Common use of Procedure for Claims between Parties Clause in Contracts

Procedure for Claims between Parties. If a claim for Losses is to be made by an Indemnified Party, the Indemnified Party shall give written notice (a "Claim Notice") to the Indemnifying Party, as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 below. Any failure to submit any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such Indemnifying Party of any liability hereunder, except to the extent that such Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice Period"), Sellers do not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claim.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Nstor Technologies Inc), Stock Purchase Agreement (Palo Alto Acquisition CORP)

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Procedure for Claims between Parties. If a claim Claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party“Indemnitee”), the Indemnified Party Indemnitee shall give written notice (a "Claim Notice") to the Indemnifying Party, party from whom indemnification is to be sought hereunder (the “Indemnitor”) as soon as practicable after the Indemnified Party Indemnitee becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowVIII. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party Indemnitor shall not relieve such Indemnifying Party the Indemnitor of any liability hereunder, except to the extent that such Indemnifying Party (and only to the extent) the Indemnitor is actually materially prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, and warranty or covenant alleged to have been breachedbreached or other basis for indemnification, (b) the nature and amount of the claim Claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party Indemnitor may reasonably evaluate such claim Claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party Indemnitee believes it is entitled in connection with the claimClaim. If in the case of a claim submitted by a Purchaser Indemnified PartyIndemnitor, within fifteen twenty (1520) days Business Days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their Indemnitee stating its intent to contest such claimClaim, the claim Claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if Claim shall be deemed a valid Claim. If the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers Indemnitor shall contest the assertion of a claim Claim by giving such written notice to the Purchaser Indemnified Party Indemnitee within the Notice Periodsuch 20-Business Day period, then such dispute will be resolved in accordance with the parties shall act terms, conditions, rules and procedures set forth in good faith to reach agreement regarding such claimSection 12.20 of the JV Agreement.

Appears in 2 contracts

Samples: Technology License and Supply Agreement (Mascoma Corp), License and Supply Agreement (Mascoma Corp)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice (a "Claim Notice") to the party required to provide such indemnification (the “Indemnifying Party, ”) as soon as practicable (and in any event within five (5) business days) after the Indemnified Party becomes aware of any that a particular fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in with respect to Losses related to Taxes (which shall be governed by Section 7.7 7.8 below). Any failure to submit any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such (and only to the extent) the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty or covenant alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto thereto, to the extent known by the Indemnified Party, so that the Indemnifying Party may reasonably evaluate such claim claim, and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen twenty (1520) business days after receipt of the Claim Notice (the "Notice Period"), Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties parties announcing their its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) business days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month NotesNotice. In the event, however, that Sellers the Indemnifying Party or parties contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claim. If the parties are unable to reach agreement regarding any such claim, the resolution of such claim shall be determined in a court proceeding conducted in accordance with the procedures set forth in Section 9.7(b).

Appears in 2 contracts

Samples: Stock Purchase Agreement (Science Applications International Corp), Stock Purchase Agreement (Science Applications International Corp)

Procedure for Claims between Parties. If a claim Claim for Losses is to be made by a person or entity entitled to indemnification hereunder (an Indemnified Party“Indemnitee”), the Indemnified Party Indemnitee shall give written notice (a "Claim Notice") to the Indemnifying Party, party from whom indemnification is to be sought hereunder (the “Indemnitor”) as soon as practicable after the Indemnified Party Indemnitee becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowIV. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party Indemnitor shall not relieve such Indemnifying Party the Indemnitor of any liability hereunder, except to the extent that such Indemnifying Party (and only to the extent) the Indemnitor is actually materially prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, and warranty or covenant alleged to have been breachedbreached or other basis for indemnification, (b) the nature and amount of the claim Claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party Indemnitor may reasonably evaluate such claim Claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party Indemnitee believes it is entitled in connection with the claimClaim. If in the case of a claim submitted by a Purchaser Indemnified PartyIndemnitor, within fifteen thirty (1530) days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their Indemnitee stating its intent to contest such claimClaim, the claim Claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if Claim shall be deemed a valid Claim. If the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers Indemnitor shall contest the assertion of a claim Claim by giving such written notice to the Purchaser Indemnified Party Indemnitee within the Notice Periodsuch 30-day period, then the parties Indemnitor and Indemnitee shall act work together in good faith for fifteen (15) days to reach agreement resolve any dispute regarding the validity of such claimClaim, after which either party may resort to litigation in order to resolve such dispute.

