TAAC definition
Examples of TAAC in a sentence
Where the limits apply to amounts that are not paid by or on behalf of TRW, TAAC, or their respective Subsidiaries, for example, in the case of first party coverage for the value of property that is destroyed but not replaced, amounts shall be allocated to such limits in the order in which the relevant losses occurred.
In addition, to the extent that there is any obligation after the Closing Date to provide or continue to provide security or collateral to any insurer with respect to Company Liabilities, TAAC shall provide or cause to be provided such security or collateral and pay or cause to be paid the cost of doing so.
During the Term, service upgrades and improvements that TRW provides to its own internal organizations shall be made available to TAAC to the extent that the parties mutually agree upon the price for any such upgrade or improvement.
In the event that TRW does not have the right to make TAAC and its Subsidiaries and Affiliates "Insureds" under those policies (or the insurers refuse to provide confirmation of TRW's right to do so), TAAC shall be obligated at its own expense to obtain replacement coverage (or to bear the risk that such coverage is not available under the current policies).
That means that amounts shall be applied in the order in which such amounts were paid by or on behalf of TRW, TAAC, or their respective Subsidiaries.
TRW and TAAC desire to enter into this Agreement in order to, among other things, allocate between TRW and TAAC certain insurance policies and arrangements of TRW and related coverages.
TRW and TAAC agree to consult with each other and negotiate in good faith about such impacts.
In order to obtain reimbursement of amounts due under this Agreement, TRW or TAAC, as the case may be, shall send a written request for such reimbursement in accordance with Section 6.1, together with such information as is reasonably required to support its request for reimbursement.
Similarly, to the extent that TAAC continues after the Closing Date to make payments that TRW is obligated to make under Section 4.1, whether as a result of contractual obligations or for the purpose of ensuring a smooth transition or otherwise, TRW shall reimburse TAAC for such payments.
TRW will reimburse TAAC for any third party cancellation or similar charges incurred as a result of the early termination thereof, provided that TAAC reasonably entered into such obligation in order to provide Services to TRW in accordance with this Agreement.