Key Man Life Insurance Policy. The Company shall have delivered ----------------------------- to the Bank assignments of key man life insurance policy, designating the Bank as assignee of all proceeds thereof in the aggregate amount of $500,000 on the life of Xxxxxxx Xxxxx, which certificate of insurance and the assignment thereof shall be in form and substance satisfactory to the Bank and its legal counsel.
Key Man Life Insurance Policy. The Borrower shall deliver or cause to be delivered to Agent an assignment of a term life insurance policy in the amount of Twenty-Two Million and 00/100 Dollars ($22,000,000) insuring the life of Russxxx X. Xxxt, said assignment to be in substantially the form attached hereto as Exhibit I, and shall maintain or cause to be maintained said policy in full force and effect and assigned to Agent throughout the term of this Agreement; provided that the Borrower shall hold the policy and be entitled to receive the proceeds thereof (and the Agent shall promptly pay over to the Borrower any of such proceeds received by the Agent) so long as no Event of Default has occurred.
Key Man Life Insurance Policy. Borrower shall use its best efforts to obtain a Key Man Life Insurance Policy insuring the life of Rechxxxx, xxich policy, shall be in an amount of not less than Two Million Dollars ($2,000,000) and once obtained, shall be beneficially assigned to Lender.
Key Man Life Insurance Policy. The Company is responsible for payment of Employee’s Key Man Life Insurance Policy and Directors and Management Insurance for the term of this Agreement.
Key Man Life Insurance Policy. On or before January 11, 1999, CSI shall deliver or cause to be delivered to Agent an assignment of a term life insurance policy in the amount of Ten Million Dollars ($10,000,000) insuring the life of X.X. Xxxxx, said assignment to be in substantially the form attached hereto as Exhibit I, and shall maintain or cause to be maintained said policy in full force and effect and assigned to Agent throughout the term of this Agreement.
Key Man Life Insurance Policy. The Company shall obtain on or prior to that date which is forty-five (45) days after the Closing Date, and thereafter shall maintain, a "key man" life insurance policy on the life of the Principal in an amount equal to at least One Million Dollars ($1,000,000) issued by an insurer satisfactory to the Bank and otherwise on terms and conditions satisfactory to the Bank which policy shall be collaterally assigned by the Company to the Bank as additional collateral for the Obligations.
Key Man Life Insurance Policy. Town & Country shall contemporaneously upon the execution of this Agreement assign to Xxxxx, at his election, all of its rights to the key man life insurance policy currently maintained by the Company on Xxxxx'x life, provided Xxxxx tenders to the Company the sum equal to the cash surrender value of such key man life insurance policy plus an amount equal to any paid but unearned premiums on such policy.
Key Man Life Insurance Policy. The Borrower shall have obtained a life insurance policies in the minimum amount of $1,000,000 each with respect to John Rooney and Michael Bayley.
Key Man Life Insurance Policy. So long as any Convertible Notes or Warrants remain outstanding, the Purchasers shall have the right (but shall not be obligated) to, at the expense of the Purchasers, maintain up to $1,500,000 in face amount of life insurance on the life of Xxxxxx Xxxxxx, with the Purchasers as owners and beneficiaries or as assignees thereof. The proceeds of any such insurance shall be applied first to the repayment of the outstanding principal amount of the Convertible Notes and accrued and unpaid interest thereon, with the balance, if any, retained by the Purchasers. The Company will take such action as may be reasonably requested by the Purchasers to assist the Purchasers in obtaining any such insurance.
Key Man Life Insurance Policy. The Agent shall have received a copy of a key man life insurance policy on the life of Xxxx Xxxxxxx from a responsible and reputable life insurance company in the amount of $2,000,000 together with a collateral assignment of such life insurance policy to the Agent for the benefit of the Banks (in a form acceptable to the Agent in its sole discretion), duly executed by the Borrower, and acknowledged by the home office of the insurance company.
