Reductions in Damages Sample Clauses
Reductions in Damages. The amount of any Damages for which an Indemnified Party is entitled to indemnity under this ARTICLE 10, shall be reduced by the amount of insurance proceeds realized by the Indemnified Party or its Affiliates with respect to such Damages (net of any collection costs, and excluding the proceeds of any insurance policy issued or underwritten by the Indemnified Party or its insurance captive or other Affiliate).
Reductions in Damages. (a) Any amount payable by an Indemnifying Person pursuant to this Section 13 (after giving effect to Section 13.5) shall be reduced by any net tax benefit to the Indemnified Person that results from the Damages that are being indemnified and the receipt of the indemnification payment. For purposes of the preceding sentence, the "net tax benefit" shall equal all actual U.S. federal, state, local and foreign income tax deduction arising from the Damages minus any income or gain recognized as a result of receiving the indemnity payment multiplied by the maximum marginal effective federal, state or local income tax rates, whichever are applicable, to such income or gain.
(b) An Indemnifying Person shall not be required to indemnify an Indemnified Person with respect to any Damages to the extent that indemnity therefor is available pursuant to any policies of insurance.