RIGHTS IN POLICY Sample Clauses

RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy. B. The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, shall have the right to allocate the aggregate account value to particular investment vehicles, subject to a right of the Employer to disapprove a particular investment vehicle which it deems inappropriate. C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement. D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit. E. The Employer shall not take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Employer in the Policy.
Sample 1Sample 2Sample 3See All (12)
AutoNDA by SimpleDocs
RIGHTS IN POLICY. 4.1 The Trust shall have no right to borrow against the Policy. 4.2 The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, retains the express right to allocate the aggregate account value to particular investment vehicles. 4.3 The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Trust, which approval shall not unreasonably be denied. The Employer shall have the right to approve any amendment to or exchange of the Policy proposed by the Employee, but only to the extent that such amendment or exchange materially increases the annual premium for such Policy. Action by the Employee or the Trust to change the Policy and/or insurer pursuant to this Section 4.3 shall not otherwise alter the respective rights and responsibilities of the parties set forth in this Agreement. 4.4 Neither the Trust nor the Employer shall have any responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit under the Policy. 4.5 Neither the Trust nor the Employer shall take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Trust in the Policy. 4.6 The Employee retains all other rights in the Policy not specifically assigned to the Trust including, but not limited to, the following rights: (a) The right to surrender the Policy as set forth in Paragraph 4 of the Collateral Assignment. (b) The right to change the beneficiary of the Policy, to the extent of his interest in such Policy. (c) The right to select optional methods of settlement with regard to the death benefit provided in PART TWO of Section 6.1. (d) The right to borrow against the Policy (subject to the limitations contained in the Collateral Assignment). (e) All other rights contained in the Policy, to the extent the exercise of such rights does not adversely affect the Trust's interest in the Policy.
Sample 1
RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy. B. The Employer shall have the right to allocate the aggregate account value to particular investment vehicles. C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement. D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit. E. The Employer shall not take any action that might endanger the interest of the Employee in the Policy. The Employee shall not take any action that might endanger the interest of the Employer in the Policy.
Sample 1
RIGHTS IN POLICY. A. The Employer shall have no right to borrow against the Policy. B. The Employee, in recognition of the defined contribution provisions of this Agreement and the variable nature of the death benefits, shall have the right to allocate the aggregate account value to particular investment vehicles, subject to a right of the Employer to disapprove a particular investment vehicle which it deems inappropriate. C. The Employee shall have the right to exchange the Policy for such other policies and/or insurers that he deems appropriate based upon the investment performance or financial condition of the Insurer, subject to the approval of the Employer, which approval shall not unreasonably be denied. Action by the Employee or the Employer to change the Policy and/or insurer pursuant to this paragraph shall not otherwise alter the rights and responsibilities of the Employer and the Employee as set forth in this Agreement. D. The Employer shall have no responsibility for a shortfall in the projected total return on the paid-in premiums available to provide the death benefit.
Sample 1

Related to RIGHTS IN POLICY

  • Certain Policies Prior to the Effective Time, each of Hxxxxx United and its Subsidiaries shall, consistent with U.S. GAAP, the rules and regulations of the SEC and applicable banking laws and regulations, modify or change its loan, OREO, accrual, reserve, tax, litigation and real estate valuation policies and practices (including loan classifications and levels of reserves) so as to be applied on a basis that is consistent with that of TD Banknorth, provided, however, that no such modifications or changes need be made prior to the satisfaction of the conditions set forth in Sections 8.1(a) and 8.1(b); and provided further that in any event, no accrual or reserve made by Hxxxxx United or any of its Subsidiaries pursuant to this Section 7.15 shall constitute or be deemed to be a breach, violation of or failure to satisfy any representation, warranty, covenant, agreement, condition or other provision of this Agreement or otherwise be considered in determining whether any such breach, violation or failure to satisfy shall have occurred. The recording of any such adjustments shall not be deemed to imply any misstatement of previously furnished financial statements or information and shall not be construed as concurrence of Hxxxxx United or its management with any such adjustments.

  • NO LEMON POLICY This Agreement provides that following the expiration of the term of the Covered Product’s manufacturer’s warranty, and subject to Our Limit of Liability, after three (3) service repairs have been completed for the Covered Product for the same problem, as determined in Our sole discretion, in lieu of performing a fourth (4th) repair on the Covered Product, We may replace it with a product of like kind or similar features, or issue a check to You in an amount not to exceed the remaining limit of liability as determined in accordance with the section titled “LIMIT OF LIABILITY.” If We replace the Covered Product, all Our obligations for the Covered Product under this Agreement terminate.

  • Cancellation Policy In the event that you must cancel your reservation, please be aware that cancellations must occur at least 30 days prior to the arrival date. If cancellation occurs 30 days or more prior to arrival date all monies will be refunded with the exception of a $100.00 administrative fee.

  • Distribution Policy Notwithstanding any other provision of this Agreement, distributions will be made only to Member(s) with positive Adjusted Capital Account Balances (calculated following all allocations for the period ending immediately prior to the distribution) and then to each such Member only to the extent of such Member’s positive Adjusted Capital Account Balance.

  • Union Policy Grievance The Union may institute a grievance consisting of an allegation of a general misinterpretation or a violation by the Employer of this Agreement in writing at Step Number 2 of the grievance procedure, providing that it is presented within ten (10) working days after the circumstances giving rise to the grievance have originated or occurred. However, it is expressly understood that the provisions of this clause may not be used to institute a grievance directly affecting an employee or employees which such employee or employees could themselves initiate as an individual or group grievance and the regular grievance procedure shall not be thereby bypassed.

  • Competition Policy 1. The Parties recognize the importance of cooperation and technical assistance between their national competition authorities, including inter alia, the exchange of information and experiences, and the improvement of technical capacities in order to reinforce their competition policies. 2. In this sense, cooperation shall be conducted in accordance with their respective domestic laws and through their national competition authorities, who may sign a cooperation agreement.

  • Non-Discrimination Policy PBA Membership

  • Vacation Policy The Executive shall be entitled to a paid vacation of four weeks during each year of the Term.

  • SPAM POLICY You are strictly prohibited from using the Website or any of the Company's Services for illegal spam activities, including gathering email addresses and personal information from others or sending any mass commercial emails.

  • Summary of Policy and Prohibitions on Procurement Lobbying Pursuant to State Finance Law §139-j and §139-k, this Contract includes and imposes certain restrictions on communications between OGS and a Vendor during the procurement process. A Vendor is restricted from making contacts from the earliest notice of intent to solicit offers/bids through final award and approval of the Procurement Contract by OGS and, if applicable, the Office of the State Comptroller (“restricted period”) to other than designated staff unless it is a contact that is included among certain statutory exceptions set forth in State Finance Law §139-j(3)(a). Designated staff, as of the date hereof, is identified in Appendix G, Contractor and OGS Information, or as otherwise indicated by OGS. OGS employees are also required to obtain certain information when contacted during the restricted period and make a determination of the responsibility of the Vendor pursuant to these two statutes. Certain findings of non-responsibility can result in rejection for contract award and in the event of two findings within a four-year period; the Vendor is debarred from obtaining governmental Procurement Contracts. Further information about these requirements can be found on the OGS website: xxxx://xxx.xxx.xx.xxx/aboutOgs/regulations/defaultSFL_139j-k.asp.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!