Appears in 1 contract

Samples: Letter Agreement (Energy & Exploration Partners, Inc.)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice (a "Claim Notice") ”), in the case of claims pursuant to Section 9.2, to the Sellers, and in the case of claims pursuant to Section 9.3, to Purchaser (each Person so notified being referred to as the “Indemnifying Party, ”) as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowIX. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such (and only to the extent) the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty warranty, covenant or covenant agreement alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen ten (1510) days Business Days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their stating its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) days Business Days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts claim, unless such claim is contingent or the amount not liquid, in which event the Indemnifying Party shall deliver such amount upon the Losses of such claim being determinable. If the 36 Month Notes. In the event, however, that Sellers Indemnifying Party shall contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsuch period (a “Dispute Notice”), then the parties Parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Equity Interest Purchase Agreement (South American Properties, Inc.)

Procedure for Claims between Parties. (a) If a claim for Losses Damages is to be made by an Indemnified Party, the a Buyer Indemnified Party entitled to indemnification hereunder, Buyer shall give written notice (a "Claim Notice") to the Indemnifying PartySellers’ Representative and, if applicable, the Escrow Agent as soon as practicable after the such Buyer Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses Damages for which indemnification by a Buyer Indemnified Party may be sought under this Article VII7. If a claim for Damages is to be made by a Seller Indemnified Party entitled to indemnification hereunder, other than Tax Claims the Sellers’ Representative shall give such Notice to Buyer as provided soon as practicable after such Seller Indemnified Party becomes aware of any fact, condition or event which may give rise to Damages for which indemnification by a Seller Indemnified Party may be sought under this Article 7. In each case, the Notice shall describe in Section 7.7 belowreasonable detail the facts and circumstances known to the Indemnified Party that gave rise to such indemnification claim, and the amount or good faith estimate of the amount arising therefrom. Any failure to submit any such Claim a Notice in a timely manner of claim to the Indemnifying Party Sellers’ Representative or Buyer, as applicable, shall not relieve such any Indemnifying Party of any liability hereunder, except to the extent that such the Indemnifying Party is demonstrates that the Indemnifying Party was actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice Period"), Sellers do not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Stock Purchase Agreement (Beckman Coulter Inc)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice (a "Claim Notice") ”), in the case of claims pursuant to Section 9.2, to the Seller, and in the case of claims pursuant to Section 9.3, to Buyers (each Person so notified being referred to as the “Indemnifying Party, ”) as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowIX. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such (and only to the extent) the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty warranty, covenant or covenant agreement alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen ten (1510) days Business Days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their stating its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) days Business Days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts claim, unless such claim is contingent or the amount not liquid, in which event the Indemnifying Party shall deliver such amount upon the Losses of such claim being determinable. If the 36 Month Notes. In the event, however, that Sellers Indemnifying Party shall contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsuch period (a “Dispute Notice”), then the parties Parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Equity Interest Purchase Agreement (American International Holdings Corp.)

