Rights in the Policy a) The Bank is the owner of any insurance policy, with the insured having only the right to name a beneficiary for any split dollar insurance benefit.
b) Upon the death of the Executive while this agreement is in force, the Executive’s named beneficiary will be entitled to receive from the Policy proceeds an amount equal to the Split Dollar Death Benefit. The remainder of the Policy Proceeds will be paid to Bank. Within 60 days after the death of the Executive, the Bank will provide to the Insurance Company a written statement indicating the amount of the Policy proceeds which it is entitled to receive.
Rights in the Policy. The Employee may exercise all rights, options and privileges of ownership in the Policy except those granted to the Corporation in the Assignment. The Corporation will have those rights in the Policy given to it in the Assignment except as hereinafter modified. The Corporation will not without the written consent of the Employee assign its rights in the Policy, other than for the purpose of obtaining a loan against the Policy, to anyone other than the Employee. The Corporation will not take any action in dealing with the Insurer that would impair any right or interest of the Employee in the Policy. The Corporation will have the right to borrow from the Insurer, and to secure that loan by the Policy, an amount which, together with the unpaid interest accrued thereon, will at no time exceed the Loan Value of the Policy.
Rights in the Policy. The Employee will have the sole right to designate the beneficiary for a specified amount of the death proceeds of the Policy. The Corporation will have and may exercise, except as limited hereinafter, all ownership rights in the Policy. The Corporation will not without the written consent of the Employee assign its rights in the Policy, other than for the purpose of obtaining a loan against the Policy, to anyone other than the Employee. The Corporation will not take any action in dealing with the Insurance Company that would impair any right or interest of the Employee in the Policy. The Corporation will have the right to borrow from the Insurance Company, and to secure that loan by the Policy, an amount which together with the unpaid interest accrued thereon, will at no time exceed the lesser of (a) the Corporation's Interest in the Policy and (b) the Loan Value of the Policy.
Rights in the Policy. The Employee may exercise all rights, options and privileges of ownership in the Policy except those granted to the Corporation
Rights in the Policy. The Employee will have the sole right to designate the beneficiary of the death proceeds of the Policy in excess of the Bank's Interest in the Policy. The Bank will have and may exercise, except as limited hereinafter, all ownership rights in the Policy. The Bank will not surrender the policy for cancellation except upon expiration of the thirty (30) day period described in Article X. The Bank will not without the written consent of the Employee assign its rights in the Policy, other than for the purposes of obtaining a loan against the Policy, to anyone other than the Employee. The Bank will not take any action dealing with The New England that would impair any right or interest of the Employee in the Policy. The Bank will have the right to borrow from The New England and to secure that loan by the Policy, an amount which, together with the unpaid interest accrued thereon, will at no time exceed the lesser of (a) the Bank's Interest in the Policy or (b) the Loan Value of the Policy. "
Rights in the Policy. (a) Except as provided otherwise herein, the Employer shall possess all incidents of ownership with respect to the Policy and may exercise all rights, options, and privileges of ownership in the Policy.
(b) Concurrently with the execution of this Agreement the Employer and the Employee shall execute and deliver to the Insurer an Assignment of the Policy in substantially the form of Exhibit A to this Agreement. The Employee shall --------- indemnify the Employer for any tax liability of the Employee in respect of any assignment of the Policy hereunder, including any interest or penalties assessed in connection therewith.
(c) The Employer will not take any action in dealing with the Insurer that would impair any right or interest of the Employee in the Policy. The Employee will not take any action in dealing with the Insurer that would impair any right or interest of the Employer in the Policy.
(d) The Employer and the Employee shall promptly execute and forward to the Insurer beneficiary designations, forms, and other documents as may be required by the Insurer to facilitate the exercise of any rights of the Employer and the Employee under the Policy, provided, however, that neither the Employer nor the Employee shall be required to execute any documents or take any other action that would impair its own interests in the Policy.
Rights in the Policy. The Owner may exercise all rights, options and privileges of ownership in the Policy except those granted to the Corporation in the Assignment. The Corporation will have those rights in the Policy given to it in the Assignment except as expressly modified in this Agreement. The Corporation may not assign its rights in the Policy to anyone other than the Owner. The Corporation may not take any action in dealing with Insurer that would impair any right or interest of the Owner in the Policy. THE CORPORATION HAS LIMITED RIGHTS TO OBTAIN POLICY LOANS FROM THE INSURER, LIMITED TO THE EXTENT OF CORPORATION'S INTEREST IN THE POLICY AND SUBJECT TO, IN ALL EVENTS, THE POLICY'S MAXIMUM LOAN VALUE. The Corporation's Interest in the Policy will be the liability of the Owner for which the Policy is held as collateral security under the Assignment. "Corporation's Interest in the Policy" means, at any time at which the value of such interest is to be determined under this Agreement, the lesser of (a) the Cash Surrender Value of the Policy at such time, or (b) the total of premiums that are paid on the Policy by the Corporation. If the Corporation has paid additional premiums attributable to a rider providing for the waiver of premiums in the event of the Employee's disability, then "premiums" as used in the preceding sentence does not include any premiums waived pursuant to the terms of such rider while this Agreement is in force.
