Bank Ownership Clause Samples

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Bank Ownership. The Bank is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s interest is paid according to section 2.2 below.
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Bank Ownership. The Bank shall own the Policies and shall have the right to exercise all incidents of ownership and, subject to Article 7, the Bank may terminate a Policy without the consent of the Insured. With respect to each Policy, the Bank shall be the direct beneficiary of an amount of death proceeds equal to the greatest of: (1) the cash surrender value of the policy; (2) the aggregate premiums paid on the Policy by the Bank less any outstanding indebtedness to the Insurer; or (3) the amount in excess of the Participant's interest specified in Section 4.
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Bank Ownership. The Bank is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank shall be the direct beneficiary of an amount of death proceeds equal to the greater of a) the cash surrender value of the policy, b) the aggregate premiums paid on the Policy by the Bank less any outstanding indebtedness to the Insurer or c) the total death proceeds less the split dollar amount. The split dollar amount shall be the lesser of $100,000 or 100% of the difference between the total policy death proceeds and the policy cash surrender value at the date of the Director's death.
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Bank Ownership. A mitigation bank may be either publicly or privately owned. The bank may be incorporated as for-profit or not-for-profit. If the bank is incorporated, it must be incorporated in the State of Illinois. Publicly owned refers to ownership of the bank site by any municipal, county, regional, state or federal agency. All land, including associated uplands, which are part of the mitigation bank shall be protected from future development by a permanent conservation easement or deed restriction. This easement must be recorded with the appropriate county register of deeds, attached to the abstract of title, with a certified copy of the registration provided to the Corps prior to the Corps authorizing the bank. The banking instrument should also identify the entity responsible for the ownership and long-term management of the site. In addition, the bank sponsor is responsible for securing adequate funds for the operation and maintenance of the bank during its operational life, as well as for long-term management of the site. Bank sponsors are strongly encouraged to establish agreements for long-term management with public or private conservation organizations. Transfer or sale of the mitigation bank may occur to a party willing and financially able to abide by the terms and conditions of the approval agreement entered into by the Corps and the bank owner. Any such transfer must be approved by the Corps.
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Bank Ownership. First Northern Bank of Dixon is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. First Northern Bank of Dixon shall be the beneficiary of any death proceeds remaining after the Director's interest has been paid under Section 2.2 of this Split Dollar Agreement and Endorsement.
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Bank Ownership. Bank and its Affiliates shall own exclusively: (i) any and all technology that is provided or created by Bank or any of its Affiliates for use in establishing, developing or administering the Program (the “Bank Technology”); (ii) any and all changes or other modifications made by Bank or any of its Affiliates to the Bank Technology (the “Bank Owned Modifications”); and (iii) any and all new technology created by Bank or any of its Affiliates in connection with establishing, developing or administering the Program (the “Bank Created Technology”).
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Bank Ownership. A mitigation bank may be either publicly or privately owned. The bank may be incorporated as for-profit or not-for-profit. If the bank is incorporated, it must be incorporated in the State of Illinois. Publicly owned refers to ownership of the bank site by any municipal, county, regional, state or federal agency. All land, including associated uplands, which are part of the mitigation bank shall be protected from future development by a permanent conservation easement or deed restriction. This easement must be recorded with the appropriate county register of deeds, attached to the abstract of title, with a certified copy of the registration provided to the Corps prior to the Corps authorizing the bank. The banking instrument should also identify the entity responsible for the ownership and long-term management of the site. In addition, the bank sponsor is responsible for securing adequate funds for the operation and maintenance of the bank during its operational life, as well as for long-term management of the site. Bank sponsors are strongly encouraged to establish agreements for long-term management with public or private conservation organizations. Transfer or sale of the mitigation bank may occur to a party willing and financially able to abide by the terms and conditions of the approval agreement entered into by the Corps and the bank owner. Any such transfer must be approved by the Corps.
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Related to Bank Ownership

  • Stock Ownership Attached hereto as Schedule 8 is a true and correct list of all the duly authorized, issued and outstanding stock of each Subsidiary and the record and beneficial owners of such stock. Also set forth on Schedule 8 is each equity Investment of the Borrower and each Subsidiary that represents 50% or less of the equity of the entity in which such investment was made.

  • Data Ownership BA acknowledges that BA has no ownership rights with respect to the Protected Information.

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • Account Ownership Notwithstanding anything else in this Exhibit or the Agreement, i) the Legal Guardian may take over as Account Owner with respect to the Newborn Stem Cells at any time before the Child reaches the age of majority by executing a new ViaCord Services Agreement, and ii) the Child may take over as Account Owner with respect to the Newborn Stem Cells at any time after reaching the age of majority by executing a new ViaCord Services Agreement.

  • Company Ownership Company will own its respective right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNYM a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNYM's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.