Procedure for Claims between Parties. If a claim for Losses Damages is to be made by a Person entitled to indemnification hereunder (an Indemnified Party"INDEMNIFIED PARTY"), the Indemnified Party shall give written notice (a "Claim NoticeCLAIM NOTICE") to the Indemnifying Party, Party required to provide such indemnification (the "INDEMNIFYING PARTY") as soon as practicable (and in any event within five (5) business days) after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII8, other than Tax Claims as provided in Section 7.7 8.9 below. Any failure to submit any such Claim Notice notice of claim in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty or covenant alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen twenty (1520) business days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties parties announcing their its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) business days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts of the 36 Month Notesclaim. In the event, however, that Sellers the Indemnifying Party or parties contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsaid period, then the parties shall act in good faith to reach agreement regarding such claim.. Notwithstanding the foregoing, however, (a) Purchaser and its Affiliates shall not be required to deliver any Claim Notice or any notice pursuant to Section 8.5, and Parent shall not be entitled to contest its indemnification liability, in respect of the Excluded Claims, and (b) Parent and its Affiliates shall not be required to deliver any Claim Notice or any notice pursuant to Section 8.5, and Purchaser shall not be entitled to contest its indemnification liability, in respect of the matter disclosed on Exhibit C.

Appears in 1 contract

Samples: Stock Sale Agreement (Lightbridge Inc)

Procedure for Claims between Parties. If a claim for Losses is to be made by an Any xxxx.xxx Indemnified Party ------------------------------------ (the "Indemnified Party") seeking indemnification hereunder shall, within the relevant limitation period provided for in Section 8.1 above, give to the party obligated to provide indemnification to such Indemnified Party shall give written (the "Indemnitor") a notice (a "Claim Notice") to describing in reasonable detail the Indemnifying Party, as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give facts giving rise to Losses any claims for which indemnification may be sought under this Article VII, other than Tax Claims as provided hereunder and shall include in Section 7.7 below. Any failure to submit any such Claim Notice in (if then known) the amount or the method of computation of the amount of such claim, and a timely manner reference to the Indemnifying Party provision of this Agreement or any agreement, document or instrument executed pursuant hereto or in connection herewith upon which such claim is based; provided, that a Claim Notice in respect of any action at law or suit in equity by or against a third Person as to which indemnification will be sought shall be given promptly after the action or suit is commenced; and provided further, that failure to give such notice shall not relieve such Indemnifying Party the Indemnitor of any liability hereunder, its obligations hereunder except to the extent that such Indemnifying Party is actually it shall have been prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 The Indemnitor shall have fifteen days after the giving of any Claim Notice pursuant hereto to (i) agree to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period amount or method of survival as determination set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall and to pay such amount to such Indemnified Party or (ii) to provide such Indemnified Party with notice that it disagrees with the amount or method of determination set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice PeriodDispute Notice"). Within fifteen days after the giving of the Dispute Notice, Sellers do not give written notice to the Purchaser a representative of Indemnitor and such Indemnified Party or Purchaser Indemnified Parties announcing their intent shall negotiate in a bona fide attempt to contest such claim, resolve the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notesmatter. In the event, however, event that Sellers contest the assertion controversy is not resolved within fifteen days of a claim by the giving such written notice to of the Purchaser Indemnified Party within the Notice PeriodDispute Notice, then either party may submit the parties shall act resolution of the claims to expedited binding arbitration as provided in good faith to reach agreement regarding such claimSection 9.6.

Appears in 1 contract

Samples: 2 Agreement and Plan of Merger (Fine Com Corp)

