Purchase of Life Insurance. Employee agrees that the Company has an insurable interest in Employee, and the Company will have the right, at the Company’s expense, to purchase life insurance on the life of Employee and payable to the Company or its assigns.
Purchase of Life Insurance. Notwithstanding anything to the contrary contained herein, in the event that the services of Executive with the Company terminate for any reason other than death, Executive shall have the right to acquire any life insurance policies maintained by the Company on the life of Executive by (i) notifying the Company in writing of his desire to so purchase such life insurance policy or policies and (ii) tendering to the Company a cashier's check in an amount equal to the interpolated surrender cash value of such life insurance policy or policies together with any unearned portion of any current year premium thereof, both within sixty (60) days of the effective date of such termination.
Purchase of Life Insurance. Notwithstanding anything to the contrary contained herein, in the event that the services of the Executive with the Company terminate for any reason other than death, the Executive shall have the right to acquire any life insurance policies maintained by the Company on the life of the Executive by (i) notifying the Company in writing of his desire to so purchase such life insurance policy or policies and (ii) tendering to the Company a cashier's check in an amount equal to the interpolated surrender cash value of such life insurance policy or policies together with any unearned portion of any current year premium thereof, both within sixty (60) days of the effective date of such termination.
Purchase of Life Insurance. During the initial ten (10) year term of this Agreement (i.e. from November 8, 2000 through and including November 7, 2010), Levix xxx Fuente hereby covenant and agree that they shall vote their Stock so as to authorize HCH to purchase and maintain life insurance with respect to Levix'x xxxe in the amount of Seven Million Five Hundred Thousand and no/100 Dollars ($7,500,000). Levix xxxees to make himself available for and submit to any physical examinations required in connection with the issuance of the life insurance called for hereunder. Failure to submit to any such examination shall constitute a waiver by Levix xx the obligation that HCH maintain life insurance on Levix'x xxxe.
Purchase of Life Insurance. The Company shall use its best efforts, but shall not be required, to maintain and hold available for purposes of this section life insurance at a reasonable cost on the lives of the Members in an amount sufficient to pay the reasonably anticipated Appraised Value of the interest owned by each Member, separate and apart from any life insurance that the Company may maintain for any other purpose. The Company and the Members agree that the proceeds of the policies subject to this Agreement shall be applied toward the purchase price set forth above. The Company may from time to time procure additional policies on the lives of the Members and make such policies subject to this Agreement, in order that, should the Company increase substantially in value, the cash necessary to consummate a purchase may be kept at a reasonable amount relative to such value. Other policies may be substituted for any policies made subject to this Agreement and any policies subject hereto may be withdrawn as determined by the Members. Any policies subject to this Agreement, or any addition, substitution or withdrawal of such policies, shall be endorsed on a Schedule to this Agreement and signed by the Company and the Members.
Purchase of Life Insurance. In addition, and if authorized by the Company, an Executive may also direct the Trustee in writing to purchase with the vested accrued benefits in his Account insurance on the life of the Executive from an insurance company licensed to do business under the insurance laws of the State of California.
Purchase of Life Insurance. Employer owns Insurance Policy No. MH 003289 from American General Life Insurance Company on the life of Insured in the initial face amount of $10,000,000. Employer shall apply for a conversion of such policy of life insurance from a term life policy to a universal life policy (the “Policy”). The Policy shall continue to be owned by Employer.
Purchase of Life Insurance. The trustees shall apply for and will be owner of any insurance contract purchased under the terms of this plan. The insurance contract(s) must provide that proceeds will be payable to the trustee, however the trustee shall be required to pay over all proceeds of the contract(s) to the participant's designated beneficiary in accordance with the distribution provisions of this plan. A participant's spouse will be the designated beneficiary of the proceeds in all circumstances unless a qualified election has been made with spousal consent in accordance with Section 8, Joint and Survivor Annuity Requirements, if applicable. Under no circumstances shall the trust retain any part of the proceeds. In the event of any conflict between the terms of this plan and the terms of any insurance contract purchased hereunder, the plan provisions shall control.
Purchase of Life Insurance. Employee agrees that the Company Group has an insurable interest in Employee during the Employment Period, and the Company will have the right, at the Company’s expense, to purchase life insurance on the life of Employee and payable to the Company or its assigns. Employee shall reasonably cooperate with the Company at Company’s sole expense in procuring such insurance and shall, at the request of the Company, submit to such medical examinations, supply such information and execute such documents reasonably requested by the Company, all at Company’s expense, as may be required by the insurance company or companies to whom the Company has applied for such insurance. Employee shall cooperate with the Company in procuring such insurance and shall, at the request of the Company, submit to such medical examinations, supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for such insurance.
Purchase of Life Insurance. Without limiting the generality of Section 16.10, the Trustee may invest the assets of the Fund in life insurance purchased from a legal reserve life insurance company qualified to do business in the state where the trust is located. Any purchase of life insurance shall be only as directed by the Participant and shall be treated as a Participant-directed investment described in Section 16.
