Policy Interests Sample Clauses

Policy Interests a) Subject to Paragraph 4(b) below, during the term of this Agreement and prior to or upon the death of the Employee, the Company, by reason of payment of premiums pursuant to Paragraph 3 above, shall have an interest in the Policy equal to the sum of Company premiums paid reduced by any Policy indebtedness which is incurred by the Company and unpaid interest on such Policy indebtedness ("Company's Policy Interest"). The Employee, by reason of payment of premiums pursuant to Paragraph 3 above, shall have all the remaining interest in the Policy in excess of the Company's Policy Interest ("Employee's Policy Interest"). b) In the event of the death of the Employee during the term of this Agreement, the proceeds of the Policy shall be payable as follows: i) The Company shall be entitled to receive an amount of the Policy death proceeds equal to the proceeds of the Policy reduced by the death benefit payable to the Employee’s beneficiary pursuant to Paragraph 4(b)(ii) below, less any Policy indebtedness which is incurred by the Company and unpaid interest on such Policy indebtedness. ii) The Employee's beneficiary shall be entitled to receive an amount of the Policy death proceeds as follows plus death proceeds, if any, from an accidental death benefit rider:

Policy Interests. (a) Company's Policy Interest. The Policy interests described in this ------------------------- Subsection 5(a) shall be referred to as the "Company's Policy Interest." (1) In the event of the surrender or cancellation of the Policy during the term of this Agreement, the Company's Policy Interest is limited to its right to recover a portion of the cash value equal to the lesser of (i) the cumulative amount of premiums on the Policy paid by the Company reduced by premiums reimbursed to it by the Participant or (ii) the entire Policy cash value. (2) Upon termination of the Plan prior to the third Policy anniversary, the Company shall have the sole right at its election pursuant to the terms of the Policy to change the Policy to a term policy and receive a refund of premiums paid less the cost of the change. (3) Upon the Employee's death during the term of this Agreement, the Company's Policy Interest is the greater of (i) the entire death benefit payable under the Policy reduced by the death benefit payable to the Participant's beneficiary as provided in Subsection 5(b)(2) or (ii) an amount equal to the cumulative amount of premiums on the Policy paid by the Company reduced by premiums reimbursed to it by the Participant.

Policy Interests. BNYMCM acknowledges that (i) the New York Fed is part of the Federal Reserve System (the “System”) and that the Board of Governors and the Treasury have policy interests in the MLF Program, (ii) perceptions of the deliberations and policies of the Purchaser, the New York Fed, the Board of Governors, and the Treasury may have an extraordinary influence on securities, financial, and capital markets, and (iii) disclosure of nonpublic information regarding the deliberations and policies of the Purchaser, the New York Fed, the Board of Governors, or the Treasury would damage the Purchaser, the New York Fed, and the System, may impede their achievement of their policy objectives, and may result in instability in such markets.

Policy Interests. The Settlement Agent acknowledges that (i) the New York Fed is part of the Federal Reserve System (the “System”) and that the Board of Governors and the Treasury have policy interests in the MLF Program, (ii) perceptions of the deliberations and policies of the Purchaser, the New York Fed, the Board of Governors, and the Treasury may have an extraordinary influence on securities, financial, and capital markets, and (iii) disclosure of nonpublic information regarding the deliberations and policies of the Purchaser, the New York Fed, the Board of Governors, or the Treasury would damage the Purchaser, the New York Fed, and the System, may impede their achievement of their policy objectives, and may result in instability in such markets.

Policy Interests