Common use of Recovery from Insurers and other Third Parties Clause in Contracts

Recovery from Insurers and other Third Parties. If, in respect of any matter which would give rise to a Covenant Claim or Retained Environmental Liability Claim under this Schedule, the Indemnified Party or any Relevant Protected Person is entitled to recover or has recovered, from any third party, any sum by reason of or in respect of the matter giving rise to the Covenant Claim or Retained Environmental Liability Claim then the Indemnified Party shall take and shall ensure that each Relevant Protected Person will take, such steps to obtain such recovery as the Indemnifying Party may reasonably request, and the amount of the Covenant Claim or Retained Environmental Liability Claim shall be reduced by the amount of the recovery (less reasonable costs and expenses incurred by the Indemnified Party or the Relevant Protected Person in effecting such recovery).