Procedure for Claims between Parties. If a claim for Losses is to be made by an Any Buyer Indemnified Party or Company Indemnified Party (in either case, the “Indemnified Party”) seeking indemnification hereunder shall, within the relevant limitation period provided for in Section 8.1 above, give to the party obligated to provide indemnification to such Indemnified Party shall give (the “Indemnitor”) a written notice (a "Claim Notice") to describing in reasonable detail the Indemnifying Party, as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give facts giving rise to Losses any claims for which indemnification may be sought under this Article VII, other than Tax Claims as provided hereunder and shall include in Section 7.7 below. Any failure to submit any such Claim Notice in (if then known) the amount or the method of computation of the amount of such claim, and a timely manner reference to the Indemnifying Party provision of this Agreement or any agreement, document or instrument executed pursuant hereto or in connection herewith upon which such claim is based; provided, that a Claim Notice in respect of any action at law or suit in equity by or against a third party as to which indemnification will be sought shall be given promptly after the action or suit is commenced; and provided further, that failure to give such notice shall not relieve such Indemnifying Party the Indemnitor of any liability hereunder, its obligations hereunder except to the extent that such Indemnifying Party is actually it shall have been prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in In the case of a claim submitted by a Purchaser Buyer Indemnified Party, within fifteen the Claim Notice shall be delivered to the Shareholder Representative. The Indemnitor shall have ninety (1590) days after receipt the giving of the any Claim Notice pursuant hereto to (the "Notice Period"), Sellers do not give written notice i) agree to the Purchaser Indemnified Party amount or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed accepted and the principal amounts method of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses determination set forth in the Claim Notice which and to pay such amount has not been paid pursuant to an adjustment such Indemnified Party or (ii) to provide such Indemnified Party with notice that it disagrees with the principal amounts amount or method of determination set forth in the Claim Notice (the “Dispute Notice”). Within thirty (30) days after the giving of the 36 Month NotesDispute Notice, a representative of Indemnitor and such Indemnified Party shall negotiate in a bona fide attempt to resolve the matter. In the eventevent that the controversy is not resolved within thirty (30) days of the giving of the Dispute Notice, however, that Sellers contest either party may commence an action in accordance with the assertion provisions of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claimSection 9.6.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Unify Corp)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an "Indemnified Party"), the Indemnified Party shall give written notice (a "Claim Notice") ), in the case of claims pursuant to Section 6.2 and Section 7.1, to the Company Stockholder Representative, and in the case of claims pursuant to Section 6.3, to Purchaser (each Person so notified being referred to as the "Indemnifying Party, as soon as practicable ") promptly after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 below6 or Article 7. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth forth: (ai) the specific representation, warranty warranty, covenant or covenant agreement alleged to have been breached, ; (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim claim; and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen twenty (1520) business days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their stating its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) business days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts of claim. If the 36 Month Notes. In the event, however, that Sellers Indemnifying Party shall contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsuch period (a "Dispute Notice"), then the parties Parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Zarlink Semiconductor Inc)

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Procedure for Claims between Parties. If a claim for Losses is to be made by an a Corporation Indemnified PartyPerson entitled to indemnification hereunder, the Indemnified Party Corporation shall be the only party entitled to give notice to the Representative and shall give written such notice (a "Claim Notice") to the Indemnifying Party, Representative as soon as reasonably practicable after the Indemnified Party Corporation becomes aware of any that a fact, condition or event has occurred or exists which may give rise to Losses for which indemnification by a Corporation Indemnified Person may be sought under this Article VII10 (a “Claim Notice”). If a claim for Losses is to be made by a Greensteam Indemnified Person entitled to indemnification hereunder, other than Tax Claims as provided in Section 7.7 below. Any failure the Representative shall be the only party entitled to submit any give a Claim Notice to the Corporation, and shall give such Claim Notice in a timely manner to the Indemnifying Party Corporation as soon as reasonably practicable after the Representative becomes aware that a fact, condition or event has occurred or exists which may give rise to Losses for which indemnification by a Greensteam Indemnified Person may be sought under this Article 10. In each case, the Claim Notice shall consist of a certificate signed by an officer of the Corporation (a “Corporation Indemnification Certificate”) or a signed certificate by the Representative (a “Greensteam Indemnification Certificate”), as applicable, that shall (i) describe in reasonable detail the facts and circumstances known to the Indemnified Person that gave rise to such indemnification claim and the amount arising therefrom and provide for a demand of payment of the amount. Any delay in submitting a Notice to the Representative or the Corporation, as applicable, shall not relieve such any Indemnifying Party Person of any liability hereunder, except to the extent that such the Indemnifying Party is actually Person was prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 delay; provided that the Corporation and the Representative shall only be entitled to submit a Claim Notice prior to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice Period"), Sellers do not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claimIndemnity Termination Date.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Global Green Solutions Inc.)

