Prior Acts definition
Examples of Prior Acts in a sentence
If such coverage is provided on a claims made basis, such insurance shall continue throughout the term of the Agreement; and upon the termination of this Agreement, or the expiration or cancellation of the insurance, Vendor shall purchase or arrange for the purchase or arrange for the purchase of, either an unlimited reporting endorsement ("Tail" Coverage), or "Prior Acts" coverage from the subsequent insurer, with a retroactive date on or prior to the effective date of this Agreement.
The foregoing obligations of Selling Group and the costs associated with actions taken under subsections (a), (b), and (c) herein, shall hereinafter be defined as “Selling Group’s Prior Acts Liabilities”.
If either party maintains a claims-made policy and this Agreement expires or terminates for any reason, then that party shall either continue to maintain the same or higher coverage with the same insurance carrier for a period of four (4) years thereafter; or shall purchase "Tail Coverage" effective until the fourth (4th) anniversary date of the expiration or termination of this Agreement or obtain and maintain "Prior Acts" coverage equivalent in time and coverage as the "Tail Coverage" described herein.
The Parties consent and agree to the doing of the Agreed Acts and the validation of any Prior Acts.
In addition to and without limitation of their entitlement to indemnification to the extent provided by Section 6.5 hereof, solely with respect to the Covered Officers, each Covered Officer shall continue to be entitled to indemnification with respect to claims and proceedings that relate to or arise from any Prior Acts solely pursuant to (i) the ▇▇▇▇▇▇▇▇ Employment Agreement with respect to ▇▇.