Common use of Funding Vehicles Clause in Contracts

Funding Vehicles. If the Bank and the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Director nor any Beneficiary shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall be and remain a general, unpledged, unrestricted asset of the Bank or the Company and shall not be deemed to be held under any trust for the benefit of the Director or any Beneficiary or to be held in any way as collateral security for the fulfilling of the obligations of the Bank under this Agreement, except as expressly provided by the terms of such policy or other asset.

Funding Vehicles. If the Bank and the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Director nor any Beneficiary shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall be and remain a general, unpledged, unrestricted asset of the Bank or the Company and shall not be deemed to be held under any trust for the benefit of the Director or any Beneficiary or to be held in any way as collateral security for the fulfilling of the obligations of the Bank under this Agreement, except as expressly provided by the terms of such policy or other asset. 12.

Funding Vehicles. If the Bank and the Company shall acquire an insurance policy or any other asset in connection with the liabilities assumed by it hereunder, it is expressly understood and agreed that neither the Director nor any Beneficiary shall have any right with respect to, or claim against, such policy or other asset. Such policy or asset shall be and remain a general, unpledged, unrestricted asset of the Bank or the Company and shall not be deemed to be held under any trust for the benefit of the Director or any Beneficiary or to be held in any way as collateral security for the fulfilling of the obligations of the Bank under this Agreement, except as expressly provided by the terms of such policy or other asset.