Continuing D&O Coverage. Mainland Bank shall obtain, and prior to the Calculation Date will fully pay for, past acts and extended reporting period “tail” insurance coverage with a claims period of four years from and after the Effective Time with respect to Mainland Bank’s (i) current directors’ and officers’ insurance policy (or comparable coverage) for each of its directors and officers currently covered under comparable policies held by Mainland Bank, (ii) employment practices liability insurance policy, (iii) current financial institutions bond (or comparable coverage) and (iv) bankers professional liability, errors and omissions and fiduciary liability insurance policies (“Tail Coverage”). In each case, the Tail Coverage will contain coverage, amounts, terms and conditions, no less advantageous to Mainland Bank and its directors, officers and employees, as applicable, than the coverage in place as of the date of this Agreement.
Continuing D&O Coverage. Bank of York shall obtain, and prior to the Calculation Date will fully pay for, past acts and extended reporting period “tail” insurance coverage with a claims period of six years from and after the Effective Time with respect to Bank of York’s (i) current directors’ and officers’ insurance policy (or comparable coverage) for each of its directors and officers currently covered under comparable policies held by Bank of York, (ii) employment practices liability insurance policy, (iii) current financial institutions bond (or comparable coverage) and (iv) bankers professional liability, errors and omissions and fiduciary liability insurance policies (“Tail Coverage”). In each case, the Tail Coverage will contain coverage, amounts, terms and conditions, no less advantageous to Bank of York and its directors, officers and employees, as applicable, than the coverage in place as of the date of this Agreement.
Continuing D&O Coverage. Before the Effective Time, TLB will obtain, and before the Calculation Date TLB will fully pay for, “tail” insurance policies or a continuance of current policies with a claims period of two years from and after the Effective Time with respect to Directors’ and Officers’ liability insurance for the present and former officers and directors of TLB with respect to claims against such directors and officers arising from facts or events occurring before the Effective Time (including the transactions contemplated by this Agreement) (“Tail Coverage”). The Tail Coverage will contain coverage, amounts, terms and conditions, no less advantageous to such officers and directors than the coverage currently provided by TLB.
Continuing D&O Coverage. Before the Effective Time, DCB will obtain, and before the Calculation Date DCB will fully pay for, “tail” insurance policies or a continuance of current policies with a claims period of four (4) years from and after the Effective Time with respect to directors’ and officers’ liability insurance for the present and former officers and directors of DCB and PSB with respect to claims against such directors and officers arising from facts or events occurring before the Effective Time (including the transactions contemplated by this Agreement) (“Tail Coverage”). The Tail Coverage will contain coverage, amounts, terms and conditions, no less advantageous to such officers and directors than the coverage currently provided by DCB or PSB.
