Common use of Key Man Life Insurance Clause in Contracts

Key Man Life Insurance. The Company has obtained and will maintain "key man" life insurance policies (the "Key-Man Life Insurance") covering the lives of such officers of the Company as are designated by the holders of at least 75% in interest of the Covenant Preferred Shares, voting as a class, in the amount of $1,000,000, the sole beneficiary of which shall be the Company.

Key Man Life Insurance. The Company has obtained and will use its best efforts to maintain "key man" key-man life insurance policies (with the "Key-Man Life Insurance") covering Company as beneficiary on the lives of such officers Chief Executive Officer of the Company as are designated determined by the holders Board of at least 75% in interest of the Covenant Preferred SharesDirectors from time to time, voting as a class, in the amount of $1,000,000, the sole beneficiary of which provided that coverage shall be the Companyno less than $5,000,000 or such amounts as are customary for similarly situated companies.

Key Man Life Insurance. The Company has obtained shall obtain and will maintain "a ---------------------- key man" man life insurance policies (policy for $1,000,000 with respect to the "Key-Man Life Insurance") covering the lives of such officers Chief Executive Officer of the Company as are designated by the holders of at least 75% in interest of the Covenant Preferred Shares, voting as a class, in the amount of $1,000,000, the sole beneficiary of which shall be with proceeds payable to the Company.

Key Man Life Insurance. The Company has obtained shall use its best efforts to obtain and will maintain until the Company's Initial Public Offering "key man" life insurance policies (the "Key-Man Life Insurance") covering the lives life of such officers of Mark Xxxxxx xx the Company as are designated by the holders of at least 75% in interest of the Covenant Preferred Shares, voting as a class, in the principal amount of $1,000,000, with the sole beneficiary of which shall be benefits from such policy payable to the Company, provided, however, that the Company shall not be obligated to maintain such insurance upon the delivery to the Company of the written consent of the Preferred Directors that such insurance may be terminated. The Company will not change the insurer of such coverage without the prior written consent of the Preferred Directors.