Mitigation; Insurance. (a) Any Indemnified Party shall mitigate Losses relating to a claim under this Article VII to the extent required by Law. (b) All Losses sought by Indemnified Party hereunder shall be net of any insurance proceeds actually received by Indemnified Party with respect to such indemnification claim (net of any increase or retroactive premiums and costs of recovery). If any such proceeds are received by an Indemnified Party (or any of its Affiliates) with respect to any Losses after an Indemnifying Party has made a payment to the Indemnified Party with respect thereto, the Indemnified Party (or such Affiliate) shall promptly pay to the Indemnifying Party the amount of such proceeds, benefits or recoveries (up to the amount of the Indemnifying Party’s payment).
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Samples: Asset Purchase Agreement (VerifyMe, Inc.), Stock Purchase Agreement (Infinite Group Inc), Asset and Equity Purchase and Contribution Agreement (Andover National Corp)
Mitigation; Insurance. (a) Any Indemnified Party shall mitigate Losses relating to a claim under this Article VII to the extent required by LawLxx.
(b) All Losses sought by Indemnified Party hereunder shall be net of any insurance proceeds actually received by Indemnified Party with respect to such indemnification claim (net of any increase or retroactive premiums and costs of recovery). If any such proceeds are received by an Indemnified Party (or any of its Affiliates) with respect to any Losses after an Indemnifying Party has made a payment to the Indemnified Party with respect thereto, the Indemnified Party (or such Affiliate) shall promptly pay to the Indemnifying Party the amount of such proceeds, benefits or recoveries (up to the amount of the Indemnifying Party’s payment).
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