Common use of Key Person Life Insurance Clause in Contracts

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 Borrowers Borrower shall ------------------------- maintain insurance upon the life of Xxxx XxxxxxxxxxxLlxxx Xxxxxx, its President of the Companyand CEO, with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date 2,000,000.00 (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 Borrowers Borrower shall maintain insurance upon the life of Xxxx XxxxxxxxxxxXxxxx Xxxx, President of the Companyits President, with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date 250,000 (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 Borrowers Borrower shall maintain insurance upon the life of Xxxx XxxxxxxxxxxXxxxxx X. Xxxxx, President of the Companyits president, with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date 3,500,000 (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 AssignmentLender.

Key Person Life Insurance. The Borrowers Borrower shall maintain insurance upon the life of Xxxx XxxxxxxxxxxXxxxx X. Xxxxxxxxx, its President of the Company, and Chief Executive Officer with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date 1,000,000.00 (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 Borrowers shall maintain insurance upon the life of Xxxx XxxxxxxxxxxHxxxxx Xxxxx, President of the Companytheir President, with the death benefit thereunder in an amount not less than $1,000,000 as of the Closing Date 7,500,000 (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.