Common use of Key Person Life Insurance Clause in Contracts

Key Person Life Insurance. If requested by the Purchaser, the Company shall obtain from financially sound and reputable insurers term life insurance on the life of Xxxxxx X. Xxxxx in the amount of $1,000,000 and on the life of Xxxxxx X. Xxxxxxxxxxx in the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee and shall not be cancellable by the Company without the prior written approval of the Purchaser.

Key Person Life Insurance. If requested by the Purchaser, the The Company shall obtain have obtained from financially sound a responsible and reputable insurers insurance company or association a term life insurance policy on the life of Xxxxxx X. Xxxxx Xxx in the amount of $1,000,000 and on 2,000,000 with proceeds payable to the life of Xxxxxx X. Xxxxxxxxxxx in the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee and shall not be cancellable by the Company without the prior written approval of the PurchaserCompany.

Key Person Life Insurance. If requested by the Purchaser, the The Company shall obtain from financially sound and reputable insurers term have obtained key person life insurance on the life of Shalxx X. Xxxxxx X. Xxxxx in the xx an aggregate amount of not less than $1,000,000 and on 5,000,000 with the life of Xxxxxx X. Xxxxxxxxxxx in proceeds thereof payable to the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee and shall not be cancellable by the Company without the prior written approval of the PurchaserPurchasers.

Key Person Life Insurance. If requested by the Purchaser, the The Company shall obtain from financially sound and reputable insurers term maintain life insurance on Xxxxxxxxxxx Xxxxxx in an amount not less than $2.0 million, with proceeds payable for the life of Xxxxxx X. Xxxxx in the amount of $1,000,000 and on the life of Xxxxxx X. Xxxxxxxxxxx in the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee and shall not be cancellable by the Company without the prior written approval benefit of the PurchaserCompany, upon the death of Xxxxxxxxxxx Xxxxxx.

Key Person Life Insurance. If requested by the Purchaser, the The Company shall obtain from financially sound and reputable insurers term have obtained a life insurance policy on the life of Xxxxxx X. Xxxxx Xxxxxxx Xxxxxxx, which policy shall be in form and substance reasonably satisfactory to the amount of $1,000,000 and on the life of Xxxxxx X. Xxxxxxxxxxx in the amount of $1,000,000 and maintain such insurance unless otherwise agreed by the Purchaser. Such policies shall name the Company as loss payee Purchasers and shall not be cancellable by provide benefits payable of at least $2,000,000 upon the Company without the prior written approval death of the Purchaserinsured, and the Purchasers shall be the named beneficiary thereof.