Ownership of Policies a. The Corporation shall be the sole and absolute owner of each Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein; provided, however, that the Corporation shall be prohibited from borrowing against or taking any withdrawal under any of the Policies, or taking any policy loan or other advance under the Policies during the entire term of this Agreement.
Ownership of Policies. The Owner shall be the sole and absolute owner of the Policies, and may exercise all ownership rights granted to the owner thereof by the terms of the Policies.
Ownership of Policies a. The Owner shall be owner of the Policies and may exercise all ownership rights granted to the owner thereof by the terms of the Policies, subject in the case of each Policy to the Collateral Assignment relating to that Policy and to the rights of the Corporation under this Agreement.
Ownership of Policies. In order to increase the tax efficiency of these provisions, if the ownership of the policy or policies required to be maintained under the terms of this Agreement can be transferred, the insured Party shall not be the owner of the policies, and instead the policies shall be owned by the beneficiary or, if applicable, the Insurance Trust.
Ownership of Policies. The Owner shall be the sole and absolute Owner of the Policies, and may exercise all Ownership rights granted to the Owner thereof by the terms of the Policies, including, but not limited to, the right to elect and to change the Death Benefit Option, the Face Amount of Insurance, and the investment options of the Policies, except as may otherwise be provided herein.
Ownership of Policies. The Bank shall own all of the right, title and interest in the Policies and shall control all rights of ownership with respect thereto. The Bank, in its sole discretion, may exercise its right to borrow against or withdraw the cash value of one or more of the Policies. In the event coverage under any of the Policies is increased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Ownership of Policies a. The Corporation shall be the sole and absolute owner of each Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein; provided, however, that in no event shall the Corporation have any right to borrow against or make withdrawals from the Policy.
b. Specifically, the Corporation shall have the sole authority to direct the manner in which the Policy Account (as such term is defined in each Policy) established pursuant to the terms of the Policy shall be allocated among the various investment options from time to time available under the Policy and to change such allocation from time to time, as provided for in the Policy.
Ownership of Policies. All life insurance Policies will be vested exclusively in the Trustee and will be payable to the Trustee, subject to the rights of the Beneficiaries hereunder unless the Trustee permits the designation of a named beneficiary other than the Trustee. Notwithstanding the foregoing, no Trustee who is also a Participant may, except in a fiduciary capacity, exercise any ownership rights with respect to any Policy insuring the life of such Trustee in his or her capacity as a Participant.
Ownership of Policies. If the Lender, its designee(s) or any of their respective successors or assigns acquire by any manner the title or estate of the Borrower in any of the Collateral or the Trust Property, then the Lender shall become the sole and absolute owner of all of the insurance policies relating to such property, with the sole right to collect and retain any unearned premiums. The Borrower agrees, immediately upon demand, to execute and deliver any assignments or other authorizations or instructions as the Lender may request to effectuate this assignment.
Ownership of Policies a. The Owner shall be the sole and absolute owner of the Policies, and may exercise all ownership rights granted to the owner thereof by the terms of the Policies, including but not limited to the right to change the investment options of the Policies, except as may otherwise be provided herein.
b. It is the intention of the parties to this Agreement and the collateral assignments executed by the Owner to TALX in connection herewith that the Owner shall retain all rights which the Policies grant to the owner thereof; the sole right of TALX hereunder shall be to be repaid the amounts which it has paid toward the premiums on the Policies. Specifically, but without limitation, TALX shall neither have nor exercise any right as collateral assignee of the Policies which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policies in excess of the amount due TALX hereunder. All provisions of this Agreement and of such collateral assignment shall be construed so as to carry out such intention. Any dividend declared on the Policy shall be applied to purchase paid-up additional insurance on the lives of the Insureds. The parties hereto agree that the dividend election provisions of the policies shall conform to the provisions hereof.
