Common use of Corporation Insurance Clause in Contracts

Corporation Insurance. Subject to Section 7.3, the Corporation shall obtain and maintain a policy or policies of insurance with one or more reputable insurance companies providing Indemnitee with coverage in such amount as will be determined by the Board of Directors for Losses and Expenses paid or incurred by Indemnitee as a result of acts or omissions of Indemnitee in his or her Corporate Status, and to ensure the Corporation’s performance of its indemnification obligations under this Agreement; provided, however, that in all policies of director and officer liability insurance obtained by the Corporation, Indemnitee shall be named as an insured party in such manner as to provide Indemnitee with the same rights and benefits as are afforded to the most favorably insured directors, managers or officers, as applicable, of the Corporation under such policies. Any reductions to the amount of director and officer liability insurance coverage maintained by the Corporation as of the date hereof shall be subject to the approval of the Board of Directors to ensure the Corporation’s performance of its obligations under this Agreement.

Corporation Insurance. Subject to Section 7.3, the Corporation shall obtain and maintain a policy or policies of insurance with one or more reputable insurance companies providing Indemnitee with coverage in such amount as will be determined by the Board of Directors for Losses and Expenses paid or incurred by Indemnitee as a result of acts or omissions of Indemnitee in his or her Corporate Status, and to ensure the Corporation’s performance of its indemnification obligations under this Agreement; provided, however, that in all policies of director and officer liability insurance obtained by the Corporation, Indemnitee shall be named as an insured party in such manner as to provide Indemnitee with the same rights and benefits as are afforded to the most favorably insured directors, managers directors or officers, as applicable, of the Corporation under such policies. Any reductions to the amount of director and officer liability insurance coverage maintained by the Corporation as of the date hereof shall be subject to the approval of the Board of Directors to ensure the Corporation’s performance of its obligations under this Agreement.