Common use of POLICY TITLE AND OWNERSHIP Clause in Contracts

POLICY TITLE AND OWNERSHIP. Title and ownership 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 the Policy cash values. Where the Bank and the Insured (or the Insured's beneficiary[ies] or assignee[s], with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject split dollar 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.

POLICY TITLE AND OWNERSHIP. The parties shall cooperate in applying for and obtaining the policy. Title and ownership 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 policy cash values. Where the Bank and the Insured (or the Insured's beneficiary[ies] or assignee[s]assignee, with the written consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject split dollar Policypolicy, then, in such event, the rights, duties duties, and benefits of the parties to such increased coverage shall continue to be subject to the terms of this Agreement.

POLICY TITLE AND OWNERSHIP. Title and ownership of the policy(ies) shall reside in the Bank for its use and for the use of the Insured in all in accordance with this Agreement. The Bank alone mayBank, to in its sole discretion, may surrender or terminate the extent of its interest, exercise the right to policy(ies) at any time and for any reason and may borrow from or withdraw cash value from the Policy cash valuespolicy(ies) at any time in its sole discretion. Where the Bank and the Insured (or the Insured's beneficiary[ies] or assignee[s]assignee, with the consent of the Insured) mutually agree to exercise the right to increase the coverage under the subject split dollar Policypolicy(ies), 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.