Bank’s Interest Sample Clauses
The 'Bank’s Interest' clause defines the rights and protections afforded to a bank that has a financial interest in the subject matter of the agreement, such as property or assets. Typically, this clause outlines the bank’s priority in receiving payments or compensation in the event of loss, damage, or default, and may require the other party to notify the bank of any relevant changes or claims. Its core function is to safeguard the bank’s financial stake, ensuring that its interests are recognized and prioritized, thereby reducing the bank’s risk exposure in the transaction.
Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise all incidents of ownership, except as limited herein. The Bank shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s Interest is determined according to Section 2.2 below.
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 4, the Bank may terminate a Policy without the consent of the Director. The Bank shall be the beneficiary of the remaining death proceeds of the Policies after the Director’s Interest is determined according to Section 2.2 below.
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership except that the Bank shall not sell, surrender or transfer ownership of a Policy so long as a Participant has an interest in the Policy during the time periods as described in section 3.
1. This provision shall not impair the right of the Bank to terminate this Plan. With respect to each Policy, the Bank shall be the direct beneficiary of the remaining death proceeds of the Policy after the Participant's interest is determined according to section 3.1.
Bank’s Interest. The Bank is making a loan to the Owner in the amount of six hundred thousand dollars ($600,000) (the “Bank Loan”), which is secured by a deed of trust on the Property executed by the Owner and is being recorded concurrently with this Agreement (the “Bank Deed of Trust”).
Bank’s Interest. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership, including but not limited to the right to cancel a Policy or Policies without replacement. For any Policy cancelled by the Bank without replacement, the Bank shall nevertheless pay or cause to be paid to the beneficiary(ies) designated by the Participant death proceeds in the amount specified in Section 3.
1. For any Policy not cancelled, the Bank shall be the direct beneficiary of any death proceeds remaining after the Participant’s interest has been paid under Section 3.1.
Bank’s Interest. Except for the conveyances hereunder and in connection with any transaction permitted pursuant to Section 9.5, the Bank hereby agrees not to transfer, assign, exchange or otherwise convey or pledge, hypothecate or otherwise grant a security interest in the Accounts and any such attempted transfer, assignment, exchange, conveyance, pledge, hypothecation or grant shall be void.
Bank’s Interest. The Bank is the sole owner of the Policies and shall have the right to exercise all incidents of ownership. Upon termination of a Participant’s participation in this Plan, the Bank shall not sell, surrender, or transfer ownership of the related Policy without first giving the Participant or the Participant’s transferee the option to purchase the Policy for a period of 60 days after the Bank gives written notice of the Bank’s intention to sell, surrender, or transfer ownership of the Policy. The purchase price shall be an amount equal to the cash surrender value of the Policy. This provision shall not impair the right of the Bank to terminate this Plan. The Bank shall be the direct beneficiary of the remaining death proceeds of a Policy after the Participant’s interest is determined according to section 3.1.
Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise all incidents of ownership except that the Bank shall not sell, surrender or transfer ownership of a Policy so long as the Trust has an interest in the Policy as described in Section 3.1. However, the Bank may replace the Policy with a policy that provides comparable death benefits to cover the benefit provided under this Agreement. The Bank shall be the beneficiary of the remaining death proceeds of the Policy after the Trust’s Interest is determined according to Section 3.1.