Assignment of Life Insurance Policies. If the Executive’s employment is terminated for Disability pursuant to Section 4.1, other than for Cause or Disability pursuant to Section 4.4, by non-renewal of this Agreement by EDGEN pursuant to Section 4.4, by EDGEN in conjunction with a Change of Control pursuant to Section 4.5, by the Executive for Good Reason pursuant to Section 4.6, by the Executive due to retirement pursuant to Section 4.7, or in connection with the non-renewal of the Agreement by Executive pursuant to Section 4.8, then promptly after such termination, EDGEN shall cause the assignment to Executive of any insurance policies owned by EDGEN, the Parent, or any of their Affiliates, which have been taken out on the life of the Executive.
Assignment of Life Insurance Policies. Simultaneously with the payment of cash at closing described in subparagraph 2.3 (b), C. Xxxx Xxxxxxx and Xxxxx Xxxxxx shall make the assignments as required in this subparagraph. C. Xxxx Xxxxxxx shall cause his “New York Life” life insurance policy to be partially assigned to the Surviving Corporation in the amount of One Million Dollars ($1,000,000) for a period not to exceed five years from date of closing. The Surviving Corporation agrees thereafter to reimburse Xxxx Xxxxxxx for as long as said partial assignment is held by the Surviving Corporation, the cost of said $1,000,000 portion assigned to the Surviving Corporation as said cost may be determined by the lowest cost available in the marketplace of a $1,000,000 standard rated term life insurance policy. In the event of the death of C. Xxxx Xxxxxxx during the period the assignment remains in place, the Surviving Corporation shall be entitled to the proceeds of such assigned policy as its sole and separate property and thereafter all obligations of the Surviving Corporation with respect to such assigned policy shall be terminated and held for naught. At the end of such five year period, or earlier at the option of the Surviving Corporation, the Surviving Corporation shall assign back to C. Xxxx Xxxxxxx such partially assigned life insurance and, thereafter, the Surviving Corporation shall have no further interest in said life insurance policy. Xxxxx Xxxxxx shall cause his existing term life insurance to be assigned to the Surviving Corporation in the amount of One Million Dollars $1,000,000.00 with all premiums accruing after said assignment on said assigned life insurance to be paid by the Surviving Corporation. From and after said assignment by Xxxxx Xxxxxx the Surviving Corporation shall hold and exercise all ownership rights to said assigned policy.
Assignment of Life Insurance Policies. One or more separate assignments to Administrative Agent of the key-person life insurance policy (or policies) insuring the life of each of (1) Jxxx X. Xxxxxx, III, for at least $3,000,000; (2) Dxxx X. Xxxxxx, for at least $1,000,000; (3) Jxxx X. Xxxxxxxxx, for at least $1,000,000; and (4) Oxxxxx X. Xxxxxx, for at least $1,000,000; which assignments (a) must be in form and substance acceptable to Administrative Agent, and (b) must be executed or consented to by each beneficiary, each insured and the relevant insurance company, and (c) must indicate that each life insurance policy is fully paid for a period of at least 12 months beyond the Closing Date.
Assignment of Life Insurance Policies. Notwithstanding anything to the contrary contained herein, prior to the Closing, the Company will reassign life insurance policies (with any and all loans thereon), in the names of Xxxxxxx Xxxxxx, Xxxxxx Xxxxxxxxx and Xxxxxxxx Xxxxx (collectively, the "Insureds"), as set forth on Schedule 4.09 annexed hereto, currently naming the Company as beneficiary to the respective Insureds, it being acknowledged that Purchaser will not through the transactions contemplated hereby acquire any interest in such life insurance policies, and the Company will no longer be named as a beneficiary thereunder following the Closing. Prior to or promptly following Closing, the Company shall take steps to reduce the cash value of that certain life insurance policy insuring the life of Xxx Xxxxx ("Xxxxx") presently owned by the Company (the "Xxxxx Life Insurance") by the amount by which such cash value exceeds the amount of deferred compensation the Company owed to Xxxxx as of May 11, 2005 (the "Excess Cash Value"). Upon receipt of the Excess Cash Value from the insurance carrier, which amount shall be retained by the Company, the Company shall assign the Xxxxx Life Insurance to Xxxxx in full satisfaction of the deferred compensation owed to Xxxxx as of May 11, 2005.
Assignment of Life Insurance Policies. As security for the payment of the Notes and for the performance of, and compliance with all of the terms, covenants, conditions, stipulations and agreements contained in this Agreement, the Notes and the other Loan Documents, the Company, by separate Assignments of life Insurance Policies in the form attached hereto as Exhibit H and incorporated herein by this reference (individually, an "Assignment of Life Insurance Policy" and collectively, the "Assignments of Life Insurance Policies") and by other instruments contemplated thereby, shall, as provided in the Assignments of Life Insurance Policies, assign, transfer and set over to the Lender the Bossart Life Insurance Policy and the Wagner Life Insurance Policy.
Assignment of Life Insurance Policies. The Company shall cause each of Xxxxxx and Xxxxxxxxx to maintain, during the entire term of this Agreement, (a) a life insurance policy with death benefits of not less than $1,500,000 each, and (b) a disability insurance policy in an amount and on terms acceptable to the Bank. Each policy should provide for prior written notice by the insurer to the Bank before cancellation of the policy. The Company shall cause each of Xxxxxx and Xxxxxxxxx, within thirty (30) days of the Closing Date, to make a collateral assignment to the Bank, in form and substance satisfactory to the Bank, of the life insurance policies and the disability insurance policies. Proceeds of these policies shall be applied to the remaining installments of the Loan in inverse order of maturity. It shall be an Event of Default if either Xxxxxx or Xxxxxxxxx fails to deliver such collateral assignments within such 30-day period or if either fails to maintain these policies current and effective during the term of this Agreement.
Assignment of Life Insurance Policies. As additional collateral security for the prompt and complete payment and performance when due of all of the Obligations as a material inducement for FSB entering into this Agreement, BR and SR shall, on the Closing Date, execute and deliver to FSB the Assignments of Insurance.
Assignment of Life Insurance Policies. The Company and Executive agree that within 30 days after Executive's employment is terminated for any reason, including by reason of the expiration of this Agreement, the Company shall assign to Executive or his designee, without the payment of any consideration by the Executive, all of the Company's right, title and interest in and to that certain Split Dollar Life Insurance Agreement dated November 18, 1993 between Wellsford Residential Property Trust and Edward Lowenthal, as modixxxx xx xxx Xxxxt Dollar Life Insurance Agreement dated December 11, 1995 and the related insurance policies referred to therein, and in connection therewith the Company shall be deemed to have automatically waived repayment of any paid or accrued premiums with respect to such policy.
Assignment of Life Insurance Policies. Company will assign to Altschaefl all of Company’s interest in all policies of insurance on Altschaefl’s life currently in effect, including both the $1 million individual life insurance policy and the $4 million key-man insurance policy. These assignments shall take place as promptly as practical after the Retirement Date. Altschaefl will be responsible for all future premium payments due and payable on such policies beginning after the Retirement Date. Altschaefl has no other claims with respect thereto.
Assignment of Life Insurance Policies. The term “Assignment of Life Insurance Policies” shall mean an assignment in form and substance satisfactory to Lender, which assigns to Lender as collateral for the Indebtedness, the life insurance policy on the life of Xxx Xxxxxxx in the face amount of $1,000,000.
