Key Man Life Insurance definition

Key Man Life Insurance shall have the meaning set forth in Section 6.19.

Key Man Life Insurance the life insurance on the lives of Branxxx xxx Davix xxxuired pursuant to subsection 5.11.1.

Key Man Life Insurance means the current, valid, and fully paid key man life insurance policy insuring the life of Xxx Xxxxx in the amount of $4,000,000.00, procured by the Company and naming the Company as the beneficiary, and collaterally assigned to the Administrative Agent as security for the Obligations.

Examples of Key Man Life Insurance in a sentence

• The Company may apply for and obtain and maintain a Key Man Life Insurance policy in the name of the Executive in such amount as the Company may determine, the beneficiary of which shall be the Company.

• This excludes from allowable cost Key Man Life Insurance and benefits made available only to an exclusive number of employees, including the owner of the facility.

• Premiums on any such Key Man Life Insurance policies shall be paid by the Company, and the Company shall be the beneficiary under such policies.

• The Company may maintain, at its option and expense, Key Man Life Insurance (the "Policy") on the life of Executive for the benefit of the Company with a benefit of $2,000,000.

• The Key Man Life Insurance policy shall provide that it will not be canceled or reduced, or allowed to lapse without renewal.

More Definitions of Key Man Life Insurance

Key Man Life Insurance shall have the meaning specified in Section 9.8(b).

Key Man Life Insurance means a life insurance policy or policies obtained by the beneficiary or beneficiaries thereof on the life of Shelxxx X. Xxxxx xx a face amount of not less than $2,500,000 and assigned by such beneficiary or beneficiaries to the Agent for the benefit of the Lenders, such policy or policies to be issued by a reputable insurer rated "A" or better by A.M. Best & Co. and the form and terms of such policies and assignment to be acceptable to the Agent.

Key Man Life Insurance life insurance policy number YH00079510 owned by IBP, LLC and issued by American General Life Insurance Company upon the life of Xxxxxxx X. Xxxxxxx and any supplementary or replacement contracts issued in connection therewith.

Key Man Life Insurance means a current, valid, and fully paid key man life insurance policies insuring the lives of each of the Key Executives, each in the amount of $5,000,000, procured by Borrowers and naming Administrative Agent, for the benefit of Lenders, as beneficiary, that (a) is in form and substance reasonably satisfactory to Administrative Agent, (b) provides that it cannot be altered, amended, or modified in any respect, and (c) provides that it cannot be canceled without at least 30 Business Days’ prior written notice to Administrative Agent.

Key Man Life Insurance the life insurance on the life of Wilsxx required pursuant to subsection 6.6.1.

Key Man Life Insurance means (a) the insurance policy(ies) maintained by Borrowers on the lives of Goepel, Anderson, Xxxxxxxxx and Xxxxxxx (or any combination of the foregoing as long as it includes Xxxxxx), payable to Borrowers in an aggregate amount at all times at least equal to $10,000,000, and (b) any other policy of key man life insurance maintained by Borrowers with respect to any other employee or consultant of a Borrower; provided that, with respect to all of the foregoing insurance policies, Agent shall have a first priority assignment and security interest (for the ratable benefit of the Lenders) in any proceeds received by Borrowers.

Key Man Life Insurance means the key man life insurance policy to be obtained in the amount of $2,000,000 on Xxxx Xxxxx for which the Lenders will hold a first priority collateral assignment to the proceeds of.