Payment of Losses. The indemnification required hereunder shall be made by monthly payments of the amount thereof during the course of the investigation or defense, within 30 days as and when reasonably specific bills are received or Loss is incurred and reasonable evidence thereof is delivered. In calculating any amount to be paid by an Indemnifying Party by reason of the indemnification provisions of this Agreement, the amount to be paid shall be reduced by (i) any insurance proceeds related to indemnified Losses realized by the Indemnified Party and (ii) any amounts related to indemnified Losses recovered by the Indemnified Party under contractual indemnities from third parties.
Payment of Losses. (a) Subject to Article 14, the loss under all policies required by any provision of this Lease insuring against damage to the Building by fire or other casualty shall be payable:
(i) to Tenant, as trustee, if the amount thereof is less than Five Hundred Thousand and No/100 Dollars ($500,000.00), otherwise to the Depositary. If a loss shall be payable to Tenant, as trustee, Tenant, provided that there is no Default by Tenant hereunder, (1) shall hold the insurance proceeds with respect to such loss in trust for the sole purpose of paying the cost of the Restoration, and (2) shall apply such proceeds first to the payment in full of the cost of the Restoration before using any part of the same for any other purpose. Tenant shall give Landlord notice of completion of the Restoration within thirty (30) days thereafter. Within thirty (30) days after the date of such notice, Tenant shall pay over to Landlord the unapplied proceeds and the trust obligations hereunder with respect to such proceeds shall terminate. Notwithstanding the foregoing, if there is a Default by Tenant hereunder, Tenant shall pay (or assign) all insurance proceeds with respect to such loss to Landlord.
(b) All Insurance Policies shall be in such form and shall be issued by such responsible companies licensed and authorized to do business in the State where the Premises are located as are reasonably acceptable to Landlord. All such companies shall have a policyholder rating of not less than A-VII, as rated in the most recent edition of Best’s Key Rating Guide for insurance companies or, if Best’s ceases to be published, in a similar rating guide reasonably acceptable to Landlord. All policies referred to in this Lease shall be procured, or caused to be procured, by Tenant, at no expense to Landlord, and for periods of not less than one (1) year. Evidence of Insurance (XXXXX 27 or in such other form acceptable to Landlord) shall be delivered to Landlord on or before each anniversary of the effective date of the policy, together with paid receipts therefor. Premiums on policies shall not be financed in any manner whereby the lender, on default or otherwise, shall have the right or privilege of surrendering or canceling or requesting the surrender or cancellation of the policies, provided, however, that premiums may be paid in such installments as are permitted pursuant to the provisions of the applicable policy so long as payment by installments will not allow the insurer thereunder to cancel s...
Payment of Losses. Any loss or aggregate of losses sustained and payable by Ceder under the Policy, including costs, attorney’s fees and expenses, which do not exceed the amount of Primary Loss Risk retained by Ceder shall be sustained and paid by Ceder without recourse to Reinsurer. Reinsurer’s liability and any loss or aggregate of losses payable by Reinsurer under Section 2 of this Agreement, including costs, attorneys’ fees and expenses, shall be the amount of Reinsurer’s proportionate share of the Secondary Loss Risk or Tertiary Loss Risk as shown in Schedule I that exceeds the Primary Loss Risk retained by Ceder. If the loss or aggregate of all losses under the Policy exceeds the amount thereof, Ceder shall pay that portion of the excess as the proportion of its retained Loss Risk, both Primary, Secondary, and Tertiary, bears to the amount of the Policy, and the balance of the excess shall be divided among the Reinsurers in the proportions that the amount assumed by each bears to the amount of the Policy. Notwithstanding anything stated in the Section, Ceder’s retained Loss Risk, whether Primary, Secondary, Tertiary, or according to the preceding paragraph, shall not be reduced and Reinsurer’s liability shall not be increased by the payment of any loss not assumed by Reinsurer under Section 2.
