Examples of Indemnity Representative in a sentence
The Indemnifying Parties recognize and intend that the power of attorney granted in this Section 9.2 is coupled with an interest and is irrevocable, (b) may be delegated by the Indemnity Representative, and (c) shall survive the death or incapacity of any Indemnifying Party and the dissolution of Seller.
Subject to rights of or duties to any insurer or other third Person having liability therefor, the Indemnity Representative shall have the right, within ten (10) Business Days after receipt of such notice, to assume the control of the defense, compromise or settlement of any such action, suit, proceeding, claim, liability, demand or assessment, and to retain counsel in connection therewith; provided, however, that if the Indemnity Representative shall exercise its right to assume such control.
SPC Partners II, L.P. hereby accepts its appointment as Indemnity Representative.
After the release of Escrow, the Indemnity Representative shall have the right to receive reimbursement for Representative Expenses from the Escrow out of and prior to any distribution from the Escrow to the Indemnifying Parties pursuant to the Escrow Agreement.
Xxxxxx Facsimile: (000) 000-0000 If to Indemnity Representative: SPC Partners II, L.P. c/o Swander Pxxx Capital 300 Xxxxxxxxxx Xxxxxx, Xxxxx 0000 Xxx Xxxxxxxxx, XX 00000 Attn: Sxxxx Xxxxx Facsimile: (000) 000-0000 With a copy (which shall not constitute notice) to: Kxxxxxxx & Exxxx LLP 500 Xxxxxxxxxx Xxxxxx, Xxx 0000 Xxx Xxxxxxxxx, XX 00000 Attn: Sxxxxxx X.
Buyer shall be entitled, but not required, to deal exclusively with the Indemnity Representative on all matters relating to this Agreement and the Escrow Agreement (including all matters relating to any notice to, or any consent to be given or action to be taken by, any Indemnifying Party).
Notwithstanding Section 9.2(c), the Indemnity Representative shall be entitled to receive reimbursement from the Indemnifying Parties, for any and all expenses, charges and liabilities, including attorneys’ fees, reasonably incurred by the Indemnity Representative in the performance or discharge of its rights and obligations under this Agreement (the “Representative Expenses”).
Nothing in this Section 9.2(c) shall diminish or otherwise affect the rights of the Indemnity Representative under Sections 9.2(d) and 9.2(e) below.
The Indemnity Representative shall not be entitled to any compensation on account of acting in such role.
Any such election and appointment may be made, and the Indemnity Representative may be removed or replaced, by the written consent of the Indemnifying Parties who, as of the Agreement Date, had at least a majority of the voting power in Seller prior to Closing.