Common use of Key Person Life Insurance Clause in Contracts

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. The Company has will maintain key person life insurance in an amount not less than $1,000,000 on the life of Xxxxxx Xxxxxxxxxxx, to be in effect as of the Effective Date, and shall maintain key man insurance in pay the amount of $2,000,000 each on annual premiums therefor and name the lives of Xxxx Xxxxxxxxxxxxx and Xxxxx Xxxxxx, with Company as the proceeds of such insurance policies payable to the Companysole beneficiary thereof.