Predecessor Firm definition
Predecessor Firm means any partnership, professional association, limited liability partnership, corporation or limited liability company which has undergone dissolution, and as to which the Named Insured is the majority successor in interest to its financial assets and liabilities.
Predecessor Firm means any entity which has undergone dissolution and the financial assets and liabilities of which the Named Insured is the majority successor in interest.
Predecessor Firm means any law firm no longer in existence from which the Named Insured previously acquired at least 50% of the assets, liabilities, and lawyers.
Examples of Predecessor Firm in a sentence
If the Named Insured is a professional legal business entity, then any lawyer, partner, officer, director, shareholder, or member of the Named Insured, but only with respect to acts, errors or omissions in Professional Services in the law practice of the Named Insured or Predecessor Firm.
In consideration of the assignment made pursuant to Paragraph 1 of this Agreement, Assignee agrees to pay to Assignor on the Assignment Date, an amount equal to $____________ representing the aggregate principal amount outstanding of the Term Loans owing to Assignor under the Loan Agreement and the other Loan Documents with respect to the Assigned Interests.
More Definitions of Predecessor Firm
Predecessor Firm means any entity that, prior to the Retroactive Date set forth in Item 7. in the Declarations, is dissolved or inactive and is no longer rendering Professional Services, and more than fifty percent (50%) of such entity’s assets and liability have been assigned, acquired or transferred to the Insured.
Predecessor Firm means any sole proprietorship, partnership, professional corporation, professional association, limited liability corporation or limited liability partnership engaged in legal services and to whose financial assets and liabilities the firm listed as the Named Insured in the Declarations is the majority successor in interest.
Predecessor Firm means any sole proprietorship, partnership, corporation, professional association, limited liability corporation or limited liability partnership engaged in Professional Services and to whose financial assets and liabilities the Named Insured is the successor in interest.
Predecessor Firm in this application means any law firm or professional legal corporation of which the majority of lawyers are now affiliated with the Applicant.)
Predecessor Firm means any law firm to whose liabilities the NAMED INSURED is the majority successor in interest.
Predecessor Firm means any sole proprietorship, partnership, professional corporation, professional association, limited liability corporation or limited liability partnership engaged in legal services and:
Predecessor Firm means any corporation, individual, limited liability corporation, limited liability partnership, partnership, or professional association to whose financial assets and liabilities the Named Insured is the majority successor in interest. Predecessor Firm does not include any corporation, individual, limited liability corporation, limited liability partnership, partnership, or professional association to whose financial assets and liabilities the Named Insured becomes the majority successor in interest during the Policy Period unless the Insurer, in its sole discretion, and the Named Insured agree to include such corporation, individual, limited liability corporation, limited liability partnership, partnership, or professional association as a Predecessor Firm. The Named Insured shall accept any premium adjustment or coverage revisions which the Insurer may require.