Common use of Properties, Business, Insurance Clause in Contracts

Properties, Business, Insurance. The Company shall maintain and cause any subsidiary which it may create 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 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 Xxxxxxx X. Xxxxxxxxxxx (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 Preferred Stock and Warrants, 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 any subsidiary which it may create each of its 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 maintain in effect a "key person" life insurance policypolicies, payable to the companyCompany, on the life of Xxxxxxx X. Xxxxxxxxxxx Robexx XxXxxxxx (so xx long as he remains an employee of the Company), in the amount of $1,000,0002,000,000. 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 Preferred Stock and WarrantsShares, 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 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.

Properties, Business, Insurance. The Company shall maintain ------------------------------- and cause any subsidiary which it may create each of its 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 maintain in effect a "key person" life insurance policy, payable to the companyCompany, on the life of Xxxxxxx X. Xxxxxxxxxxx Xxxx (so long as he remains an employee of the Company), in the amount of $1,000,0005 million. 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 Preferred Stock and WarrantsStock, 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 the 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 any subsidiary which it may create 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, situated which insurance shall be deemed by the Company to be sufficient. The Company shall also maintain in effect a "key person" life insurance policypolicies, payable to the companyCompany, on the life of each of Axxxxx X. Xxxxxxx X. Xxxxxxxxxxx and Pxxxxx Xxxxx, Xx. (so long as he remains an employee of the Company), in the amount of at least $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 Preferred Stock and WarrantsInvestors, the Company will add one designee of such Purchasers the Investors 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' 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 any subsidiary which it may create each of its 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 maintain in effect a "key person" life insurance policy, payable to the companyCompany, on the life of Xxxxxxx X. Xxxxxxxxxxx Xxxx (so long as he remains an employee of the Company), in the amount of $1,000,0005 million. 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 Series A Convertible Preferred Stock and WarrantsStock, 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 the 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 any subsidiary which it may create 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 maintain in effect a "key person" life insurance policy, payable to the companyCompany, on the life of Xxxxxxx X. Xxxxxxxxxxx (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 Preferred Stock Notes and Warrants, 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.