Common use of Bank’s Interest Clause in Contracts

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 shall own the Policies 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 a Participant the Executive has an interest in the Policy during the time periods as described in section 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. This provision shall not impair the right of the Bank Bank, subject to Article 9, to terminate this PlanAgreement. With respect to each Policy, the The Bank shall be the direct beneficiary of the remaining death proceeds of the Policy after the ParticipantExecutive's interest Interest is determined according to section Section 3.1.

Bank’s Interest. The Bank shall own the Policies 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 a Participant the Trust has an interest in the Policy during the time periods as described in section Section 3.1. This provision shall not impair the right of However, the Bank may replace the Policy with a policy that provides comparable death benefits to terminate cover the benefit provided under this PlanAgreement. With respect to each Policy, the The Bank shall be the direct beneficiary of the remaining death proceeds of the Policy after the Participant's interest Trust’s Interest is determined according to section Section 3.1.

Bank’s Interest. The Bank shall own the Policies 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 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 Interest is determined according to section 3.1.