Common use of Corporate Assets Clause in Contracts

Corporate Assets. As stated above, payments to Director or his Beneficiary(ies) shall be made from assets which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Bank. No person shall have nor acquire any interest in any such assets by virtue of the provisions of this Agreement. . The Bank may, in its sole discretion, purchase assets to secure all or any part of its obligations undertaken through this Agreement. If the Bank elects to secure its promise under this Agreement, in whole or in part, through the purchase of life insurance, mutual funds, disability policies, annuities or other assets, then Bank may, at any time dispose of such assets in whole or in part. In no event shall Director or Beneficiary(ies) be deemed to have a lien, right, title, or interest in any specific investment or asset of Bank. If Bank decided to purchase a life insurance, disability or annuity policy upon the life or health of Director, then Director will cooperate by furnishing any and all information requested by the Bank and by taking such physical examinations or other action as may be requested by the Bank in order to obtain such insurance or annuity.