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.
Appears in 6 contracts
Samples: Split Dollar Agreement (Boston Bancorp), Split Dollar Agreement (Boston Bancorp), Split Dollar Agreement (Boston Bancorp)
