Policy Ownership a. Except as provided in, or limited by, Section 4 and subparagraph b of this Section, the Owner shall have all the rights of the "Owner" under the terms of the Policy, including but not limited to the right to designate beneficiaries, select settlement options and to surrender the Policy; provided, the Owner may surrender paid up additions, borrow against the Policy or change dividend options on the Policy only if and to the extent that, immediately after the Owner takes such actions, the Cash Surrender Value of the Policy exceeds 110% of the Assignee's Premium Interest.
b. In exchange for the Assignee's payment of its premium contribution under Section 2, the Owner hereby assigns to the Assignee the following limited ownership rights in the Policy:
(i) The right to obtain one or more loans or advances on the Policy to the extent of the Assignee's Policy Interest and to pledge or assign the Policy for such loans or advances.
(ii) The right to realize against the Cash Surrender Value of the Policy to the extent of the Assignee's Policy Interest, in the event of termination of this Agreement as provided in Section 5.
(iii) The right to realize against the proceeds of the Policy to the extent of Assignee's Policy Interest, in the event of the Insured's death.
c. It is agreed that benefits may be paid under the Policy by the Insurer either by separate checks to the parties entitled thereto, or by a joint check. In the latter instance, the Owner and the Assignee agree that the benefits shall be divided as provided herein.
Policy Ownership. Employer 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 limited by this Agreement.
Policy Ownership. Xxxxx has a documented information security policy that all employees must read and acknowledge. This policy is reviewed and updated annually. Security policy development, maintenance, and issuance is the responsibility of the Braze Security Team.
Policy Ownership. 3.1 The Trustee shall own the Policy and may exercise all rights of ownership with respect to it, subject only to the security interest of the Corporation as expressed in this Agreement and the collateral assignment of the Policy to the Corporation.
Policy Ownership. 3.1 The Employee shall own the Policy and may exercise all rights of ownership with respect to it, subject only to the security interest of the Corporation as expressed in this Agreement and the collateral assignment of the Policy to the Corporation.
Policy Ownership. Interests
Policy Ownership. (a) Except as provided in subparagraph (b), the Owner shall be the sole and exclusive owner of the Policy. This includes all the rights of "owner" under the terms of the Policy except as otherwise provided in this Section 4, including but not limited to the right to designate beneficiaries and select settlement options.
(b) Neither the Owner nor the Company shall have the right to obtain a cash loan from the Insurer in accordance with the loan provisions of the Policy.
(c) In exchange for the Company's payment of its premium contribution under Section 3, the Owner shall assign to the Company the following limited ownership rights in the Policy:
(1) The right to recover its Policy Interest from the cash value of the Policy in the event of the termination of this Agreement as provided in Section 5.
(2) The right to recover its Policy Interest from the proceeds of the Policy in the event of the death of the survivor of the Insureds.
(d) To secure the Company's interest in the Policy the Owner shall execute an Assignment of the Policy to the Company in substantially the form attached hereto as Schedule B.
(e) It is agreed that benefits will be paid under the Policy by the Insurer only by separate checks to the parties entitled thereto.
Policy Ownership. The Owner shall be the sole owner of the Policy and shall have all incidents of ownership in and to the Policy.
Policy Ownership. Braze has a documented information security policy that all employees must read and acknowledge. This policy is reviewed and updated annually. Security policy development, maintenance, and issuance is the responsibility of the Braze Security Team.
Policy Ownership. Nothing in this Agreement is intended or shall be construed to be an assignment to the Banks of the whole of or any part of the ownership of the Insurance Policy so as to constitute the Banks the owner of the Insurance Policy. Any assignment related to the Insurance Policy is intended and shall be construed as an assignment of the proceeds of insurance and certain rights in relation thereto (as described in the Four Party Agreement).
