Common use of OWNERSHIP AND MAINTENANCE OF POLICIES Clause in Contracts

OWNERSHIP AND MAINTENANCE OF POLICIES. Each Shareholder shall ensure that each Insurance Policy under which the person insured is other Shareholder is 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 under each such policy as a consequence of the other Shareholder becoming Critically Ill and shall not, except as permitted under this Agreement or done with the consent of the other Shareholder, 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 each such policy.

OWNERSHIP AND MAINTENANCE OF POLICIES. Each Shareholder shall ensure that each Insurance Policy under which the person insured is other Shareholder is 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 under each such policy as a consequence of the other Shareholder becoming Critically Ill or dying under each such policy and shall not, except as permitted under this Agreement or done with the consent of the other Shareholder, 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 each such policy.

OWNERSHIP AND MAINTENANCE OF POLICIES. Each Shareholder shall ensure that each Insurance Policy under which the person insured is other Shareholder is 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 under each such policy as a consequence of the other Shareholder becoming Critically Ill or dying under each such policy and shall not, except as permitted under this Agreement or done with the consent of the other Shareholder, assign, transfer, dispose of, surrender, borrow against or upon, hypothec, pledge, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with each such policy.

OWNERSHIP AND MAINTENANCE OF POLICIES. Each Shareholder shall ensure that each Insurance Policy under which the person insured is the other Shareholder is 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 under each such policy as a consequence of the other Shareholder becoming Critically Ill and shall not, except as permitted under this Agreement or done with the consent of the other Shareholder, assign, transfer, dispose of, surrender, borrow against or upon, hypothec, pledge, in any way encumber or exercise any right of ownership in respect of, or otherwise deal in any manner whatever with each such policy.