Reduction for Insurance Proceeds. To the extent that any Buyer Indemnitee or Seller Indemnitee shall receive payment under any insurance policies on account of claims arising under Section 5.2 or Section 5.3 hereof, the amount (if any) payable by the indemnifying party on account of such claims shall be reduced by the amount of such payment or, if the Buyer Indemnitee or Seller Indemnitee shall have already collected on such claims from the indemnifying party, then the Buyer Indemnitee or Seller Indemnitee shall repay to the indemnifying party the amount of such payment.
Appears in 14 contracts
Samples: Asset Purchase Agreement (Stratus Services Group Inc), Asset Purchase Agreement (Hyperion Energy, Inc.), Asset Purchase Agreement (Stratus Services Group Inc)
Reduction for Insurance Proceeds. To the extent that any Buyer Indemnitee or Seller Indemnitee shall receive payment under any insurance policies on account of claims arising under Section 5.2 6.2 or Section 5.3 6.3 hereof, the amount (if any) payable by the indemnifying party on account of such claims shall be reduced by the amount of such payment or, if the Buyer Indemnitee or Seller Indemnitee shall have already collected on such claims from the indemnifying party, then the Buyer Indemnitee or Seller Indemnitee shall repay to the indemnifying party the amount of such payment.
Appears in 1 contract
Samples: Asset Purchase Agreement (Stratus Services Group Inc)
