Key Man Life Insurance Policy definition

Key Man Life Insurance Policy as defined in Section 5.5(b).

Key Man Life Insurance Policy has the meaning set forth in Section 5.01(i).

Key Man Life Insurance Policy means the key-man life insurance policy naming Lender as the sole beneficiary, in form and substance satisfactory to Lender, on Xx. Xxxxxxx in the amount of $1,000,000 with an insurance company approved by Lender.

Examples of Key Man Life Insurance Policy in a sentence

• The Company is responsible for payment of Employee’s Key Man Life Insurance Policy and Directors and Management Insurance for the term of this Agreement.

• The Borrower will exercise its reasonable best efforts to maintain the Key Man Life Insurance Policy at all times during the term hereof and, in the event of any termination of such policy, to obtain another policy in form or substance acceptable to the Required Lenders.

• Borrower shall use its best efforts to obtain a Key Man Life Insurance Policy insuring the life of Rechxxxx, xxich policy, shall be in an amount of not less than Two Million Dollars ($2,000,000) and once obtained, shall be beneficially assigned to Lender.

• In addition, if Employee satisfies the conditions set forth in this paragraph, the Company agrees to transfer all ownership and rights of the Company’s Employee’s Key Man Life Insurance Policy for Employee, to Employee.

• In connection with certain financial dealings with the Bank Sociéte Generale, the Company has purchased a $2,000,000 Key Man Life Insurance Policy (“Policy”) on Employee’s life, which currently is assigned to Sociéte Generale.

More Definitions of Key Man Life Insurance Policy

Key Man Life Insurance Policy means a life insurance policy in the amount of $20,000,000 insuring the life of Xxxxxxx Xxxxxxx, chief executive officer of Parent.

Key Man Life Insurance Policy means an insurance policy maintained by the Borrower insuring the life of Mr. Xxxxxxx X. Xxxxxx and providing for a payment of at least Two Million Dollars ($2,000,000) upon Mr. Xxxxxx' xxath. LENDER shall mean CITBC and any Transferee hereunder. LETTER OF CREDIT OR LETTERS OF CREDIT shall mean all letters of credit issued with the assistance of CITBC by any Issuing Bank for or on behalf of the Borrower.

Key Man Life Insurance Policy means the $2,000,000 life insurance policy covering the life of Willxxx X. Xxxx, xxgether with any amendments or replacements thereof, endorsements thereto or substitutes therefor, in whole or in part.

Key Man Life Insurance Policy means the policy of insurance owned by Borrower in the face amount of $1,000,000, policy number 2,723,128, issued by First Colony Life Insurance Company, insuring the life of Willxxx Xxxxxxx.

Key Man Life Insurance Policy has the meaning assigned to it in Section 3.4.

Key Man Life Insurance Policy means the Key-Man Life Insurance policy on the life of Mark Vaughan in an amxxxx xx xxx less than $1,000,000 reflecting the beneficiary as Trustee herein.

Key Man Life Insurance Policy. The Company is responsible for payment of Employee's Key Man Life Insurance Policy and Directors and Management Insurance for the term of this Agreement. In addition, due to the nature of Employee's duties to the Company and the inherent risk therein, the Company will provide disability and life insurance for Employee commensurate with Four (4) times his total compensation from the Company.