Common use of Payment of Indemnification Obligations Clause in Contracts

Payment of Indemnification Obligations. In the event that any Indemnifying Party is required to make any payment under this Section 10, such party shall promptly pay the Indemnified Party the amount of such indemnity obligation. If there should be a dispute as to such amount, such Indemnifying Party shall nevertheless pay when due such portion, if any, of the obligation as shall not be subject to dispute. The difference, if any, between the amount of the obligation ultimately determined as properly payable under this Section 10 and the portion, if any, theretofore paid shall bear interest for the period from the date the amount was demanded by the Indemnified Party until payment in full, payable on demand, at the rate of 10% per annum. Notwithstanding anything herein to the contrary, all indemnification payments to a CTB Indemnified Party shall be satisfied first by set-off against the $2,800,000 Secured Promissory Note pursuant to Section 10.8 until such time as the principal thereof has been fully so reduced or paid.

Payment of Indemnification Obligations. In the event that any Indemnifying Party is required to make any payment under this Section 10, such party shall promptly pay the Indemnified Party the amount of such indemnity obligation. If there should be a dispute as to such amount, such Indemnifying Party shall nevertheless pay when due such portion, if any, of the obligation as shall not be subject to dispute. The difference, if any, between the amount of the obligation ultimately determined as properly payable under this Section 10 and the portion, if any, theretofore paid shall bear interest for the period from the date the amount was demanded by the Indemnified Party until payment in full, payable on demand, at the rate of 10% per annum. Notwithstanding anything herein to the contrary, all indemnification payments to a CTB an On Stage Indemnified Party shall be satisfied first by set-off against the $2,800,000 Secured Promissory 1,300,000 Subordinated Note pursuant to Section 10.8 until such time as the principal thereof has been fully so reduced or paid.