal to the cash surrender value of the Policy as of the end of the Policy year with respect to which the current premiums are paid, plus any dividend accumulations and the cash value of any paid up additions as of the due date of the current premiums.
Policy Interest. The Assignee's Policy Interest shall be as set forth in The Greenwood Bank Split Dollar Agreement dated November 16, 1998 (the "Agreement"). The Insurer shall be entitled to rely on the Assignee's certification of the amount of its Policy Interest. The Insurer is not bound by nor deemed to have notice of the provisions of the Agreement, but shall be bound by the terms of the Policy.
Policy Interest. The Assignee’s Policy Interest shall be the amounts determined under Article III of the Split Dollar Agreement. The Insurer shall be entitled to rely on the Assignee’s certificate of the amount of its Policy Interest.
Policy Interest with respect to a policy is that amount which is equal to the lesser of (I) the aggregate amount paid by Corporation prior to the execution of this agreement and under Article 5 of this Agreement towards the premium payments due with respect to each Policy listed on Exhibit "A" to this Agreement, less any amounts reimbursed by the Owner to the Corporation prior to or following the execution of this Agreement under such Article 5, and (ii) an amount equal to the cash surrender value of such Policy immediately prior to the Insured's death, plus any dividend accumulations and the cash value of any paid up additions immediately prior to the Insured's death.
Policy Interest means the interest of the Company in the Policy. Policy Interest is an amount equal to the total premiums paid by the Company.
Policy Interest is defined as an amount equal to the Indebtedness. The Trust's "Policy Interest" is defined as all other interests in and to the Policy.