Life Insurance Policies. If any Debtor, now or any time hereafter, is the beneficiary of a “key man life insurance policy”, it shall promptly notify the Agent thereof, provide the Agent with a true and correct list of the Persons insured, the name and address of the insurance company providing the coverage, the amount of such insurance and the policy number, and, unless otherwise waived by the Agent in writing, take such actions as Agent may deem necessary or the Agent shall deem reasonably desirable to collaterally assign policy to the Agent for the benefit of the Lenders.
Life Insurance Policies. In connection with the Executive’s termination of employment, the life insurance and accidental death and dismemberment coverage provided by Xxxxxxx for the Executive and his or her eligible dependents will terminate as of the date specified in the applicable policy or contract unless the Executive elects to convert such coverage to an individual policy in accordance with the terms of such policy or contract; provided, however, that the Executive will be responsible for payment of any premiums on any such continued coverage elected. Upon the Executive’s termination of employment, Xxxxxxx shall not be obligated to continue the Executive's participation in the Xxxxxxx First Endorsement Split-Dollar Life Insurance Program or provide any alternative benefits to such program after termination of the Executive's employment, except as specifically provided pursuant to the terms of the program documents governing such program.
Life Insurance Policies. Employer shall repay any policy loans previously taken on the Employer's insurance policies on Executive's life (provided that the directors of Employer were given written notice promptly after the making of any such loans which were made while Executive was the president and chief executive officer of Employer), and then shall transfer to Executive any and all of its right, title, and interest in and to all Employer life insurance policies on Executive's life (and upon that transfer, Executive shall be deemed to have released Employer from any and all obligations it then owes to him to maintain and pay premiums on those policies, all other provisions of any agreements under which those policies were agreed to be maintained, however, to remain in effect). Upon termination of employment, all split dollar policies in effect on the Executive's life will terminate. The Executive shall have the right, under the terms of the split dollar agreement, to purchase the policies by paying to the Corporation an amount as defined in Article 7.1 of the Split Dollar Agreement.
Life Insurance Policies. Employer shall repay any policy loans previously taken on the Employer's insurance policies on Executive's life (provided that the directors of Employer were given written notice promptly after the making of any such loans which were made while Executive was the president and chief executive officer of Employer), and then shall transfer to Executive any and all of its right, title, and interest in and to all Employer life insurance policies on Executive's life (and upon that transfer, Executive shall be deemed to have released Employer from any and all obligations it then owes to him to maintain and pay premiums on those -------------------------------------------------------------------------------- Page 70 policies, all other provisions of any agreements under which those policies were agreed to be maintained, however, to remain in effect).
Life Insurance Policies. Termination of this Agreement or the benefits payable hereunder for any reason, including pursuant to Section 3(a), (b), (c) or (d) hereof, shall not terminate the duty of Fidelity and the Bank to maintain or continue the Split Dollar Plan, or the insurance policies with Great-West, Life Investors and Mass Mutual pursuant to Section 2(d) hereof, including any substitute plan or policy hereafter mutually agreed to. Notwithstanding any other provision of this Agreement, if Miller is a Specified Employee and if Fidelity determines that the maxxxxxxnce of the Split Dollar Plan, or the insurance policies with Great-West, Life Investors and Mass Mutual is subject to Section 409A of the Code, then, to the extent necessary to avoid taxation under Section 409A, Miller will be required to pay for the maintenance of the Split Dollax Xxxx, and the insurance policies with Great-West, Life Investors and Mass Mutual during the six-month period following his Termination of Employment; provided; however, that at the end of such six-month period, Fidelity or the Bank will reimburse Miller for such payments.
Life Insurance Policies. No Borrower Party shall, or shall permit any Subsidiary of any Borrower Party to do any of the following with respect to Life Insurance Policies (which for the avoidance of doubt shall not include any Trust Life Insurance Policy):
(a) Borrow, create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable for any Indebtedness or any other advances made against any Life Insurance Policy (except as permitted under Section 8.1(a));
(b) directly or indirectly, amend, modify, or change (or permit the amendment, modification or other change in any manner of) any of the terms or provisions of any Life Insurance Policy without giving the Administrative Agent thirty (30) days prior written notice of its intention to do so and provided that no Event of Default has occurred and is continuing or would be caused thereby;
(c) directly or indirectly, elect or cause to be elected, any mode of optional settlement under any Life Insurance Policy, terminate or cancel, or cause to be terminated or cancelled, any Life Insurance Policy, or surrender or cause to be surrendered, any Life Insurance Policy without giving the Administrative Agent thirty (30) days prior written notice of its intention to do so and provided that no Event of Default has occurred and is continuing or would be caused thereby; or
(d) request that any life insurance policy shall no longer constitute a “Life Insurance Policy” hereunder or under any other Loan Document and that the Administrative Agent release or terminate any Life Insurance Assignment executed in connection therewith without giving the Administrative Agent thirty (30) days prior written notice of its intention to do so and provided that no Event of Default has occurred and is continuing or would be caused thereby and provided that (i) no Event of Default has occurred and is continuing or would be caused thereby, (ii) the Borrower Parties have prepaid to the Administrative Agent outstanding Obligations such that no Overadvance shall exist at the time of such release (after giving effect thereto), and (iii) the Administrative Borrower delivers a certificate, together with supporting documentation in form and substance reasonably satisfactory to the Administrative Agent, to the Administrative Agent executed by an Authorized Signatory evidencing that after giving pro forma effect to such release (y) Excess Availability is not projected to be less than the greater of (a) seventeen and one half of ...
Life Insurance Policies. With respect to the Eligible Life Insurance Policies: (a) the US Loan Parties shall at all times maintain and preserve each Eligible Life Insurance Policy in accordance with the terms and conditions of the Collateral Assignment of Life Insurance for such Eligible Life Insurance Policy; and (b) upon the Administrative Agent’s request, the Borrowers shall use commercially reasonable efforts to cause the Life Insurance Company to furnish to the Administrative Agent, at the Borrowers’ expense, a certification as to any Eligible Life Insurance Policy regarding, among other things, (i) the amount of the Cash Surrender Value, (ii) the status of the payment of the Life Insurance Policy premiums, and (iii) the validity and effectiveness of such Life Insurance Policy.
Life Insurance Policies. BDC and its Subsidiaries may sell, transfer or surrender prior to the Effective Time all of the bank owned life insurance and other life insurance policies owned by BDC and its Subsidiaries. Any transactions made pursuant to this Section shall be reflected in the Minimum BDC Consolidated Shareholders’ Equity. The named insured for any bank owned life insurance that will not be transferred to such named insured prior to the Effective Time has prior to the date hereof, or has agreed to execute prior to the Effective Time, an amendment to the agreement related to the insurance policy in the form of Exhibit 6.11 hereto.
Life Insurance Policies. Prior to the Closing, each seller shall purchase all policies of life insurance on his life owned by the Corporation for cash in the amount of the cash surrender values of these policies.
Life Insurance Policies. (select one)
1. Neither party has any interest in any life insurance policy(ies) with a cash value.
2. Plaintiff/Petitioner 1 shall receive the following policy(ies):
3. Defendant/Petitioner 2 shall receive the following policy(ies):
4. Each party shall pay and hold the other harmless from any debt owing on the life insurance policy(ies) he/she receives unless otherwise stated in this Agreement.
5. Other arrangements regarding life insurance policy(ies):
