Transfer of Insurance. In the event that the Executive’s employment with the Company terminates on the End Date, or prior to the End Date unless (i) the Executive is terminated by the Company for Cause or (ii) the Executive terminates his employment other than pursuant to Section 14(c)(ii) of the Current Agreement (as amended), then the Company will transfer to the Executive ownership of all term life insurance policies (including any “key man” policies) insuring the life of the Executive and then held by the Company; provided, that (i) such transfer is allowed under the terms of the applicable policies and (ii) the Executive shall pay any costs incurred in connection with such transfer.
Transfer of Insurance. Seller shall advise any relevant insurance carrier of the sale of each Mortgage Loan and shall effect an assignment to the Purchaser of the loss payee endorsement for hazard and flood insurance, any credit life and disability insurance, and any and all other insurance respecting the Mortgaged Property and/or the improvements located thereon.
Transfer of Insurance. Within 30 days after the Separation Date, KFC Coop (or Unified Coop, if the policy has then been transferred to it) shall transfer to Henrion all of its rights, title and interest in the Policy (as defined in the Prior Agreement), at no cost to him, provided that the revocation provided for in Section 1.3 has not then been exercised by Henrion.
Transfer of Insurance. The Vendor transfers to the Purchaser, with the consent of the insurer and for good and valuable consideration, all the Vendor's rights in the insurance policy number «As_Nopoliceve», issued by «As_Compassve», covering the enterprise presently sold in respect of its civil liability and its property. This transfer takes effect as of this date, being the date of the transfer of the right of ownership and of the delivery of the enterprise.
Transfer of Insurance. Employer currently holds a term policy of insurance on the life of Employee of $10,000,000. At or shortly after the execution of this Agreement, Employer shall transfer to Employee $2,000,000 of the $10,000,000 coverage and agrees to transfer the right to any remaining coverage to Employee, at Employee's expense, on Employee's request. Employer shall continue to pay for the transferred coverage of $2,000,000, with such payments grossed up for tax purposes to Employee. Employer will continue to provide the transferred term insurance to Employee for such times as Employee is receiving payments of his base salary or termination payments representing his base salary hereunder.
Transfer of Insurance. Employer currently holds a term policy of insurance on the life of Employee of $5,000,000. Employer has previously transferred $2,000,000 of coverage to Employee. At or shortly after the execution of this Agreement, Employer shall transfer to Employee’s Irrevocable Life Insurance Trust $1,000,000 of the remaining coverage, with the annual cost paid by Employer, with a gross up for taxes. Employee will assign his rights to this $1,000,000 of remaining coverage as well as any right that Employee has or may have to the Future Transfer of $1,000,000 of coverage as provided for in this Paragraph 7 to Employee’s Irrevocable Life Insurance Trust. In the event of: (i) a Change of Control of Employer or (ii) the termination of this Agreement not for Just Cause or (iii) the termination of this Agreement because of Disability of Employee, then on the effective date of the Change of Control or the termination date of this Agreement, Employer shall transfer $1,000,000 of coverage to Employee’s Irrevocable Life Insurance Trust (“Future Transfer”). For the Future Transfer, Employer shall also transfer to the Employee funds which can be used to pay the premiums on such insurance, with a gross up for taxes thereon. The right to the Future Transfer is personal to Employee and shall not apply to any other person, including but not limited to, Employee’s spouse.