Procedure for Claims between Parties. If a claim for Losses is to be made by an Indemnified Party, the Any Indemnified Party seeking indemnification hereunder shall give written to the party obligated to provide indemnification to such Indemnified Party (the "Indemnitor") a notice (a "Claim Notice") to describing in reasonable detail the Indemnifying Party, as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give facts giving rise to Losses any claims for which indemnification may be sought under this Article VII, other than Tax Claims as provided hereunder and shall include in Section 7.7 below. Any failure to submit any such Claim Notice in (if then known) the amount or the method of computation of the amount of such claim, and a timely manner reference to the Indemnifying Party provision of this Agreement or any agreement, document or instrument executed pursuant hereto or in connection herewith upon which such claim is based; provided, that a Claim Notice in respect of any action at law or suit in equity by or against a third Person as to which indemnification will be sought shall be given promptly after the action or suit is commenced; and provided further, that failure to give such notice shall not relieve such Indemnifying Party the Indemnitor of any liability hereunder, its obligations hereunder except to the extent that such Indemnifying Party is actually it shall have been prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 The Indemnitor shall have fifteen days after the giving of any Claim Notice pursuant hereto to (i) agree to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period amount or method of survival as determination set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall and to pay such amount to such Indemnified Party; or (ii) to provide such Indemnified Party with notice that it disagrees with the amount or method of determination set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice PeriodDispute Notice"). Within fifteen days after the giving of the Dispute Notice, Sellers do not give written notice to the Purchaser a representative of Indemnitor and such Indemnified Party or Purchaser Indemnified Parties announcing their intent shall negotiate in a bona fide attempt to contest such claim, resolve the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claimmatter.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Interactive Objects Inc)

Procedure for Claims between Parties. (a) If a claim for Losses Damages is to be made by an Indemnified Party, the a Parent Indemnified Party entitled to indemnification hereunder, Parent shall be the only party entitled to give notice to the Securityholders’ Representative and shall give written such notice (a "Claim Notice") to the Indemnifying Party, Securityholders’ Representative and the Indemnity Escrow Agent as soon as reasonably practicable after the Indemnified Party Parent becomes aware of any that a fact, condition or event has occurred or exists which may give rise to Losses Damages for which indemnification by a Parent Indemnified Party may be sought under this Article VIIVIII (a “Notice”). If a claim for 76 Damages is to be made by a Company Indemnified Party entitled to indemnification hereunder, the Securityholders’ Representative shall be the only party entitled to give Notice to Parent, and shall give such Notice to Parent as soon as reasonably practicable after the Securityholders’ Representative becomes aware that a fact, condition or event has occurred or exists which may give rise to Damages for which indemnification by a Company Indemnified Party may be sought under this Article VIII. In each case, the Notice shall consist of a certificate signed by an officer of Parent (a “Parent Indemnification Certificate”) or a certificate by the Securityholders’ Representative (a “Securityholders’ Indemnification Certificate”), as applicable, that shall (i) describe in reasonable detail the facts and circumstances known to the Indemnified Party that gave rise to such indemnification claim and the amount arising therefrom and (ii) if the aggregate amount of Damages exceeds the applicable Deductible Amount (after taking into account any other than Tax Claims indemnification claims made by the Parent Indemnified Parties or Company Indemnified Parties, as provided in Section 7.7 belowapplicable, pursuant to this Article VIII), provide for a demand of payment of the amount. Any failure to submit any such Claim delay in submitting a Notice in a timely manner to the Indemnifying Party Securityholders’ Representative or Parent, as applicable, shall not relieve such any Indemnifying Party of any liability hereunder, except to the extent that such the Indemnifying Party is actually was prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein delay; provided that specifically identifies a particular breach Parent and the underlying facts and Losses relating thereto Securityholders’ Representative shall only be entitled to submit a Notice during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days after receipt of the Claim Notice (the "Notice Escrow Period"), Sellers do not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent shall, within five (5) days after expiration of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Period, then the parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Ivanhoe Energy Inc)

