Key Man Policy definition

Key Man Policy means the key man life insurance policy(ies) described on Schedule 1, if applicable.

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Key Man Policy shall have the meaning set forth in Section 5.1 hereof.

Key Man Policy means the life insurance policy (in form and substance satisfactory to the Agent) relating to the death or disability and made in favour of Genesys S.A. in respect of the death or disability of ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ for a period of 5 years and for a minimum coverage amount of USD 1,000,000 and required to be delivered in accordance with Clause 22.30 (Key-man Policy) or any substituted policy or any new policy previously approved by the Agent.

Examples of Key Man Policy in a sentence

If the Company elects to obtain and maintain such Key Man Policy, the Employee shall cooperate in all reasonable respects in order to effectuate such Key Man Policy and shall provide such consents as may be necessary to comply with Section 101(j) of the Internal Revenue Code of 1986, as amended (the “Code”).
Upon termination of the Employee’s employment with the Company for any reason whatsoever other than death, the Company will transfer ownership of any such Key Man Policy to the Employee or his designee who will accept full responsibility for the payment of any premiums due following the Termination Date.
The Key Man Policy proceeds shall be payable as the Employee instructed pursuant to such policy.
The Executive acknowledges and accepts that the Company: (i) shall be the owner and beneficiary of the Key Man Policy; (ii) shall be solely responsible for paying the premiums thereon; and (iii) shall be entitled to determine the face amount of the Key Man Policy in the discretion of the Company’s Board of Directors.
Upon termination of the Employee’s employment with the Company for any reason whatsoever other than death, the Company will transfer ownership of any such Key Man Policy to the Employee or her designee who will accept full responsibility for the payment of any premiums due following the Termination Date.

More Definitions of Key Man Policy

Key Man Policy has the meaning set forth in Section 7.15.

Key Man Policy means Sellers’ key man life insurance policy insuring the life of ▇▇▇▇ ▇.

Key Man Policy means the Individual Renewable Term Life Insurance Policy insuring I▇▇▇▇ ▇▇▇▇▇▇▇ issued by Massachusetts Mutual Life Insurance Company, Policy No. 24669790, in the face amount of $25,000,000.

Key Man Policy as defined in Section 6.26.

Key Man Policy means the Individual Renewable Term Life Insurance Policy insuring Isaac Mizrahi issued by Massachusetts Mutual Life Insurance Company, Policy No. 24669790, in the face amount of $25,000,000.

Key Man Policy means a key-man life assurance policy taken out by the Borrower on the life of ▇▇ ▇▇▇▇▇ Leech in the sum of not less than(pound)8,500,000 (eight million five hundred thousand pounds) with such life assurance company or office and in such form and on such terms as are acceptable to the Administrative Agent and where the context admits includes any replacement life assurance policy taken out by the Borrower or renewal thereof;

Key Man Policy means any of them;