Claim Reimbursement and Reduction. (a) Should the indemnified party realize any benefit, including any tax benefit, resulting from any loss, liability, cost or damage for which such indemnified party has been indemnified under this Article, such indemnified party shall reimburse the indemnifying party, at the time such benefit is realized, an amount equal to the dollar amount of such benefit so realized. (b) Any claim shall be reduced to the extent of any third party insurance or condemnation payment actually received by the indemnified party or, alternatively, at the option of the indemnified party, the rights of the indemnified party against any insurer or governmental unit with respect to such claim shall be assigned to the indemnifying party.
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Samples: Purchase and Sale Agreement (Halcon Resources Corp), Purchase and Sale Agreement (Pioneer Natural Resources Co), Purchase and Sale Agreement (Lomak Petroleum Inc)
Claim Reimbursement and Reduction. (a) Should the indemnified party realize any benefit, including any tax benefit, resulting from any loss, liability, cost or damage for which such indemnified party has been indemnified under this Article, at the time such benefit is realized the indemnified party shall reimburse the indemnifying party, at the time such benefit is realized, an amount equal to party the dollar amount of such the benefit so realized.
(b) Any claim shall be reduced to the extent of any third party insurance or condemnation payment actually received by the indemnified party or, alternatively, at the option of the indemnified party, the rights of the indemnified party against any insurer or governmental unit with respect to such claim shall be assigned to the indemnifying party.
Appears in 2 contracts
Samples: Reorganization and Interest Purchase Agreement, Reorganization and Interest Purchase Agreement (Halcon Resources Corp)
Claim Reimbursement and Reduction. (a) Should the indemnified party realize any benefit, including any tax benefit, resulting from any loss, liability, cost or damage for which such indemnified party has been indemnified under this Article, such indemnified party shall reimburse the indemnifying party, at the time such benefit is realized, an amount equal to the dollar amount of such benefit so realized.
(b) Any claim shall be reduced to the extent of any third party insurance or condemnation payment actually received by the indemnified party or, alternatively, at the 36 42 option of the indemnified party, the rights of the indemnified party against any insurer or governmental unit with respect to such claim shall be assigned to the indemnifying party.
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