Other Takaful. The Bank may from time to time and at any time require the Assignor(s) to take out and maintain a Takaful Mortgage Plan or a life takaful policy. The Assignor(s) hereby agree and undertake to assign absolutely all rights, title, interest and benefits to the proceeds payable under the Takaful Mortgage Plan policy or such life policy to the Bank as further security and the Assignor(s) shall name the Bank as the sole beneficiary, in default whereof, the Bank may at its absolute discretion at the cost and expense of the Assignor(s) take out and maintain such policy guaranteeing the payment of all monies owing by the Assignor(s) to the Bank or any part thereof on such terms as the Bank may think fit. In the event of an Event of Default, the Takaful Mortgage Plan shall be terminated by the Bank and the Bank shall be entitled to claim the surrender value of the policy.
Other Takaful. The Bank may from time to time and at any time require the Chargor(s) to take out and maintain a Takaful Mortgage Plan or a life Takaful policy. The Chargor(s) and/or Customer(s) hereby agree and undertake to assign absolutely all rights, title, interest and benefits to the proceeds payable under the Takaful Mortgage Plan policy or such life policy the Bank as further security and the Chargor(s) and/or Customer(s) shall name the Bank as the sole beneficiary, in default whereof, the Bank may at its absolute discretion at the cost and expense of the Chargor(s) and/or Customer(s) take out and maintain such policy guaranteeing the payment of all monies owing by the Chargor(s) and/or Customer(s) to the Bank or any part thereof on such terms as the Bank may think fit. In the event of an Event of Default, the Takaful Mortgage Plan shall be terminated by the Bank and the Bank shall be entitled to claim the surrender of the policy.
Other Takaful. The Bank may from time to time and at any time require the Chargor(s) to take out and maintain a Takaful Mortgage Plan or a life Takaful policy. The Chargor(s) hereby agree and undertake to assign absolutely all rights, title, interest and benefits to the proceeds payable under the Takaful Mortgage Plan policy or such life policy the Bank as further security and the Chargor(s) shall name the Bank as the sole beneficiary, in default whereof, the Bank may at its absolute discretion at the cost and expense of the Chargor(s) take out and maintain such policy guaranteeing the payment of all monies owing by the Chargor(s) to the Bank or any part thereof on such terms as the Bank may think fit. In the event of an Event of Default, the Takaful Mortgage Plan shall be terminated by the Bank and the Bank shall be entitled to claim the surrender of the policy.
Other Takaful. This Policy is independent of any other insurance policy held by the Participant for Section 1 however for Section 2 & 3 this Policy shall not be liable to pay or contribute more than its ratable proportion of such loss or damage