Rights in the Policy. Until the earliest of (a) the termination of the Employee's employment with the Company and its affiliates (if applicable) prior to a Change in Control for any reason other than death or an involuntary termination by the Company or one of its affiliates without cause, (b) 210 days after the involuntary termination of the Employee's employment without cause (including for disability) by the Company and its affiliates (if applicable) prior to a Change in Control (which shall include a termination for disability), (c) the date of the Employee's termination of employment with the Company and its affiliates (if applicable) for any reason other than death in connection with or after a Change in Control if on the date of employment termination the Employee is at least 58 years of age, (d) 30 days after the Employee attains the age of 58 years if his employment with the Company and its affiliates (if applicable) is terminated for any reason other than death in connection with or after a Change in Control and on the date of employment termination the Employee is less than 58 years of age; (e) the date the Employee purchases all of the Policies pursuant to Article V of this Agreement, (f) the day next following the death of the Employee or (g) the bankruptcy, receivership or dissolution of the Company (the "Coverage Period"), the Employee will have the sole right to designate the beneficiary of the death proceeds of the Policies in excess of the Company's Interest in the Policies. the Company will have and may exercise, all ownership rights in each Policy, except as may otherwise be provided herein. During the Coverage Period, the Company will not, without prior written consent of the Employee: (i) terminate any of the Policies or permit any of the Policies to lapse for non-payment of premium; (ii) terminate, alter or amend the beneficiary designation of the Employee to the extent the Employee has the power to designate a beneficiary hereunder; (iii) terminate, alter or amend the settlement option with respect to the interest of the beneficiary designated by Employee to the extent the Employee has the power to designate a beneficiary hereunder; (iv) surrender any Policy for cancellation; (v) assign its rights in any Policy (other than for the purposes of obtaining a loan against the Policy) to anyone other than the Employee; or (vi) take any action in dealing with the Insurers that would impair any right or interest of the Employee in the Policies. The Company will ...
Rights in the Policy. The Employee may exercise all rights, options and privileges of ownership in the Policy except those granted to the Corporation in the Assignment. The Corporation will have those rights in the Policy given to it in the Assignment except as hereinafter modified. The Corporation may not surrender the Policy for cancellation except upon expiration of the thirty (30) day period described in Article X. The Corporation will not without the written consent of the Employee assign it's rights in the Policy, other than for purposes of obtaining a loan against the Policy, to anyone other than the Employee. The Corporation will not take any action in dealing with The New England that would impair any right or interest of the Employee in the Policy. The Corporation will have the right to borrow from the New England, and to secure that loan by the Policy, an amount which, together with the unpaid interest accrued thereon, will at no time exceed the lesser of (a) the Corporation's Interest in the Policy, and (b) the Loan Value of the Policy. The Corporation's Interest in the Policy will be the face value of the Policy, less any death benefits payable pursuant to Article VIII. "
Rights in the Policy. The Owner may exercise all rights, options and privileges of ownership in the Policy except those granted to the Corporation in the Assignment. The Corporation will have those rights in the Policy given to it in the Assignment except as expressly modified in this Agreement. The Corporation may not assign its rights in the Policy to anyone other than the Owner. The Corporation may not take any action in dealing with Insurer that would impair any right or interest of the Owner in the Policy. THE CORPORATION MAY NOT BORROW FROM INSURER, AND SECURE THAT LOAN BY THE POLICY. The Corporation's Interest in the Policy will be the liability of the Owner for which the Policy is held as collateral security under the Assignment. "Corporation's Interest in the Policy" means, at any time at which the value of such interest is to be determined under this Agreement, the lesser of (a) the Cash Surrender Value of the Policy at such time, or (b) the total of premiums that are paid on the Policy by the Corporation. If the Corporation has paid additional premiums attributable to a rider providing for the waiver of premiums in the event of the Employee's disability, then "premiums" as used in the preceding sentence does not include any premiums waived pursuant to the terms of such rider while this Agreement is in force.
