Key Man Insurance and Credit Life Insurance

Key Man Insurance. Customer shall provide and maintain throughout the entire term hereof a policy or policies of key man life insurance on the life of ___________. Each such policy shall name Bank as the sole loss payee, and shall provide that Bank will receive not less than 10 days prior written notice of any cancellation or material modification. Upon the death of __________ the WCMA Line of Credit shall without notice be terminated and the proceeds of such life insurance shall be applied on account of the Obligations, with any excess paid over to Customer.

Credit Life Insurance. Customer shall acquire and maintain in effect so long as there are any Obligations, a policy or policies of life insurance on the life of _______ in an amount not less than $1,000,000.00, and in form and with insurers satisfactory to Bank. Each such policy shall provide that Bank shall be the sole loss payee, and shall receive not less than 30 days prior notice of any cancellation or material modification. Customer shall provide or cause to be provided to Bank a certified copy or certificate of each such policy and each renewal thereof. Upon the death of _______: (i) the Line of Credit shall without further action of the parties be terminated, and (ii) Bank shall apply the proceeds of said insurance to the Obligations, with any excess paid to Customer or whoever else may then be entitled thereto.