Ownership of the Policy. Subject to the provisions of this Agreement and the Collateral Assignment, the Owner shall be the sole and absolute owner of the Policy and may and shall exercise all ownership rights granted to the owner thereof by the terms of the Policy. It is the intention of the parties that the Owner shall retain all rights which the Policy grants to the owner of the Policy, except the right of the Corporation to recover the amount due to the Corporation under this Agreement. Specifically, without limitation, the Corporation shall neither have nor exercise any right as the collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the Corporation's Interest (as hereinafter defined). All provisions of this Agreement and the Collateral Assignment shall be construed so as to carry out such intention.
Ownership of the Policy. The Company shall be 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 my otherwise be provided herein.
Ownership of the Policy. The Employee shall be the owner of the Policy and may exercise all rights of ownership with respect to the Policy except as otherwise hereinafter provided; notwithstanding the foregoing, the Employee shall be permitted to borrow from the Policy only to the extent that the cash value of the Policy exceeds the amount payable to the Corporation under subparagraph (b) of paragraph 5 thereof.
Ownership of the Policy. The Company acknowledges that the Employee is the owner of the Policy and that Employee is entitled to exercise all of his or her rights granted by the terms of the Policy, except to the extent that the power of the Employee to exercise those rights is specifically limited by this Agreement and the Collateral Security Assignment Agreement of even date in the form attached hereto as Exhibit A (the "Collateral Assignment") executed by the Employee with respect to the Policy. Except as so limited, it is the expressed intention of the parties to reserve to the Employee all rights in and to the Policy granted to its owner by the terms thereof, including, but not limited to, the right to change the beneficiary of that portion of the proceeds to which the Employee is entitled under Section 3(d) of this Agreement and the right to exercise settlement options.
Ownership of the Policy a. The Owner shall be 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 may otherwise be provided herein.
b. It is the agreement of the parties hereto and the Collateral Assignment that the Owner shall retain all rights which the Policy grants to the owner thereof. The sole right of the Corporation hereunder shall be to be repaid the amounts which it has paid toward the premiums on the Policy and, accordingly, the Corporation shall have no "incidents of ownership" (as defined in Treas. Reg. Section 20.2042-l(c)(2)) in the Policy, except the right to borrow against its cash surrender value, subject to the terms hereof and provided the Corporation shall pay when due any and all interest and other charges assessed by the Insurer regarding such indebtedness. Specifically, but without limitation, the Corporation shall neither have nor exercise any right as collateral assignee of the Policy which could in any way defeat or impair the Owner's right to receive the cash surrender value or the death proceeds of the Policy in excess of the amount due the Corporation hereunder. All provisions of this Agreement and of the Collateral Assignment shall be construed so as to carry out such intention.
Ownership of the Policy. (a) The Employee is the sole owner of the Policy, and may exercise all incidents of ownership with respect thereto without the Corporation's consent, subject only to the limited rights given the Corporation under the terms of the limited collateral assignment provided for herein.
(b) The Employee shall execute and deliver a limited collateral assignment to the Corporation as security for repayment of the amount due to the Corporation under this Agreement. However, the Corporation shall neither have nor exercise any rights as collateral assignee of the Policy that could in any way defeat or impair the Employee's right to receive the cash surrender value or the death proceeds of the Policy in excess of the amount due to the Corporation hereunder. In no event shall the Corporation have the power to change the beneficiary, to surrender the Policy, to assign the Policy or revoke an assignment, to pledge the Policy for a loan, or to obtain from the insurer a loan against the surrender value of the Policy. All provisions of this Agreement and of such collateral assignment shall be construed so as to carry out such intention. A form of the Limited Collateral Assignment is attached hereto as Exhibit B.
Ownership of the Policy. The Employee shall be the owner of the insurance policy on the Employee's life identified in Exhibit "A" attached hereto and made a part hereof, and may exercise all rights of ownership with respect to the policy except as otherwise hereinafter provided.
Ownership of the Policy. The Policy shall be issued to the Executive or to a trust designated by the Executive in accordance with this Section 2(b). If the Policy is originally issued to the Executive, the Executive may transfer the Policy to a trust designated by the Executive, if such transfer is approved by the Company. The trustee, on behalf of a trust to which the Policy is issued or transferred, must execute a copy of this Agreement and agree to be bound by the terms hereof. The Executive or the trustee, on behalf of such a designated trust, as the case may be, shall be the sole and exclusive owner of the Policy, subject to the rights and interests granted to the Company, as provided in this Agreement and the Collateral Assignment. The Executive and any such trustee acknowledge and agree that the Company and its agents have not provided advice with respect to Executive's estate planning.
Ownership of the Policy. The Owner is the owner of the Policy. The Owner agrees not to exercise his/her ownership rights in the Policy in any way that would prevent the Corporation from recovering its Interest in the Policy in accordance with this Agreement.
Ownership of the Policy. You, the Owner, are named on the Schedule Page as of the Policy Date. You may be the Insured or someone other than the Insured. If another person becomes the Owner after the Policy Date, we will have a record of such change at the Service Center. During the Insured's life, you may exercise any rights and receive all benefits described in this Policy subject to the rights of the Irrevocable Beneficiary. Joint owners can own the Policy. Authorization of all joint owners is required for all Policy changes except for transfers and premium allocations.
