Key Person Life Insurance. The Company shall maintain term life insurance in the amount of $1,000,000 for Rxx Xxxxxx and $5,000,000 for Hxxxxx Xxxxx on the lives of the Key Holders, naming the Company as beneficiary. The Company shall obtain such insurance as soon as reasonably practicable following the closing of the sale of the Series A Preferred Stock pursuant to the Series A Agreement.
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 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. The Borrowers shall maintain insurance upon the life of Xxxx Xxxxxxxxxxx, President of the Company, with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date (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 shall have obtained from a responsible and reputable insurance company or association a term life insurance policy on the life of Xxxxx Xxx in the amount of $2,000,000 with proceeds payable to the Company.
Key Person Life Insurance. The Company shall have the right but not the obligation to maintain and pay for a key person life insurance policy on the life of the Consultant throughout the duration of this Agreement, as to which the Company shall be the sole beneficiary and owner. The Consultant agrees upon the execution of this Agreement to cooperate fully with the Company and to provide the Company with all necessary documents in order for the Company to obtain such policy.
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.
Key Person Life Insurance. Within three months of the date of this Agreement, the Company shall obtain and, until the consummation of the First Public Offering, use commercially reasonable efforts to maintain, at its expense, a policy of “key person” life insurance covering the life of the Chief Executive Officer, the death benefit of which insurance shall be payable to the Company. In no event shall the Company be required to obtain or maintain key person life insurance having a death benefit in excess of $1,000,000 for any individual.
