Common use of Effect of Insurance Clause in Contracts

Effect of Insurance. The amount of any Losses for which indemnification is provided under this Article 7 shall be reduced by the insurance proceeds received and any other amount, if any, recovered from third parties by the Indemnified Party (or its Affiliates) with respect to any Losses. If any Indemnified Party shall have received any indemnification payment pursuant to this Article 7 with respect to any Loss, such Indemnified Party shall, upon written request by the Indemnifying Party, assign to such Indemnifying Party (to the extent of the indemnification payment) any claim which such Indemnified Party may have under any applicable insurance policy which provides coverage for such Loss to the extent of such indemnification payment. Such Indemnified Party shall reasonably cooperate (at the expense of the Indemnifying Party) to collect under such insurance policy. If any Indemnified Party shall have received any payment pursuant to this Article 7 with respect to any Loss and has or shall subsequently have received insurance proceeds or other amounts with respect to such Loss, then such Indemnified Party shall promptly pay to the Indemnifying Party the amount so recovered (after deducting the amount of the expenses incurred by it in procuring such recovery), but not in excess of the amount previously so paid by the Indemnifying Party.

Effect of Insurance. The amount of any Losses for which indemnification is provided under this Article 7 shall be reduced by the insurance proceeds received and any other amount, if any, recovered from third parties by the Indemnified Party (or its Affiliates) with respect to any Losses. If any Indemnified Party an indemnified party shall have received any indemnification payment pursuant to this Article 7 14 with respect to any Loss, then such Indemnified Party indemnified party shall, upon written request by the Indemnifying Partyindemnifying party, assign to such Indemnifying Party indemnifying party (to the extent of the indemnification payment) any claim which that such Indemnified Party indemnified party may have under any applicable insurance policy which that provides coverage for such Loss to the extent of such indemnification payment. Such Indemnified Party indemnified party shall use its commercially reasonable efforts and reasonably cooperate (at the expense of the Indemnifying Partyindemnifying party) to collect under such insurance policy. If any Indemnified Party indemnified party shall have received any indemnification payment pursuant to this Article 7 14 with respect to any Loss and has or shall subsequently have received insurance proceeds or other amounts with respect to such Loss, then such Indemnified Party indemnified party shall promptly pay over to the Indemnifying Party indemnifying party the amount so recovered (after deducting the amount of the expenses incurred by it in procuring such recovery), but not in excess of the amount previously so paid by the Indemnifying Partyof such indemnification payment.