Properties, Business, Insurance. The Company shall maintain ------------------------------- its properties and business with insurance from financially sound and reputable insurers against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) of the outstanding Preferred Shares, the Company shall add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change is made in the beneficiary thereof.
Appears in 2 contracts
Samples: Series G Convertible Preferred Stock Purchase Agreement (Adolor Corp), Series H Convertible Preferred Stock Purchase Agreement (Adolor Corp)
Properties, Business, Insurance. The Company shall maintain ------------------------------- its properties and business business, with insurance from financially sound and reputable insurers insurers, insurance against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) of the outstanding Preferred Shares, the Company shall will add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change is made in the beneficiary thereof.
Appears in 2 contracts
Samples: Series E Convertible Preferred Stock Purchase Agreement (Adolor Corp), Series B Convertible Preferred Stock Purchase Agreement (Adolor Corp)
Properties, Business, Insurance. The Company shall maintain ------------------------------- and cause each of its subsidiaries to maintain as to their respective properties and business business, with insurance from financially sound and reputable insurers insurers, insurance against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall also maintain in effect a "key person" life insurance policy, payable to the Company, on the life of Georxx X. Xxxx, Xx., (xo long as he remains an employee of the Company), in the amount of $1,000,000 with the proceeds thereof payable to the Company. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) a majority of the outstanding Preferred Shares, the Company shall will add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change chance is made in the beneficiary thereof.
Appears in 1 contract
Samples: Series B Convertible Preferred Stock Purchase Agreement (New Era of Networks Inc)
Properties, Business, Insurance. The Company shall maintain and ------------------------------- cause each of its subsidiaries to maintain as to their respective properties and business business, with insurance from financially sound and reputable insurers insurers, insurance against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) a majority of the outstanding Preferred Shares, the Company shall will add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each such policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change is made in the beneficiary thereof.
Appears in 1 contract
Samples: Series D Convertible Preferred Stock Purchase Agreement (CCBN Com)
Properties, Business, Insurance. The Company shall ------------------------------- maintain ------------------------------- its properties and business business, with insurance from financially sound and reputable insurers insurers, insurance against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) of the outstanding Preferred Shares, the Company shall will add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change is made in the beneficiary thereof.
Appears in 1 contract
Samples: Series a Convertible Preferred Stock Purchase Agreement (Adolor Corp)
Properties, Business, Insurance. The Company shall maintain ------------------------------- and cause each of its subsidiaries to maintain as to their respective properties and business business, with insurance from financially sound and reputable insurers insurers, insurance against such casualties and contingencies and of such types and in such amounts as is customary for companies similarly situated, which insurance shall be deemed by the Company to be sufficient. The Company shall also maintain in effect a "key person" life insurance policy, payable to the Company, on the life of Georxx X. Xxxx, Xx., (xo long as he remains an employee of the Company), in the amount of $1,000,000 with the proceeds thereof payable to the Company. The Company shall not cause or permit any assignment or change in beneficiary and shall not borrow against any such policy. If requested by Purchasers holding at least sixty percent (60%) a majority of the outstanding Preferred Shares, the Company shall will add one designee of such Purchasers as a notice party for each such policy and shall request that the issuer of each policy provide such designee with ten (10) days' notice before such policy is terminated (for failure to pay premiums or otherwise) or assigned or before any change is made in the beneficiary thereof.
Appears in 1 contract
Samples: Series C Convertible Preferred Stock Purchase Agreement (New Era of Networks Inc)
