Common use of Extended Reporting Period Clause in Contracts

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.9, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.9, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC or Manager thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager shall be permitted to exercise the option upon the failure of CMHC to do so. Upon such notice, CMHC shall take all steps, including the payment of money, necessary to exercise such option, and if CMHC shall fail to effectively exercise such option, then Manager may do so, and CMHC shall fully and immediately reimburse Manager, within ten (10) calendar days notice thereof by Manager, for all monies expended by Manager in connection therewith.

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 3.10 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.93.10, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.93.10, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC Hospital or Manager thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager shall be permitted to exercise the option upon the failure of CMHC Hospital to do so. Upon such notice, CMHC Hospital shall take all steps, including the payment of money, necessary to exercise such option, and if CMHC Hospital shall fail to effectively exercise such option, then Manager may do so, and CMHC Hospital shall fully and immediately reimburse Manager, within ten (10) calendar days notice thereof by Manager, for all monies expended by Manager in connection therewith.

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 3.10 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.93.10, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.93.10, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC or Manager thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager shall be permitted to exercise the option upon the failure of CMHC to do so. Upon such notice, CMHC shall take all steps, including the payment of money, necessary to exercise such option, and if CMHC shall fail to effectively exercise such option, then Manager may do so, and CMHC shall fully and immediately reimburse Manager, within ten (10) calendar days notice thereof by Manager, for all monies expended by Manager in connection therewith.

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 4.6 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.94.6, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.94.6, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC Hospital or Manager thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager Hospital shall be permitted to exercise the option upon the failure of CMHC Manager to do so. Upon such notice, CMHC Manager shall take all steps, including the payment of money, necessary to exercise such option, and if CMHC Manager shall fail to effectively exercise such option, then Manager Hospital may do so, and CMHC Manager shall fully and immediately reimburse ManagerHospital, within ten (10) calendar days notice thereof by ManagerHospital, for all monies expended by Manager Hospital in connection therewith.

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 4.6 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.94.6, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.94.6, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC or Manager thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager CMHC shall be permitted to exercise the option upon the failure of CMHC Manager to do so. Upon such notice, CMHC Manager shall take all steps, including the payment of money, necessary to exercise such option, and if CMHC Manager shall fail to effectively exercise such option, then Manager CMHC may do so, and CMHC Manager shall fully and immediately reimburse ManagerCMHC, within ten (10) calendar days notice thereof by ManagerCMHC, for all monies expended by Manager CMHC in connection therewith.

Extended Reporting Period. If any liability insurance policy procured pursuant to Section 3.9 1.6 is on a "claims made" rather than "occurrence" basis, then such policy shall include an option to purchase a "tail" or an extended reporting period, which option shall be exercisable upon termination or cancellation of said policy or upon any material modification of said policy that has the effect of causing the coverage of said policy to fail, in any respect, to meet the requirements of Section 3.91.6, regardless of whether such termination, cancellation or modification shall occur during the term hereof or thereafter. The tail or extended reporting period shall provide coverage meeting all of the requirements set forth in Section 3.91.6, for a period of at least seven (7) years after termination, cancellation or modification of the underlying policy. Such policy shall provide that the carrier shall give CMHC Hospital or Manager Manger at least thirty (30) calendar days advance written notice of the date upon which the option may be exercised regardless of whether such date shall occur during the term hereof or thereafter and shall specifically provide that Manager Hospital shall be permitted to exercise the option upon the failure of CMHC Manager to do so. Upon such notice, CMHC Manager shall take all steps, including but not limited to the payment of money, necessary to exercise such option, and if CMHC Manager shall fail to effectively exercise such option, then Manager Hospital may do so, so and CMHC Manager shall fully and immediately reimburse ManagerHospital, within ten (10) calendar days notice thereof by ManagerHospital, for all monies expended by Manager Hospital in connection therewith. The provisions of this Section 1.6.3 survive the expiration or earlier termination of this Agreement.