Keyman Life Insurance. The Bank shall have the right to obtain and hold a "keyman" life insurance policy an the life of the Executive with the Bank as beneficiary of the policy. The Executive agrees to provide any information required for the issuance of such policy and submit himself to any physical examination required for such policy.
Keyman Life Insurance. Bancshares shall have the right to obtain and hold a “keyman” life insurance policy on the life of Executive with Bancshares as beneficiary of the policy. Executive agrees to provide any information required for the issuance of such policy and submit himself to any physical examination required for such policy.
Keyman Life Insurance. Employee agrees that the Bank may, at any time during the Term of Employment, apply for and purchase in the Bank’s name and at the Bank’s expense a life insurance policy insuring the life of Employee in an amount to be determined by the Bank, in its sole discretion. Employee agrees to cooperate with the Bank in obtaining such insurance by executing all necessary documents including applications and health insurance questionnaires, and submitting to medical examinations as may be reasonably required by the insurer. The life insurance described in this Paragraph shall be solely for the benefit of the Bank, and Employee shall have no interest, right, or claim to such insurance.
Keyman Life Insurance. Borrower will at all times maintain at least $2,000,000 in keyman life insurance on the life of Xxxxxxx X. Xxxxxxx.
Keyman Life Insurance. Agent shall have received evidence that the Keyman Life Insurance is in effect.
Keyman Life Insurance. Following the occurrence and during the continuance of an Event of Default, any proceeds of Keyman Life Insurance (whether such proceeds arise by reason of death benefit, at maturity, surrendering the policy and receiving the surrender value thereof (unless upon such receipt of such surrender value, Keyman Life Insurance is purchased which has a death benefit that is not less than the death benefit of the Keyman Life Insurance which was surrendered) or otherwise) shall be immediately used to prepay the Obligations in an amount equal to such proceeds, which shall be applied in accordance with Section 2.4(f)(ii).
Keyman Life Insurance. The Administrative Agent shall have received evidence that the Borrowers have in place at least $2,000,000 in keyman life insurance on the life of Xxxxxxx X. Xxxxxxx.
Keyman Life Insurance. Buyer shall have in place and effective on the Closing Date a $2 million, 10-year term keyman life insurance policy insuring the life of Rowe.
Keyman Life Insurance. Permal shall, prior to the Initial Closing Date, acquire term life insurance policies for the benefit of Permal for terms of not less than ten (10) years each on the lives of Xxxxx Xxxxxx Souede and Xxxxx X. Xxxxx (together, the “Insured”) in amounts not less than seventy-five million dollars ($75,000,000) in the case of Mr. Souede and forty million dollars ($40,000,000) in the case of Xx. Xxxxx; provided, however, that the premiums and any other expenses with respect to such life insurance policies after the Initial Closing shall be paid in accordance with Section 1(h) of the Net Revenue Sharing Agreement, and shall not be considered as reductions of EBIT as it is calculated for the purposes of the Post-Initial Closing Payments. Notwithstanding anything herein to the contrary, any proceeds received from such policies shall not be included in any calculations of EBIT hereunder.
Keyman Life Insurance. The Company (or another Group Company) shall take out and maintain in force keyman life insurance on such persons, and for such period, as may be determined by the Board from time to time.
