Key Man Policy. The Company shall maintain a key-man life insurance policy on the life of Xxxx X. Xxxx in the face amount of $2,000,000. Such insurance policy shall name the TVAX Investor Trust as beneficiary and shall provide that such insurance policy may not be canceled unless the insurance carrier gives at least 30 days prior written notice of such cancellation to the beneficiary.
Key Man Policy. Within ninety (90) days after the end of each fiscal year, an Officer's Certificate stating that all premiums due and owing have been paid with respect to the Key Man Policy and that the Key Man Policy is in full force and effect; PROVIDED, FURTHER, that the Borrower and the Company and each of its Subsidiaries hereby acknowledge and agree that maintenance of the Key Man Policy in form and substance acceptable to the Purchaser is required at all times until the obligations under this Agreement have been satisfied in full;
Key Man Policy. The Parent Guarantor and the Borrowers shall deliver to the Administrative Agent no later than January 12, 1998, an Assignment of Life Insurance Policy as Collateral (the "Assignment of Key Man Policy"), duly executed by the Obligor that owns such policy and countersigned by an authorized officer of the issuer of such policy, pursuant to which the owner of such policy shall assign to the Administrative Agent for the benefit of the Creditors, as security for the Obligations, a policy of life insurance (the "Key Man Policy") issued by an insurance company acceptable to the Administrative Agent on the life of Xx. Xxxxxx Xxxx in the amount of $3,000,000, together with a copy of such policy.
Key Man Policy. Separate and apart from any life insurance policy provided by KMC for the benefit of Xx. Xxxxxxxxx pursuant to Section 5(b)(i), KMC shall be permitted to maintain a "key man life insurance policy", in such amount and on such terms as KMC shall in its sole discretion determine, on the life of Xx. Xxxxxxxxx for so long as this Agreement remains in effect. Any proceeds from any such "key man" policy shall be payable solely to KMC; Xx. Xxxxxxxxx, his heirs, assigns and beneficiaries shall have no rights with respect thereto. Xx. Xxxxxxxxx confirms that he is in good health and therefore has no reason to believe that such insurance will not be available at standard rates.
Key Man Policy. The Company shall obtain the Key-Man Policy -------------- within 60 days of the Initial Preferred Closing and shall keep the Key Man Policy in effect until the expiration of the lock-up period set forth in Section 3(b)(xii) hereof.
Key Man Policy. For so long as the Xx. Xxxxxx is the Chief Executive Officer of the Company, the Company shall have in place a life insurance policy on the Original Shareholder in the amount of at least $50,000,000, payable to the Company, on terms mutually agreeable to Purchaser and the Company.
Key Man Policy. NPSC warrants that it will maintain a "key man" Life Insurance policy on Xxxx Xxxxxxxx for which NPSC is the beneficiary in an amount of not less than One Million Dollars ($1,000,000) until at least March 31, 2001.
Key Man Policy. Genesys S.A. shall ensure within 60 days of the Closing Date, it obtains and maintains on terms approved by the Agent the Key-man Policy in the name and in favour of Genesys S.A. and the Security Agent and ensure the Security Agent’s security interests in such policy has been noted thereon and procure the renewal or replacement of the Key-man Policy prior to its expiry on terms acceptable to the Agent.
Key Man Policy. Maintain in effect at all times the Key-Man Policy in form and substance acceptable to the Purchaser, and, within 30 days after the Closing Date and thereafter within five (5) Business Days of the date on which premiums under such policy are due, deliver to the Purchaser an Officer's Certificate of the Company certifying that all premiums due and owing have been paid with respect to the Key-Man Policy, together with evidence of such payment, and that the Key-Man Policy is in full force and effect.
Key Man Policy. Evidence satisfactory to Buyer, in its sole discretion, of the effective designation of Buyer as the sole beneficiary of the Key Man Policy;
