Common use of OWNERSHIP AND MAINTENANCE OF POLICIES Clause in Contracts

OWNERSHIP AND MAINTENANCE OF POLICIES. The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with such policies.

OWNERSHIP AND MAINTENANCE OF POLICIES. The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, hypothec, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with such policies.

OWNERSHIP AND MAINTENANCE OF POLICIES. The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder Principal under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with such policies.

OWNERSHIP AND MAINTENANCE OF POLICIES. The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever whatever, with such policies.

OWNERSHIP AND MAINTENANCE OF POLICIES. 0000-00-0000 The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, hypothec, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with such policies.

OWNERSHIP AND MAINTENANCE OF POLICIES. The Corporation shall ensure that the life insurance policies subject to this Agreement are at all times in good standing and in full force and effect, shall at all times be the policy owner of each such policy, shall be entitled at all times to receive the insurance proceeds payable on the death of a Shareholder under such policies and shall not, except as permitted under this Agreement or done with the consent of all the Shareholders, assign, transfer, dispose of, surrender, borrow against or upon, pledge, hypothec, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever whatever, with such policies.