Procedure for Claims between Parties. If a claim for Losses Damages is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice (a "Claim Notice") to the Party required to provide such indemnification (the “Indemnifying Party, ”) as soon as practicable (and in any event within five (5) business days) after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII8, other than Tax Claims as provided in Section 7.7 8.9 below. Any failure to submit any such Claim Notice notice of claim in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty or covenant alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen twenty (1520) business days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties parties announcing their its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) business days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts of the 36 Month Notesclaim. In the event, however, that Sellers the Indemnifying Party or parties contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsaid period, then the parties shall act in good faith to reach agreement regarding such claim.. Notwithstanding the foregoing, however, (a) Purchaser and its Affiliates shall not be required to deliver any Claim Notice or any notice pursuant to Section 8.5, and Parent shall not be entitled to contest its indemnification liability, in respect of the Excluded Claims, and (b) Parent and its Affiliates shall not be required to deliver any Claim Notice or any notice pursuant to Section 8.5, and Purchaser shall not be entitled to contest its indemnification liability, in respect of the matter disclosed on Exhibit C.

Appears in 1 contract

Samples: Stock Sale Agreement (Infospace Inc)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice stating that an Indemnified Party has paid, incurred, suffered or sustained, or reasonably anticipates that it may pay, incur, suffer or sustain, Losses and describing the claim (a "Claim Notice") ”), in the case of claims pursuant to Section 7.02, to the Member Representative, and in the case of claims pursuant to Section 7.03, to Parent (each Person so notified being referred to as the “Indemnifying Party”). If the Indemnifying Party, as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 below. Any failure to submit any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such Indemnifying Party of any liability hereunder, except to the extent that such Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth within thirty (a30) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Party, within fifteen (15) days Business Days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their stating its intent to contest such claim, the claim shall be deemed accepted accepted, final and the principal amounts of the 36 Month Notes shall be automatically reducedbinding, pro rata, by and the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts Indemnified Party shall be entitled to receive the amount of the 36 Month Notes are not sufficient Losses with respect to pay the Lossesclaim (but, Parent shallsubject to the limitations set forth in this ARTICLE VII), within provided that the Indemnified Party has delivered a second Claim Notice with respect to the same claim at least five (5) days after expiration Business Days but not more than ten (10) Business Days before the end of the Notice Period, deliver to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to response period. If the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest Indemnifying Party contests the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsuch thirty (30) Business Day period (a “Dispute Notice”), then the parties Indemnifying Party and the Indemnified Party shall act in good faith for thirty (30) days to reach an agreement regarding such claim.dispute. If the Indemnifying Party and the Indemnified Party reach an agreement with respect to such dispute, a memorandum setting forth such agreement shall be prepared and signed by the Indemnifying Party and

Appears in 1 contract

Samples: Agreement and Plan of Merger (CURO Group Holdings Corp.)

Procedure for Claims between Parties. If a claim for Losses Damages (an “Indemnity Claim”), other than Third-Party Claims under Section 8.04 below, is to be made by an Indemnified PartyParty entitled to indemnification hereunder, the Indemnified Party such party shall give written notice briefly describing the claim and the total monetary damages sought (each, a "Claim Notice") to the Sellers’ Representative or Buyer Indemnifying PartyParties, as the case may be, and the Escrow Agent as soon as practicable after the such Indemnified Party becomes aware of any fact, condition or event which may give gives rise to Losses Damages for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowVIII. Any failure to submit any such Claim Notice in a timely manner notice of claim to the Sellers’ Representative or Buyer Indemnifying Party Parties, as the case may be, shall not relieve such any Indemnifying Party of any liability hereunder, except to the extent that such the Sellers’ Representative or Buyer Indemnifying Parties, as the case may be, demonstrate that an Indemnifying Party is was actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contraryThe Sellers’ Representative or Buyer Indemnifying Parties, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (a) the specific representation, warranty or covenant alleged to have been breached, (b) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (c) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Partymay be, within fifteen (15) days after receipt of the Claim Notice (the "Notice Period"), Sellers do not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their intent to contest such claim, the claim shall be deemed to have accepted the Notice and Sellers or the Buyer Indemnifying Parties, as the case may be, shall be deemed to have agreed to pay the Damages at issue, and the principal amounts of parties shall promptly instruct the 36 Month Notes shall be automatically reduced, pro rata, by Escrow Agent to disburse funds from the Indemnification Escrow in an amount of the claim; provided, however, if the then current principal amounts of the 36 Month Notes are not sufficient to pay the LossesDamages, Parent shallif the Sellers’ Representative or Buyer Indemnifying Parties, within five (5) days after expiration as the case may be, do not send a notice of the Notice Period, deliver disagreement to the Purchaser Indemnified Party the amount of Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment to the principal amounts of the 36 Month Notes. In the event, however, that Sellers contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within 30 calendar days after receiving the Notice Period, then the parties shall act in good faith pursuant to reach agreement regarding such claimSection 8.05.

