Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy 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 the Policy. In the event that coverage under the Policy is increased at the discretion of the Bank, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Appears in 7 contracts
Samples: Split Dollar Agreement (National Commerce Corp), Split Dollar Agreement (National Commerce Corp), Split Dollar Agreement (National Commerce Corp)
Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy 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 the Policy. In the event that coverage under the Policy is increased at the discretion of the Bankincreased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement. The Bank shall be the beneficiary of the remaining death proceeds of the Policy after payment of the Death Benefit as provided for in Section 6.
Appears in 5 contracts
Samples: Supplemental Split Dollar Agreement (Red River Bancshares Inc), Supplemental Split Dollar Agreement (Red River Bancshares Inc), Supplemental Split Dollar Agreement (Red River Bancshares Inc)
Ownership of Policy. The Bank shall own owns all of the right, title and interest in and to the Policy and shall control controls all rights of ownership with respect thereto. The Bank, in its sole discretion, may exercise its right to borrow against or withdraw on the cash value of the Policy. In the event that coverage under the Policy is increased at the discretion of the Bankincreased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Appears in 5 contracts
Samples: Split Dollar Agreement (CCF Holding Co), Split Dollar Agreement (Red River Bancshares Inc), Endorsement Method Split Dollar Agreement (Red River Bancshares Inc)
Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy 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 the Policy. In the event that coverage under the Policy is increased at the discretion of the Bankincreased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Appears in 3 contracts
Samples: Split Dollar Agreement (Park National Corp /Oh/), Split Dollar Agreement (Park National Corp /Oh/), Split Dollar Agreement (Park National Corp /Oh/)
Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy 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 the Policy. In the event that coverage under the Policy is increased at the discretion of the Bankincreased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Appears in 2 contracts
Samples: Split Dollar Agreement (Park National Corp /Oh/), Split Dollar Agreement (Park National Corp /Oh/)
Ownership of Policy. The Bank shall own all of the right, title and interest in the Policy and shall control all an 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 the Policy. In the event that coverage under the Policy is increased at the discretion of the Bankincreased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.
Appears in 1 contract
