Examples of GP Indemnified Party in a sentence
All judgments against the Partnership with respect to which any GP Indemnified Party is entitled to indemnification may only be satisfied from the Partnership's assets.
So long as SCC Indemnitor is conducting the defense of the Claim in accordance with Section 9.9(c) above, (i) the GP Indemnified Party may retain separate co-counsel at its sole cost and expense and participate in the defense of the Claim, and (ii) the GP Indemnified Party will not consent to the entry of any judgment or enter into any settlement with respect to the Claim without the prior written consent of the SCC Indemnitor (not to be withheld unreasonably).
If a firm offer is made to settle a Claim and SCC Indemnitor desires to accept it, but the GP Indemnified Party elects, in writing, not to do so, then under those circumstances, the GP Indemnified Party may continue the defense, but SCC Indemnitor shall only be liable for the amount of the proposed settlement or the ultimate liability, whichever is less.
If any such action or claim for which any GP Indemnified Party is entitled to indemnification hereunder shall be brought or asserted against a GP Indemnified Party (each, a “ Claim”), such GP Indemnified Party shall promptly notify SCC Indemnitor in writing, which notice shall set forth the obligation with respect to which the Claim is made, the facts giving rise to and the alleged basis for such Claim and, if known, the amount of liability.