Common use of Insurance and Third Party Recovery Clause in Contracts

Insurance and Third Party Recovery. In determining the liability of a Party for any Loss pursuant to this Article 6, no loss, liability, damage or expense shall be deemed to have been sustained by such Party to the extent of any proceeds previously received by such Party from any insurance recovery (net of all out-of-pocket costs directly related to such recovery or increases in premiums related to such insurance recovery) with respect to insurance coverage in place as of the date hereof or other recovery from a third party (net of all out-of-pocket costs directly related to such recovery). If an amount is actually recovered from an insurance carrier or other third party after damages have been paid by the Indemnifying Party pursuant to Article 6 hereof, then the party receiving such amount shall promptly remit such amount to the Indemnifying Party.

Insurance and Third Party Recovery. In determining the liability of a Party for any Loss indemnification pursuant to this Article 6, no loss, liability, damage or expense Loss shall be deemed to have been sustained by such Party to the extent of any proceeds previously received by such Party from any insurance recovery (net of all out-of-pocket costs directly related to such recovery or increases in premiums related to such insurance recovery) with respect to insurance coverage in place as of the date hereof or other recovery from a third party (net of all out-of-pocket costs directly related to such recovery). If an amount is actually recovered from an insurance carrier or other third party after damages have a payment has been paid made by the Indemnifying Party pursuant to this Article 6 hereof6, then the party receiving such amount shall promptly remit such amount to the Indemnifying Party.