Common use of Rights in the Policy Clause in Contracts

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.