Common use of Indemnification Obligations Net of Insurance Proceeds and Other Amounts Clause in Contracts

Indemnification Obligations Net of Insurance Proceeds and Other Amounts. The parties intend that any liability subject to indemnification or reimbursement pursuant to this agreement will be net of insurance proceeds, if any, received by either party that actually reduced the amount of the liability if an indemnified party receives any payment ("Indemnity Payment") required by this Agreement from an indemnifying party in respect of any liability for which indemnification is provided under this Agreement and subsequently receives insurance proceeds then the indemnified party will pay to the indemnifying party an amount equal to the excess of the Indemnity Payment received over the amount of the Indemnity Payment that would have been due if the insurance proceeds or recovery had been received, realized or recovered before the Indemnity Payment was made.