Common use of Ownership Rights In The Policy Clause in Contracts

Ownership Rights In The Policy. A. The Corporation shall have all of the ownership rights, options and privileges permitted by the Policy except those expressly granted to the Executive by the terms of this Agreement. B. The Corporation has the right to borrow or to pledge the cash surrender value of the Policy to the extent of its interest specified in Paragraph 1.C., and as permitted by the terms of the Policy. The Corporation’s interest in the cash surrender value of the Policy at any time during the Executive’s lifetime, or at death, shall be adjusted to reflect any indebtedness on or secured by the Policy which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness). C. The Corporation shall have the right to designate itself as beneficiary of the Policy, to the extent of the difference between the total death benefit paid under the life insurance contract and the amount designated in Paragraph 1.D., below, provided such amount is reduced by any indebtedness (on or secured by the Policy) which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness) and/or any withdrawals by or on behalf of the Corporation. D. The Corporation hereby endorses to the Executive policy death benefits in the amount of $600,000 which shall be payable to the Executive’s estate if the Executive dies while this Agreement is in force. The Corporation and the Executive’s estate may select a settlement option as provided in the Policy at the time of distribution. E. The Corporation may not take any action with respect to the Policy that will impair any right or interest of the Executive in the Policy.

Ownership Rights In The Policy. A. The Corporation shall have all of the ownership rights, options and privileges permitted by the Policy except those expressly granted to the Executive by the terms of this Agreement. B. The Corporation has the right to borrow or to pledge the cash surrender value of the Policy to the extent of its interest specified in Paragraph 1.C., and as permitted by the terms of the Policy. The Corporation’s interest in the cash surrender value of the Policy at any time during the Executive’s lifetime, or at death, shall be adjusted to reflect any indebtedness on or secured by the Policy which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness). C. The Corporation shall have the right to designate itself as beneficiary of the Policy, to the extent of the difference between the total death benefit paid under the life insurance contract and the amount designated in Paragraph 1.D., below, provided such amount is reduced by any indebtedness (on or secured by the Policy) which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness) and/or any withdrawals by or on behalf of the Corporation. D. The Corporation hereby endorses to the Executive policy death benefits in the amount of $600,000 1,000,000 which shall be payable to the Executive’s estate if the Executive dies while this Agreement is in force. The Corporation and the Executive’s estate may select a settlement option as provided in the Policy at the time of distribution. E. The Corporation may not take any action with respect to the Policy that will impair any right or interest of the Executive in the Policy.

Ownership Rights In The Policy. A. The Corporation shall have all of the ownership rights, options and privileges permitted by the Policy except those expressly granted to the Executive by the terms of this Agreement. B. The Corporation has the right to borrow or to pledge the cash surrender value of the Policy to the extent of its interest specified in Paragraph 1.C., and as permitted by the terms of the Policy. The Corporation’s interest in the cash surrender value of the Policy at any time during the Executive’s lifetime, or at death, shall be adjusted to reflect any indebtedness on or secured by the Policy which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness). C. The Corporation shall have the right to designate itself as beneficiary of the Policy, to the extent of the difference between the total death benefit paid under the life insurance contract and the amount designated in Paragraph 1.D., below, provided such amount is reduced by any indebtedness (on or secured by the Policy) which is attributable to borrowing by or on behalf of the Corporation (including any interest due on such indebtedness) and/or any withdrawals by or on behalf of the Corporation. D. The Corporation hereby endorses to the Executive policy death benefits in the amount of $600,000 1,500,000 which shall be payable to the Executive’s estate if the Executive dies while this Agreement is in force. The Corporation and the Executive’s estate may select a settlement option as provided in the Policy at the time of distribution. E. The Corporation may not take any action with respect to the Policy that will impair any right or interest of the Executive in the Policy.