Examples of Indemnification Event in a sentence
Company will defend, indemnify, and hold harmless each Indemnified Party from and against any and all Liabilities with respect to an Indemnification Event.
Upon the occurrence of an Indemnification Event, the Bank will provide prompt written notice to the Company except where disclosure is prohibited by Law, or the Bank has been instructed by a governmental authority that disclosure would hamper an ongoing investigation.
In addition, upon notice from Seller, Buyer shall promptly pay all amounts that Seller has become legally obligated to pay by judgment, settlement or otherwise, by reason of any Buyer Indemnification Event.
Company will not settle or compromise any Indemnification Event giving rise to Liabilities in any manner that imposes any restrictions or obligations on Penn or grants any rights to the Penn Patent Rights or the Licensed Products without Penn’s prior written consent (unless any such grant by Company amounts to a permitted sublicense hereunder).
If Company fails or declines to assume the defense of any Indemnification Event within thirty (30) days after notice of the applicable Claim, then Penn may assume the defense of such Claim for the account and at the risk of Company, and any Liabilities related to such Claim will be conclusively deemed a liability of Company.