Adjustment for Insurance Clause Samples
The Adjustment for Insurance clause defines how insurance proceeds are handled in the event of a loss or damage affecting the subject matter of the contract. Typically, this clause outlines the process for determining whether insurance payouts will be used to repair, replace, or compensate for the loss, and may specify the parties' rights to claim or receive such proceeds. By clearly allocating the use and distribution of insurance funds, this clause ensures that both parties understand their financial responsibilities and entitlements, thereby reducing disputes and providing a mechanism for addressing unforeseen losses.
Adjustment for Insurance. The amount which an Indemnifying Party is required to pay to, for or on behalf of the Indemnified Party pursuant to this Article 8 shall be adjusted (including, without limitation, retroactively) by any insurance proceeds actually recovered by or on behalf of such Indemnified Party in reduction of the related indemnifiable loss (the "INDEMNIFIABLE LOSS"). Amounts required to be paid, as so reduced, are hereinafter sometimes called an "INDEMNITY PAYMENT". If an Indemnified Party has received or has had paid on its behalf an Indemnity Payment for an Indemnifiable Loss and subsequently receives insurance proceeds for such Indemnifiable Loss, then the Indemnified Party shall (x) promptly notify the Indemnifying Party of the amount and nature of such proceeds, and (y) pay to the Indemnifying Party the amount of such insurance proceeds or, if lesser, the amount of the Indemnity Payment.
Adjustment for Insurance. Any indemnification amount payable pursuant to this Article 11 shall be net of any amounts actually recovered (after deducting related costs and expenses) by the indemnified party for the Damages for which such indemnification payment is made, under any insurance policy, warranty or indemnity from any third party. CharterMac and Purchasers shall use commercially reasonable efforts to recover maximum amounts available under any insurance policy, warranty or indemnity from any third party prior to making any Claim against the Escrow Amount; provided, however, that the parties acknowledge that if any insurance recovery is insufficient to cover the Damages in full as of the applicable date the Escrow Amount is scheduled to be released in accordance with the terms and conditions of the Escrow Agreement, then Purchasers Indemnitees shall be entitled to be indemnified pursuant to this Article 11 for the amount of such Damages not covered by insurance.
Adjustment for Insurance. 77 ARTICLE 12 MISCELLANEOUS..................................77 12.1 Notices.....................................................77 12.2 Severability................................................78 12.3 Entire Agreement; No Third-Party Beneficiaries..............79
Adjustment for Insurance. 42 ------------------------ 6.7. Cooperation..................................................................................... 42 ----------- 6.8. Subrogation..................................................................................... 42 ----------- 6.
Adjustment for Insurance. 18 6.5 Payment........................................................18 6.6
Adjustment for Insurance. If any Losses sustained by an Indemnified Party are covered by an insurance policy or an indemnification, contribution or similar obligation of another person (other than an Affiliate of such Indemnified Party), the Indemnified Party shall use commercially reasonable efforts to collect such insurance proceeds or indemnity, contribution or similar payments. If the Indemnified Party receives insurance proceeds or indemnity, contribution or similar payments prior to being indemnified, held harmless and reimbursed under Section 11.2 or Section 11.3, as applicable, with respect to such Losses, the payment by the Indemnifying Party under this Article XI with respect to such Losses shall be reduced by the net amount of such insurance proceeds or indemnity, contribution or similar payments to the extent related to such Losses (less reasonable attorneys’ fees and other expenses actually incurred by such Indemnified Party in connection with such recovery and not reimbursed by such third party source). If the Indemnified Party receives such insurance proceeds or indemnity, contribution or similar payments after being indemnified and held harmless by an Indemnifying Party with respect to such Losses, the Indemnified Party shall pay to the Indemnifying Party (or shall deposit into the Indemnification Escrow Account, in the event the Indemnified Party is an Acquiror Indemnified Party and the insurance recovery occurs on or before the later to occur of (a) the resolution of all claims to which indemnity has been sought or (b) the Expiration Date) the net amount of such insurance proceeds or indemnity, contribution or similar payment to the extent related to such Losses (less reasonable attorney’s fees and other expenses actually incurred by such Indemnified Party in connection with such recovery and not reimbursed by such third party source).
Adjustment for Insurance. The amount of indemnity payable under Section 10.2 or Section 10.3 shall be calculated after giving effect to any net proceeds actually received from insurance policies covering the Loss that is the subject of the claim for indemnity, net of any increase in premium as a result of such claim and reasonable expenses incurred in pursuing such claim.
Adjustment for Insurance. Any indemnification amount payable pursuant to this Article 10 shall be net of any amounts actually recovered (after deducting related costs and expenses) by the indemnified Party for the Damages for which such indemnification payment is made, under any insurance policy (it being understood and agreed that a Party may seek indemnification under this Article 10 while concurrently using commercially reasonable efforts to recover under any insurance policy). In the event that any indemnified Party recovers amounts under any insurance policy as it relates to a particular Claim for which an indemnification payment has already been made pursuant to this Article 10, the indemnified Party shall reimburse the indemnifying Party an amount equal to the lesser of the amount of such insurance recovery (after deducting related costs and expenses) and the amount for which the indemnifying Party was obligated to indemnify the indemnified Party pursuant to this Article 10. Each indemnified Party shall use commercially reasonable efforts to recover maximum amounts available under any applicable insurance policy.
Adjustment for Insurance. 67 Section 10.7 Adjustment for Recoveries under Acquisition Agreements.67 Section 10.8 Subrogation............................................68 Section 10.9 Set-Off................................................68 Section 10.10 Exclusive Remedy......................................68 ARTICLE XI TERMINATION, AMENDMENT AND WAIVER....................................68
Adjustment for Insurance. Any indemnification payable pursuant to this Article 6 shall be net of any amounts actually recovered (after deducting related costs and expenses) by the Partnership Indemnitees or Partner Indemnitees, as applicable, for the Losses for which such indemnification payment is made, under any insurance policy, warranty or indemnity from any third party.