Common use of Maintenance of Key Man Insurance Clause in Contracts

Maintenance of Key Man Insurance. The Company will, at its expense, within sixty (60) days of the Closing Date maintain a life insurance policy with a responsible and reputable insurance-company payable to the Company on the life of each of Nick Xxxxxx xxx Bretx Xxxxxxxxx, xxch in the face amount of $2 million. The Company will maintain such policies and will not cause or permit any assignment of the proceeds of such policies and will not borrow against such policies. The Company will add one designee of the Purchaser as a notice party to such policies, and will request that the issuer of such policies provide such designee with ten (10) days, notice before either of such policy is terminated (for failure to pay premium or otherwise) or assigned, or before any change is made in the designation of the beneficiary thereof.

Maintenance of Key Man Insurance. The Company will, at its expense, -------------------------------- use all reasonable efforts to obtain within sixty thirty (6030) days of the Closing Date date hereof and thereafter maintain a life insurance policy with a responsible and reputable insurance-insurance company payable to the Company on the life of each of Nick Xxxxxxx X. Xxxxxx xxx Bretx Xxxxxxxxx, xxch in the face amount of $2 million1,000,000. The Company will maintain such policies policy and will not cause or permit any assignment of the proceeds of such policies policy and will not borrow against such policiespolicy. The Company will add one designee of the Purchaser Purchasers as a notice party to such policiespolicy, and will request that the issuer of such policies policy provide such designee with ten (10) days, ' notice before either of such policy is terminated (for failure to pay premium or otherwise) or assigned, or before any change is made in the designation of the beneficiary thereof.