Payment of Losses. Within thirty (30) calendar days after receiving notice of a claim for indemnification or reimbursement, the Indemnifying Party shall, by written notice to the Indemnified Party, either (i) concede or deny liability for the claim in whole or in part, or (ii) in the case of a claim asserted by a third party, advise that the matters set forth in the notice are, or will be, subject to contest or legal proceedings not yet finally resolved. If the Indemnifying Party concedes liability in whole or in part, it shall, within twenty (20) business days of such concession, pay the amount of the claim to the Indemnified Party to the extent of the liability conceded. Any such payment shall be made in immediately available funds equal to the amount of such claim so payable. If the Indemnifying Party denies liability in whole or in part or advises that the matters set forth in the notice are, or will be, subject to contest or legal proceedings not yet finally resolved, then the Indemnifying Party shall make no payment (except for the amount of any conceded liability payable as set forth above) until the matter is resolved in accordance with this Agreement.
Payment of Losses. Seller and the Shareholder, jointly and severally, hereby agree to pay in immediately available funds the amount of each established Loss to Buyer within ten (10) days after the establishment of such amount. Any amounts not paid by any party when due under this Section 12.4 or otherwise under this Agreement shall bear interest from the due date thereof until the date paid at a rate equal to the lesser of ten percent (10%) per annum or the highest legal rate permitted by applicable law.
Payment of Losses. The Claimant shall be paid in cash by the Indemnifying Party the amount to which the Claimant may become entitled by reason of the provisions of this ARTICLE XII, within fifteen (15) days after such amount is determined either by mutual agreement of the parties or pursuant to the arbitration proceeding described in SECTION 12.04 of this Agreement or on the date on which both such amount and Claimant's obligation to pay such amount have been determined by a final judgment of a court or administrative body having jurisdiction over such proceeding.
Payment of Losses. Each Loss determined to be payable by Lessee under the terms hereof shall be paid to Lessor within thirty (30) days after the date on which Lessee is notified in writing of such amount. Each such notice shall contain an itemization of the damages, expense, costs, and liabilities comprising the Loss, certified to be true and correct by Lessor or its legal representative.
Payment of Losses. Subject to the provisions of Section 10(c), the Stockholders shall be reimbursed by Buyer on demand for any Loss suffered by the Stockholders with respect to any liability or claim to which the indemnity set forth in Section 10(a) relates.
Payment of Losses. The Corporation shall pay any Losses promptly, and in any event within forty-five days (or, in the case of an advance of expenses, twenty days), upon the written request of the Indemnified Party. If a determination by the Corporation that the Indemnified Party is entitled to indemnification pursuant to this Agreement is required, and the Corporation fails to respond within sixty days to a written request for indemnity, the Corporation shall be deemed to have approved the request. If the Corporation denies a written request for indemnification or advance of expenses, in whole or in part, or if payment in full pursuant to such request is not made within forty-five days (or, in the case of an advance of expenses, twenty days), the right to indemnification or advances as granted by this Agreement shall be enforceable by the Indemnified Party in any court of competent jurisdiction. The Indemnified Party’s costs and expenses (including fees and expenses of counsel) incurred in connection with successfully establishing his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the Corporation. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of expenses where the undertaking required pursuant to Section 3(a) of this Agreement, if any, has been tendered to the Corporation) that the Indemnified Party has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the Corporation to indemnify the Indemnified Party for the amount claimed, but the burden of such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the Indemnified Party is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel or its stockholders) that the Indemnified Party has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.
Payment of Losses. 1. For each Proof of Loss Claim (or a final Proof of Loss Claim) together with such other documentation and procedures required by this Article 5, the Reinsurer will pay to the Ceding Insurer on the next applicable Payment Date, an amount equal to the Ultimate Net Loss.
2. Any Loss Payment due to the Ceding Insurer will be satisfied either by the Reinsurer’s payment of such Loss Payment to the Ceding Insurer or by the Ceding Insurer’s withdrawal of funds equal to such Loss Payment from the Reinsurance Trust Account on the Payment Date on which such Loss Payment is due.
