Common use of Properties, Business, Insurance Clause in Contracts

Properties, Business, Insurance. The Company shall maintain and cause each of its subsidiaries (if any) to maintain as to their respective properties and business, with financially sound and reputable 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 use its best efforts to obtain within 45 days of the Initial Closing Date and thereafter maintain in effect a "key person" life insurance policy, payable to the Company, on the life of Xxxx Xxxxxxxxx (so long as he remains an employee of the Company), in the amount of $1,000,000. 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 a majority of the outstanding Purchased Shares, the Company 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.

Properties, Business, Insurance. The Company shall maintain and cause each of its subsidiaries (if any) to maintain as to their respective properties and businessbusinesses, with financially sound and reputable 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 use its best efforts to obtain within 45 days of the Initial Closing Date and thereafter maintain in effect a "key person" life insurance policypolicies, payable to the Company, on the life lives of Xxxx Xxxxxxx X. Xxxxxxxxx and Xxxxxxxxxx Xxxxxxxxxxx (so long as he each, respectively, remains an employee of the Company), in the amount of $1,000,0002,250,000 each, with the Company as beneficiary. 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 Investors holding at least a majority of the outstanding Purchased Shares, Shares the Company will add one designee of such Purchasers Investors 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.

Properties, Business, Insurance. The Company shall maintain and ------------------------------- cause each of its subsidiaries (if any) to maintain as to their respective properties and business, with financially sound and reputable 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 use its best efforts to obtain within 45 days of the Initial Closing Date and thereafter maintain in effect a "key person" life insurance policy, payable to the Company, on the life of Xxxx Xxxxxxxxx (so long as he remains an employee of the Company), in the amount of $1,000,000. 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 a majority of the outstanding Purchased Shares, the Company 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.

Properties, Business, Insurance. The Company shall ------------------------------- maintain and cause each of its subsidiaries (if any) Subsidiaries to maintain as to their respective properties and business, with financially sound and reputable 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 use its best efforts to obtain within 45 days of the Initial Closing Date and thereafter maintain in effect a "key person" life insurance policypolicies, payable to the Company, on the life of Xxxx Xxxxxxxxx each of Xxx X. Xxxxxx, Xx., Xxxxx X. Xxx and Xxxxxx X. Crown (so long as he each remains an employee of the Company), in the amount of $1,000,0002,000,000 each. The Company shall not cause or permit any assignment or change in beneficiary and shall 25 not borrow against any such policy. If requested by the Purchasers holding at least a majority of the outstanding Purchased Preferred Shares, the Company 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.