Common use of Acquisition of the Named Insured Clause in Contracts

Acquisition of the Named Insured. If, during the Policy Period, any of the following events occurs: 1. the acquisition of the Named Insured, or of all or substantially all of its assets, by another entity, or the merger or consolidation of the Named Insured into or with another entity such that the Named Insured is not the surviving entity; or 2. the obtaining by any person, entity or affiliated group of persons or entities of the right to elect, appoint or designate at least 50% of i) the directors of the Named Insured if a Corporation; ii) the management committee members of the Named Insured if a partnership; iii) the management board of the Named Insured if a limited liability company; then coverage under this Policy will continue in full force and effect until termination of this Policy, but only with respect to Claims for Wrongful Acts taking place before such event. Coverage under this Policy will cease as of the effective date of such event with respect to Claims for Wrongful Acts taking place after such event.

Acquisition of the Named Insured. If, during the Policy Period, any of the following events occurs: 1. the acquisition of the Named Insured, or of all or substantially all of its assets, by another entity, or the merger or consolidation of the Named Insured into or with another entity such that the Named Insured is not the surviving entity; or 2. the obtaining by any person, entity or affiliated group of persons or entities of the right to elect, appoint or designate at least 50% of i) of: a. the directors of the Named Insured Insured, if a Corporation; ii) corporation; b. the management committee members of the Named Insured Insured, if a partnership; iii) or c. the management board of the Named Insured Insured, if a limited liability company; then coverage under this Policy will continue in full force and effect until termination expiration of this Policythe Policy Period, but only with respect to Claims for Wrongful Acts taking place before such event. Coverage under this Policy will cease as of the effective date of such event with respect to Claims for Wrongful Acts taking place after such event.