Common use of Cooperation in Loss Recovery Efforts Clause in Contracts

Cooperation in Loss Recovery Efforts. In the event of any damages for which Bank or Customer may be liable to each other or to a third party pursuant to the services provided under these Terms, Bank and Customer will undertake reasonable efforts to cooperate with each other, as permitted by Applicable Law, in performing loss recovery efforts and in connection with any actions that the relevant party may be obligated to defend or elects to pursue against a third party. Reasonable efforts shall not be construed to require Bank to take any legal action on behalf of Customer or to share information that cannot be shared without the authorization of a third party. If the loss or need for recovery arises out of a party’s breach of these Terms, that party shall be required to cooperate with the non-breaching party, and the non-breaching party shall not be expected to accommodate the breach of the breaching party.

Cooperation in Loss Recovery Efforts. In the event of any damages for which Bank or Customer may be liable to each other or to a third third-party pursuant to the services provided under these Terms, Bank and Customer will undertake reasonable efforts to cooperate with each other, as permitted by Applicable Law, in performing loss recovery efforts and in connection with any actions that the relevant party may be obligated to defend or elects to pursue against a third third-party. Reasonable efforts shall not be construed to require Bank to take any legal action on behalf of Customer or to share information that cannot be shared without the authorization of a third third-party. If the loss or need for recovery arises out of a party’s breach of these Terms, that party shall be required to cooperate with the non-breaching party, and the non-breaching party shall not be expected to accommodate the breach of the breaching party.