Key Person Life Insurance Policy definition

Key Person Life Insurance Policy shall have the meaning set forth in Section 3(u) below.
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Key Person Life Insurance Policy has the meaning set forth in Section 6.04(e).
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Key Person Life Insurance Policy means the life insurance policy issued by Phoenix Life Insurance, with respect to Xxxxxx X. Xxxx, having a stated death benefit of Four Million Five Hundred Thousand Dollars ($4,500,000), and any replacements therefore which are reasonably acceptable to Administrative Agent.
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Examples of Key Person Life Insurance Policy in a sentence

  • Client understands that any funding obtained from lending sources may involve expenses and certain business requirements that must be met by Client and are not covered under Advisor’s services, i.e. maintaining a business bank account with a positive balance, obtaining a Key Person Life Insurance Policy, improving/maintain a strong personal credit profile, purchasing business credit reports, paying business bills on time, etc.

  • The Company shall deliver within 15 days of the Closing Date the acknowledgment executed by the insurer of the Assignment of the Key Person Life Insurance Policy.

  • No later than the first Business Day following the date of receipt by Company or any of its Subsidiaries, or Administrative Agent as loss payee, of any proceeds of any Key Person Life Insurance Policy, Company shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced as set forth in Section 2.15(b) in an aggregate amount equal to such proceeds.

  • No later than the first Business Day following the date of receipt by Borrower or any of its Subsidiaries, or Administrative Agent as loss payee, of any net proceeds of any Key Person Life Insurance Policy, Borrower shall prepay the Loans as set forth in Section 2.15 in an aggregate amount equal to such net proceeds.

  • Advisor performs a corporate compliance and document review of Client’s business in order to help prepare Client to maximize the possibility of success in obtaining business credit Client applies for; Key Person Life Insurance Policy assistance.


More Definitions of Key Person Life Insurance Policy

Key Person Life Insurance Policy has the meaning assigned to it in Section 5.04(d).
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Key Person Life Insurance Policy means the Life Insurance Policy purchased by an employer for insuring the life of an important employee, in order to compensate the financial loss due to death of such employee.
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Related to Key Person Life Insurance Policy

  • Life Insurance Policy has the meaning given in Section 6.11.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Life insurance means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Blanket insurance policy means a group policy covering a defined class of

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • Company Insurance Policies has the meaning set forth in Section 4.15.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Reimbursement insurance policy means a policy of insurance

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;

  • D&O Liability Insurance Policies means all insurance policies (including any “tail policy”) of any of the Debtors for liability of any current or former directors, managers, officers, and members.

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • D&O Policy has the meaning set forth in Section 6.18(b).