Common use of Preservation of Rights of Resigning Officers and Directors Clause in Contracts

Preservation of Rights of Resigning Officers and Directors. Purchaser acknowledges and agrees that the directors and officers of the Company and the Subsidiaries appointed by Seller shall, notwithstanding any removal of such individuals from such capacities following the Closing, retain their rights under any insurance policy maintained by the Company or a Subsidiary prior to Closing with respect to its employees, managers and officers in connection with any acts or omissions occurring prior to the Closing Date.

Preservation of Rights of Resigning Officers and Directors. Purchaser acknowledges and agrees that the directors and officers of the Company and the Subsidiaries Subsidiary appointed by Seller shall, notwithstanding any removal of such individuals from such capacities following the Closing, retain their rights under any insurance policy maintained by the Company or a the Subsidiary prior to Closing with respect to its employees, managers and officers in connection with any acts or omissions occurring prior to the Closing Date.