Southern Energy Insurance Coverage During the Transition Period Sample Clauses

Southern Energy Insurance Coverage During the Transition Period. (a) Maintain Comparable Insurance. Throughout the period beginning on the Separation Date and ending on the Insurance Transition End Date (the "Insurance Transition Period"), Southern shall, subject to insurance market conditions and other factors beyond its control, maintain policies of insurance, including for the benefit of Southern Energy or any of its Subsidiaries, directors, officers, employees or other covered parties (collectively, the "Southern Energy Covered Parties") which are comparable to those maintained generally by Southern; provided, however, if Southern determines that (i) the amount or scope of such coverage will be reduced during the Insurance Transition Period to a level materially inferior to the level of coverage in existence immediately prior to the Insurance Transition Period, or (ii) the retention or deductible level applicable to such coverage, if any, will be increased during the Insurance Transition Period to a level materially greater than the levels in existence immediately prior to the Insurance Transition Period, Southern shall give Southern Energy notice of such determination as promptly as practicable. Upon notice of such determination, Southern Energy shall be entitled to no less than sixty (60) days to evaluate its options regarding continuance of coverage hereunder and may cancel its interest in all or any portion of such coverage as of any day within such sixty (60) day period. Except as provided below, during the Insurance Transition Period, such policies of insurance shall cover Southern Energy Covered Parties for liabilities and losses insured prior to the Insurance Transition End Date. (b) Directors & Officers ("D&O") Insurance Coverage. With effect from August 1, 2000, Southern shall obtain, subject to market availability and favorable pricing, $200 million in D&O insurance coverage limits (in addition to Southern's current D&O insurance coverage), with an option for a six-year extended reporting period (the "Additional D&O Insurance;" and, together with Southern's current D&O insurance coverage, the "D&O Insurance"). The D&O Insurance shall cover Southern and Southern Energy individually and collectively. The Additional D&O Insurance shall be maintained in force for a one-year period, unless the parties shall mutually agree to renew it for a further period. Upon policy expiration, Southern will exercise the option for the six-year extended reporting period. At the end of the extended reporting period, either par...
Sample 1
AutoNDA by SimpleDocs
Southern Energy Insurance Coverage During the Transition Period. (a) Maintain Comparable Insurance. Throughout the period beginning on the Separation Date and ending on the Distribution Date (i.e., the "Insurance Transition Period"), Southern shall, subject to insurance market conditions and other factors beyond its control, maintain policies of insurance, including for the benefit of Southern Energy or any of its Subsidiaries, directors, officers, employees or other covered parties (collectively, the "Southern Energy Covered Parties") which are comparable to those maintained generally by Southern; provided, however, that if Southern determines that (i) the amount or scope of such coverage will be reduced to a level materially inferior to the level of coverage in existence immediately prior to the Insurance Transition Period or (ii) the retention or deductible level applicable to such coverage, if any, will be increased to a level materially greater than the levels in existence immediately prior to the Insurance Transition Period, Southern shall give Southern Energy notice of such determination as promptly as practicable. Upon notice of such determination, Southern Energy shall be entitled to no less than sixty (60) days to evaluate its options regarding continuance of coverage hereunder and may cancel its interest in all or any portion of such coverage as of any day within such sixty (60) day period. Except as provided below, during the Insurance Transition Period, such policies of insurance shall cover Southern Energy Covered Parties for liabilities and losses insured prior to the Distribution Date.
Sample 1

Related to Southern Energy Insurance Coverage During the Transition Period

  • Partial Disposal During Term of Service Agreement Throughout the Term of the Service Agreement, LEA may request partial disposal of Student Data obtained under the Service Agreement that is no longer needed. Partial disposal of data shall be subject to LEA’s request to transfer data to a separate account, pursuant to Article II, section 3, above.

  • Transition Period Due to the nature of our purchasing process, the District often requires an existing service provider to continue to provide goods and/or services while the District is in the process of advertising, evaluating, and awarding a contract for the provision of the same goods and/or services in the future. To accommodate this process, the Contractor shall agree to maintain the same terms and conditions set forth in this Agreement for a period up to ninety (90) days after the automatic termination of this Agreement at the end of its term, if requested by the District, as a transition period. In addition, if the Contractor is not the successful bidder for a future solicitation for the same or similar services, he or she shall agree to provide the same goods and/or services provided in this Agreement for a period up to ninety (90) days to allow for an orderly transition to the new provider. The District and the Contractor may mutually agree to a longer transition period.

  • Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

  • Unbroken Vacation Period An Employee shall receive an unbroken period of vacation unless mutually agreed upon between the Employee and the Employer.

  • Retention Period The Engineer shall maintain all books, documents, papers, accounting records and other evidence pertaining to costs incurred and services provided (hereinafter called the Records). The Engineer shall make the records available at its office during the contract period and for seven (7) years from the date of final payment under this contract, until completion of all audits, or until pending litigation has been completely and fully resolved, whichever occurs last.

  • Coverage Term All insurance required herein shall be maintained in full force and effect until all work or services required to be performed under the terms of this Agreement are satisfactorily performed, completed and formally accepted by the City, unless specified otherwise in this Agreement.

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Coverage Period The Section A (Retrospective) Coverage Period will be the period from and including January 1, 2002 to but not including the Effective Time.

  • Covenant to Provide Financial Information and Maintain Sufficient Capital The Administrator shall obtain and maintain the necessary capital to fulfill its obligations under this Agreement and shall remain solvent. The Administrator will report to the Issuer on a semi-annual basis its current and total assets, current and total liabilities, and total equity and the Company intends to include such amounts in its SEC reports.

  • Death During Benefit Period If the Executive dies after the benefit payments have commenced under this Agreement but before receiving all such payments, the Company shall pay the remaining benefits to the Executive's beneficiary at the same time and in the same amounts they would have been paid to the Executive had the Executive survived.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!