Appears in 1 contract

Samples: Stock Purchase Agreement (Complete Production Services, Inc.)

Procedure for Claims between Parties. If a claim for Losses is to be made by a Person entitled to indemnification hereunder (an Indemnified Party”), the Indemnified Party shall give written notice (a "Claim Notice") ”), in the case of claims pursuant to Section 9.2, to the Sellers’ Representative, and in the case of claims pursuant to Section 9.3, to Purchaser (each Person so notified being referred to as the “Indemnifying Party, ”) as soon as practicable after the Indemnified Party becomes aware of any fact, condition or event which may give rise to Losses for which indemnification may be sought under this Article VII, other than Tax Claims as provided in Section 7.7 belowIX. Any failure to submit provide any such Claim Notice in a timely manner to the Indemnifying Party shall not relieve such the Indemnifying Party of any liability hereunder, except to the extent that such (and only to the extent) the Indemnifying Party is actually prejudiced by such failure. Notwithstanding anything contained in this Section 7.5 to the contrary, any claim for indemnification hereunder that is not asserted by notice given as herein provided that specifically identifies a particular breach and the underlying facts and Losses relating thereto during the applicable period of survival as set forth in Section 7.1 may not be pursued and is hereby irrevocably waived upon and after the expiration of such period of survival. Each Claim Notice shall set forth (ai) the specific representation, warranty warranty, covenant or covenant agreement alleged to have been breached, (bii) the nature and amount of the claim asserted, together with sufficient facts relating thereto so that the Indemnifying Party may reasonably evaluate such claim and (ciii) a calculation or good faith estimate, if such can be reasonably calculated, of the aggregate Losses to which the Indemnified Party believes it is entitled in connection with the claim. If in the case of a claim submitted by a Purchaser Indemnified Indemnifying Party, within fifteen ten (1510) days Business Days after receipt of the Claim Notice (the "Notice Period")Notice, Sellers do does not give written notice to the Purchaser Indemnified Party or Purchaser Indemnified Parties announcing their stating its intent to contest such claim, the claim shall be deemed accepted and the principal amounts of the 36 Month Notes shall be automatically reduced, pro rata, by the amount of the claim shall be deemed a valid claim; provided, however, if and the then current principal amounts of the 36 Month Notes are not sufficient to pay the Losses, Parent Indemnifying Party shall, within five ten (510) days Business Days after expiration of the Notice Periodprior notice period, deliver to the Purchaser Indemnified Party the amount of the Losses set forth in the Claim Notice which amount has not been paid pursuant to an adjustment with respect to the principal amounts claim, unless such claim is contingent or the amount not liquid, in which event the Indemnifying Party shall deliver such amount upon the Losses of such claim being determinable. If the 36 Month Notes. In the event, however, that Sellers Indemnifying Party shall contest the assertion of a claim by giving such written notice to the Purchaser Indemnified Party within the Notice Periodsuch period (a “Dispute Notice”), then the parties Parties shall act in good faith to reach agreement regarding such claim.

Appears in 1 contract

Samples: Equity Interest Purchase Agreement (Zenergy Brands, Inc.)

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