Bank’s Benefit Sample Clauses
The "Bank’s Benefit" clause establishes that certain rights, protections, or advantages outlined in the agreement are intended specifically for the benefit of the bank. In practice, this means that provisions such as indemnities, warranties, or security interests are enforceable by the bank and not by other parties to the contract. This clause ensures that the bank is the sole beneficiary of these contractual terms, thereby protecting its interests and clarifying that third parties cannot claim the same benefits, which helps prevent disputes over entitlement and reinforces the bank’s position in the agreement.
Bank’s Benefit. Upon the death of Employee, the Bank shall be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement.
Bank’s Benefit. Upon the death of the Insured, the Bank shall be entitled to receive the remainder of the aggregate Policy death proceeds not payable under Section 10.1 above.
Bank’s Benefit. Upon the death of Employee, the Bank shall be entitled to receive an amount equal to all death benefits due under the Insurance Policy less the Employee’s Benefit as provided in paragraph 4.1. The Bank’s Benefit shall also be reduced by any amount borrowed against the Insurance Policy by the Bank. The receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under this Agreement.