Subsequent Recovery Sample Clauses
The Subsequent Recovery clause defines how any additional funds or assets recovered after an initial settlement or payment are to be handled between the parties. Typically, this clause applies in contexts such as insurance claims or legal settlements, where further recoveries may occur after the primary resolution. For example, if a party receives compensation from a third party after already being paid by an insurer, the clause will specify whether and how those additional amounts must be shared or repaid. Its core function is to prevent double recovery and ensure fair allocation of any later-obtained benefits related to the original claim or loss.
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Subsequent Recovery. If, in connection with any payment by Guarantor of the Guaranteed Obligations, Beneficiary shall finally recover any such amounts from any other source directly making payments with respect to the Guaranteed Obligations, or it shall be finally determined that such Guaranteed Obligations were not owed to Beneficiary, Beneficiary shall promptly remit such amounts to Guarantor.
Subsequent Recovery. If the relevant Indemnifying Person(s) pays an amount which fully discharges any Indemnity Claim raised by an Indemnified Person(s) under this Agreement for Losses suffered by such Indemnified Person(s) and the Indemnified Person(s) (whether by payment, discount, credit, relief or otherwise) recovers from a Third Party, a sum which compensates the Indemnified Person(s) for such Loss and which otherwise would not have been received (including for the avoidance of doubt, any tax refunds, insurance amounts or similar recoveries) by the Indemnified Person(s), the Indemnified Person(s) will pay to the relevant Indemnifying Person(s) an amount equivalent to the amount recovered from such Third Party, less any reasonable costs and expenses incurred in obtaining such recovery and less any Tax paid or payable by the Indemnified Person(s) under applicable Law at the time of the recovery of the sum from a Third Party, provided, that such repayment shall not exceed the amount of the payment that the relevant Indemnifying Person(s) had previously paid to such Indemnified Person(s) in respect of such Loss and after paying such amounts to the relevant Indemnifying Person(s), the Indemnified Person(s) remains fully compensated in respect of the original Loss incurred. The Seller Indemnified Person agrees that in the event Tax is required to be withheld or deducted at source on the amount so paid or required to be paid pursuant to this Clause 8.5.4, such amount shall be grossed up with the amount of Tax, required to be so withheld or deducted, such that the Sellers receive the same amount after the applicable withholding or deduction, which it would have otherwise received, had no withholdings or deduction taken place.
Subsequent Recovery. If:
(a) the Seller makes a payment in respect of a Warranty Claim (other than a Claim under the Tax Warranties or a Tax Covenant Claim) (the Damages Payment);
(b) at any time after the making of such payment any Group Company or the Purchaser receives any sum or is otherwise compensated for or with respect to such Warranty Claim (the Third Party Sum);
(c) the receipt of the Third Party Sum was not taken into account in calculating the Damages Payment; and
(d) the aggregate of the Third Party Sum and the Damages Payment exceeds the amount required to compensate the Purchaser in full for the loss or liability which gave rise to the Warranty Claim in question (such excess being the Excess Recovery), the Purchaser shall, as soon as reasonably practicable following receipt of the Third Party Sum by it or the relevant Group Company, repay to the Seller an amount equal to the lower of (i) the Excess Recovery and (ii) the Damages Payment, after deducting (in either case) all costs reasonably incurred by the Purchaser or the relevant Group Company in recovering the Third Party Sum.
Subsequent Recovery. In the event that the Indemnitee subsequently recovers all or part of a Third Party Claim from any other Person legally obligated to pay the same, the Indemnitee shall forthwith repay to the Indemnitor the amounts so recovered up to an amount not exceeding the amount theretofore paid by the Indemnitor by way of indemnity.
Subsequent Recovery. If at any time subsequent to the receipt by an Indemnified Party of an indemnity payment hereunder, such Indemnified Party (or any Affiliate thereof) receives any recovery, settlement or other similar payment with respect to the Losses for which it received such indemnity payment (the “Recovery”), such Indemnified Party shall promptly pay to the Indemnifying Party an amount equal to the amount of such Recovery, less any expenses incurred by such Indemnified Party (or its Affiliates) in connection with such Recovery, including any increases in insurance premiums resulting from making a claim under the insurance policies in connection thereto, but in no event shall any such payment exceed the amount of such indemnity payment.
Subsequent Recovery. If the Purchaser pays an amount in discharge of any Seller Claim under this Deed and the Sellers subsequently recover (whether by payment, discount, reduction in liabilities, credit, relief or otherwise) from a third party a sum which is referable to the subject matter of the Seller Claim, the Sellers shall pay promptly to the Purchaser an amount equal to (i) the sum recovered from the third party less any reasonable costs and expenses incurred in obtaining such recovery or (ii) if less, the amount previously paid by the Purchaser to the Seller.
Subsequent Recovery. Indemnitee or Claimant shall or shall cause any of its Affiliates (including, as the case may be, the Company or any of its Subsidiaries) to reimburse to the Indemnitor or Recipient any amount paid by such Indemnitor or Recipient to the extent that such amount is subsequently recovered by or paid to such Indemnitee or Claimant or any of its Affiliates by any third party (excluding under any insurance policy) as a result of the same facts or matters which have given rise to the payment of the sum paid by the Indemnitor or Recipient.
Subsequent Recovery. If the Indemnifying Party pays an amount in discharge of any claim under this Agreement and the Indemnified Party or any of its Affiliates subsequently recovers from a third Person a sum which is attributable to the subject matter of the claim, the Indemnified Party shall promptly pay to the Indemnifying Party an amount equal to all amounts recovered up to the aggregate amount thus paid by the Indemnifying Party hereunder.
Subsequent Recovery. If a Vendor pays the Purchaser any amount in respect of a Claim (other than a Claim under the Tax Warranties) and the Purchaser or any member of the Purchaser Group subsequently becomes entitled to recover from a third party a sum which is referable to that Claim (other than a Claim under the Tax Warranties), the Purchaser shall give notice to such Vendor, and shall and shall procure that any relevant member of the Purchaser Group shall, use all reasonable endeavours to recover from such third party. If any amount is actually recovered from such third party, then, after the deduction of the reasonable costs of the Purchaser and each member of the Purchaser Group in obtaining such recovery and any Tax payable on such recovery, the balance (up to the amount actually paid by the relevant Vendor to the Purchaser) shall be repaid by the Purchaser to the Vendors.
Subsequent Recovery. If any payment is made by the Shareholders or any of them in or towards the settlement of any claim under any of the representations and warranties contained in this Agreement and the Purchaser or the Company subsequently recovers or procures the recovery from a third party of an amount which is referable to that claim the Purchaser shall, or shall procure that the Company shall, forthwith repay or procure repayment to the relevant Shareholders of an amount equal to whichever is the lesser of:
(a) the amount recovered from the third party after deduction of all reasonable expenses of recovery; and
(b) the amount paid in or towards settlement of the claim.