Common use of Existing Life Insurance Clause in Contracts

Existing Life Insurance. The Employer shall have the right to obtain up to $5,000,000 of life insurance on the life of Executive and to be the beneficiary of such policy. The Executive shall cooperate in assisting the Employer to obtain such insurance. The Employer shall continue to pay all premiums on such policies and shall maintain such policies, subject to the insurability of the Executive, if required to keep such policies in effect during the Term.

Existing Life Insurance. The Employer shall have the right to obtain up to $5,000,000 of life insurance on the life of Executive and to be the beneficiary of such policy. The Executive shall cooperate in assisting the Employer to obtain such insurance. The Employer shall continue to pay all premiums on such policies and shall maintain such policies, subject to the insurability of the Executive, if required to keep such policies in effect during the Term.