O&D Insurance Sample Clauses
The O&D Insurance clause establishes the requirement for obtaining insurance coverage for operations and damages related to a specific contract or activity. Typically, this clause outlines the types and minimum amounts of insurance that must be maintained, such as general liability or property damage insurance, and may specify the parties who must be named as insureds. Its core practical function is to allocate risk and ensure that financial protection is in place in the event of accidents, losses, or damages arising from the performance of the contract.
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O&D Insurance. The Company shall use its best efforts ------------- to obtain at least $5,000,000 of officers and directors liability insurance (the "O&D Policy") and, in any event, shall have obtained the O&D Policy within 30 days of the Initial Preferred Closing.
O&D Insurance. The Company shall have in place and full force and effect at least $5,000,000 of officers and directors liability insurance.
O&D Insurance. Within 30 days of the Initial Closing, the Company shall obtain at least $5,000,000 of officers and directors liability insurance (the "O&D Policy") and shall keep such policy in effect during such period as the Placement Agent has the right to designate one or more members of the Company's Board of Directors or one or more such designees serve as directors. The Company shall not cancel or materially decrease the coverage of the O&D Policy without giving the Placement Agent at least 30 days' prior written notice.
O&D Insurance. The Company will endeavor to obtain an officer and director insurance policy and such policy will include the Executive as an insured party in his respective capacities.