Life Insurance Assignment definition

Life Insurance Assignment means an Assignment of Life Insurance Policy as Collateral executed by the owner and the beneficiary thereof, in form and substance satisfactory to Agent, granting Agent for the benefit of Secured Parties a Lien on a Life Insurance Policy to secure payment of the Obligations.

Life Insurance Assignment means an Assignment of Life Insurance Policy as Collateral to be executed by the owner and the beneficiary thereof, in form and substance satisfactory to Lender, granting Lender a Lien on the Life Insurance Policy to secure payment of the Obligations.

Life Insurance Assignment shall have the meaning assigned in Section 6.1(k) hereof.

Examples of Life Insurance Assignment in a sentence

• The right to receive the proceeds of the Life Insurance Policy shall be assigned to the Lender by the Life Insurance Assignment.

• If Borrower shall at any time maintain insurance upon the life of any key Officer (“Life Insurance Policy”), then Borrower shall promptly notify Bank of each such Life Insurance Policy and assign to Bank the right to receive the proceeds of such Life Insurance Policy by a Life Insurance Assignment.

• The Life Insurance Assignment shall be in form, scope and substance satisfactory to Lender.

• If Borrower shall at any time maintain insurance upon the life any key Officer (“Life Insurance Policy”), then Borrower shall promptly notify Lender of each such Life Insurance Policy and assign to Lender the right to receive the proceeds of such Life Insurance Policy by a Life Insurance Assignment.

• To the extent not previously delivered in connection with the closing of the Original Agreement, the Life Insurance Assignment (if any), properly executed by the beneficiary and owner thereof, and the Life Insurance Policy (if any), together with evidence that such Life Insurance Policy is subject to no assignments or encumbrances other than the Life Insurance Assignment.

More Definitions of Life Insurance Assignment

Life Insurance Assignment means an Assignment of Life Insurance Policy as Collateral to be executed by the owner and the beneficiary thereof, in form and substance satisfactory to Bank, granting Bank a first priority Lien on a Life Insurance Policy to secure payment of the Obligations.

Life Insurance Assignment means an assignment of the Life Insurance Policy, in form and substance satisfactory to the Agent, to be executed in favor of the Agent for the benefit of the Secured Parties, as amended, modified, restated or supplemented from time to time.

Life Insurance Assignment has the meaning given in Section 5.2.

Life Insurance Assignment has the meaning specified in Section 3.01(k).

Life Insurance Assignment the meaning specified in SECTION 2.09.

Life Insurance Assignment is defined in Section 4.5 hereof.

Life Insurance Assignment contained in Section 1.1 of the Credit Agreement is hereby deleted therefrom in its entirety.