Ownership of Insurance. The Employee shall be the owner of the Policy and the Employee may exercise all rights of ownership with respect to the policy except as otherwise provided in this Agreement.
Ownership of Insurance a. Owner is the sole and absolute owner of the Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as hereinafter provided.
Ownership of Insurance. All rights and incidents of ownership in any life insurance policy that the Bank may purchase insuring the life of the Participant shall belong exclusively to the Bank, and neither the Participant or any beneficiary or other person claiming under or through him or her shall have any rights, title or interest in or to any such insurance policy. Neither the Participant nor any beneficiary under this Agreement shall have any power to transfer, assign, hypothecate or otherwise encumber, in advance any of the benefits payable hereunder, nor shall any benefits be subject to seizure for the benefit of any debts or judgments, or be transferable by operation of law in the event of bankruptcy, insolvency or otherwise.
Ownership of Insurance. The Employee shall be the owner of the Policy, but as a condition of the Agreement agrees to make a "collateral assignment" to the Company in an amount equal to the sum of the cumulative annual premiums paid by the Company. The Employee may exercise all rights of ownership with respect to the Policy, except as otherwise hereinafter provided. It is the express intention of the parties to reserve to the Employee certain rights in and to the Policy granted to it by the terms of the Policy, but excluding the right to designate and change the beneficiary of that portion of the proceeds to which the Company is entitled under Section 5 hereunder.
Ownership of Insurance. The Bank is and shall continue to be owner of the Insurance Policy, the Bank may exercise all the rights and ownership with respect to the Insurance Policy, and the Bank possesses all incidence of ownership with respect to the Insurance Policy, except as provided in Section 4 of this Agreement. The Insurance Policy is listed on Schedule “1” and Abington Bank may to the extent allowed by law substitute and/or change the Insurer so long as Abington Bank fully complies with the provisions of this Agreement to provide an Insurance Policy in the amount and on the terms of Schedule “1”.
Ownership of Insurance. The Corporation will be the owner of the policy on the Employee's life acquired pursuant to the terms of ther Agreement and it may exercise all the rights of ownership with respect to the policy except as otherwise hereinafter provided.
Ownership of Insurance. The Owner shall be the owner of the Policy and may exercise all rights of ownership with respect to the Policy, except as otherwise provided in the Agreement.
Ownership of Insurance. The Employee will be the owner of the policy on the Employee's life acquired pursuant to the terms of this Agreement and he may exercise all the rights of ownership with respect to the policy except as otherwise hereinafter provided.
Ownership of Insurance. The Trust shall be the owner of the policy on Employee's life acquired pursuant to the terms of this Agreement, and the Trust may exercise all the rights of ownership with respect to the policy except as otherwise hereinafter provided. Notwithstanding the terms of the policy, the Trust hereby agrees that at least 25% of the policy's cash value shall at all times be invested in one or more of the policy's bond funds. 3.
Ownership of Insurance. The Epstxxx Xxxily Trust is and shall continue to be the owner of the Policy and may exercise all rights of ownership with respect to the Policy, except as to the limited security interest in the Policy specifically granted to the Company herein. Subject to such security interest of the Company, the rights reserved to the Epstxxx Xxxily Trust include specifically the right to change the beneficiaries of the Policy, the right to surrender the Policy, the right to assign the Policy or revoke such an assignment, and the right to pledge the Policy for a loan or to obtain a loan from the Insurance Company against the surrender value of the Policy.
