Common use of Indemnification Obligations Net of Insurance Proceeds Clause in Contracts

Indemnification Obligations Net of Insurance Proceeds. The Parties intend that any liability subject to indemnification pursuant to this ARTICLE VII will be net of insurance proceeds actually received, realized or recovered by an Indemnified Party. Accordingly, the amount which any Party (an “Indemnifying Party”) is required to pay to any Person entitled to indemnification hereunder (an “Indemnified Party”) will be reduced or offset by any insurance proceeds theretofore actually received, realized or recovered by or on behalf of the Indemnified Party in reduction of the related liability. If an Indemnified Party receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any liability and subsequently receives insurance proceeds in respect thereof, 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 had been received, realized or recovered before the Indemnity Payment was made.

Indemnification Obligations Net of Insurance Proceeds. The Parties hereto intend that any liability subject to indemnification pursuant to this ARTICLE VII will be net of insurance proceeds actually received, realized or recovered by an Indemnified Party. Accordingly, the amount which any Party hereto (an “Indemnifying Party”) is required to pay to any Person entitled to indemnification hereunder (an “Indemnified Party”) will be reduced or offset by any insurance proceeds theretofore actually received, realized or recovered by or on behalf of the Indemnified Party in reduction of the related liability. If an Indemnified Party receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any liability and subsequently receives insurance proceeds in respect thereof, 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 had been received, realized or recovered before the Indemnity Payment was made.

Indemnification Obligations Net of Insurance Proceeds. The Parties intend that any liability Loss subject to indemnification or reimbursement pursuant to this ARTICLE Article VII (an “Indemnifiable Loss”) will be net of insurance proceeds Insurance Proceeds that actually received, realized or recovered by an Indemnified Partyreduce the amount of the Loss. Accordingly, the amount which any an Indemnifying Party (an “Indemnifying Party”) is required to pay to any Person entitled to indemnification hereunder (an “Indemnified Party”) Indemnitee will be reduced or offset by any insurance proceeds theretofore Insurance Proceeds actually received, realized or recovered by or on behalf of the Indemnified Party Indemnitee in reduction of the related liabilityLoss. If an Indemnified Party Indemnitee receives a payment (an “Indemnity Payment”) required by this Agreement from an Indemnifying Party in respect of any liability Loss and subsequently receives insurance proceeds in respect thereofInsurance Proceeds, then the Indemnified Party Indemnitee will pay to the Indemnifying Party an amount equal to the excess of the Indemnity Payment Payments received over the amount of the Indemnity Payment Payments that would have been due if the insurance proceeds Insurance Proceeds recovery had been received, realized or recovered before the Indemnity Payment was Payments were made.