Key Person Life Insurance. The Executive acknowledges that the Company may wish to purchase insurance on the life of the Executive, the proceeds of which would be payable to the Company, at the Company’s expense. The Executive hereby consents to such insurance and agrees to submit to any medical examination and release of medical records required to obtain such insurance.
Key Person Life Insurance. The Company will maintain key person life insurance in an amount not less than $5,000,000 on the life of Xxxxx Xxxxxxxxx and $2,000,000 on the life of Xxxxxxx Xxxxxx, to be in effect as of the Effective Date, and pay the annual premiums therefor and name the Company as the sole beneficiary thereof for at least three years following the Effective Date.
Key Person Life Insurance. The Company shall maintain and keep in full force and effect key person life insurance on the life of Shalxx X. Xxxxxx xx an aggregate amount of not less than $5,000,000 with the proceeds thereof payable to the Company.
Key Person Life Insurance. 17 3.19 Stabilization..................................................................................17 3.20
Key Person Life Insurance. The Company shall have the right to obtain, at its sole cost and expense, one or more insurance policies insuring the life of Executive for the benefit of the Company. Executive agrees to cooperate fully with the Company and to take such actions as the Company may reasonably require in order to obtain such insurance, including without limitation, signing necessary documentation and submitting to required medical exams.
Key Person Life Insurance. If requested by the Purchaser, the Company shall obtain from financially sound and reputable insurers term life insurance on the life of Xxxxxx X. Xxxxx in the amount of $1,000,000 and on the life of Xxxxxx X. Xxxxxxxxxxx in the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee and shall not be cancellable by the Company without the prior written approval of the Purchaser.
Key Person Life Insurance. The Borrower shall ------------------------- maintain insurance upon the life of Llxxx Xxxxxx, its President and CEO, with the death benefit thereunder in an amount not less than $2,000,000.00 (the "Life Insurance Policy"). The right to receive the proceeds of the Life Insurance Policy shall be assigned to the Lender by the Life Insurance Assignment.
Key Person Life Insurance. The Company will maintain key person life insurance in an amount not less than $1,000,000 on the life of Xxxx X. Xxxxxxxxx and pay the annual premiums therefor naming the Company as the sole beneficiary thereof for at least three years following the Effective Date. 3.19
Key Person Life Insurance. The Company has in effect and shall maintain key man insurance in the amount of $2,000,000 each on the lives of Xxxx Xxxxxxxxxxxxx and Xxxxx Xxxxxx, with the proceeds of such insurance policies payable to the Company.
Key Person Life Insurance. From and after 30 days after the Closing Date, the Borrower will maintain one or more life insurance policies on the life of Xxxxxxx Xxxxxxxxx having a combined death benefit in an aggregate amount not less than $1,000,000, with the Borrower named as beneficiary, all subject to a Collateral Assignment of Life Insurance.
