Common use of POLICY TITLE AND OWNERSHIP Clause in Contracts

POLICY TITLE AND OWNERSHIP. 3.1 Title and ownership of the Policies shall reside in the Bank for its use and for the use of the Insured, all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the Policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Policy, then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement. 3.2 The Bank, at its sole discretion, shall have the right to determine the face amount of each Policy purchased on the Insured and shall have the right to determine whether the Policies are term, universal or whole life.

POLICY TITLE AND OWNERSHIP. 3.1 Title and ownership of the Policies shall reside in the Bank for its use and for the use of the Insured, all in accordance with this Agreement. The Bank alone may, to the extent of its interest, exercise the right to borrow or withdraw on the Policy cash values. Where the Bank and the Insured (or assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject Policy, Policy then, in such event, the rights, duties and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement. 3.2 The Bank, at its sole discretion, shall have the right to determine the face amount of each the Policy purchased on the Insured and shall have the right to determine whether the Policies are Policy is term, universal or whole life.