Ownership of Policies a. The Corporation shall be the sole and absolute owner of each Policy, and may exercise all ownership rights granted to the owner thereof by the terms of the Policy, except as may otherwise be provided herein; provided, however, that the Corporation shall be prohibited from borrowing against or taking any withdrawal under any of the Policies, or taking any policy loan or other advance under the Policies during the entire term of this Agreement.
Ownership of Policies a. The Owner shall be the sole and absolute owner of the Policies, and may exercise all ownership rights granted to the owner thereof by the terms of the Policies, including but not limited to the right to change the investment options of the Policies, except as may otherwise be provided herein.
Ownership of Policies. The Company shall be the sole and absolute owner of both of the Policies, and may exercise all ownership rights granted to the owner thereof by the terms of each of the Policies, except as may otherwise be provided herein.
Ownership of Policies a. The Owner shall be owner of the Policies and may exercise all ownership rights granted to the owner thereof by the terms of the Policies, subject in the case of each Policy to the Collateral Assignment relating to that Policy and to the rights of the Corporation under this Agreement.
Ownership of Policies. In order to increase the tax efficiency of these provisions, if the ownership of the policy or policies required to be maintained under the terms of this Agreement can be transferred, the insured Party shall not be the owner of the policies, and instead the policies shall be owned by the beneficiary or, if applicable, the Insurance Trust.
Ownership of Policies. The Bank shall own all of the right, title and interest in the Policies and shall control all rights of ownership with respect thereto. The Bank, in its sole discretion, may exercise its right to borrow against or withdraw the cash value of one or more of the Policies. In the event coverage under any of the Policies is increased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Ownership of Policies. All life insurance Policies will be vested exclusively in the Trustee and will be payable to the Trustee, subject to the rights of the Beneficiaries hereunder unless the Trustee permits the designation of a named beneficiary other than the Trustee. Notwithstanding the foregoing, no Trustee who is also a Participant may, except in a fiduciary capacity, exercise any ownership rights with respect to any Policy insuring the life of such Trustee in his or her capacity as a Participant.
Ownership of Policies. If the Lender, its designee(s) or any of their respective successors or assigns acquire by any manner the title or estate of the Borrower in any of the Collateral or the Trust Property, then the Lender shall become the sole and absolute owner of all of the insurance policies relating to such property, with the sole right to collect and retain any unearned premiums. The Borrower agrees, immediately upon demand, to execute and deliver any assignments or other authorizations or instructions as the Lender may request to effectuate this assignment.
Ownership of Policies. The Owner shall be the sole and absolute owner ---------------------- of the Policies, and may exercise all ownership rights granted to the Owner thereof by the terms of the Policies, including, but not limited to, the right to elect and to change the Death Benefit Option, the Face Amount of Insurance, and the investment options of the Policies, except as may otherwise be provided herein.
Ownership of Policies. The Agency acknowledges that all policies of insurance issued by Citizens remain the property of Citizens, and that no ownership or property rights in or related to any policies vest in the Agency at any time. The Agency may transfer its Book of Business to another Citizens Agency if Citizens gives its prior approval, which approval Citizens will not unreasonably withhold. The receiving Agency must accept responsibility for the transferred policies as outlined in the Book of Business Transfer Form.
