Individual Claim Threshold definition
Examples of Individual Claim Threshold in a sentence
Buyer shall not be obligated to pay any additional costs or incur any additional obligations in its purchase of the Assets if such costs are the result of Seller’s Like-Kind Exchange, and Seller shall indemnify Buyer Indemnified Parties against any Claims arising from Seller’s Like-Kind Exchange without regard to the Individual Claim Threshold or Aggregate Claim Deductible.
In the event of a series of claims based on the same facts, such series of claims shall be treated as a single claim and the aggregate cumulative liability resulting from such series of claims shall be used to determine whether the Individual Claim Threshold has been exceeded.
Except with respect of Fundamental Representations none of Purchaser or Purchaser Indemnitees shall be entitled to assert any right to indemnification under Section 9.2 with respect to any individual claim unless the Losses resulting from such individual Claim exceeds Three Hundred Thousand Dollars ($300,000) (the “Individual Claim Threshold” and each individual claim that exceeds the Individual Claim Threshold, a “Qualifying Claim”).
For the purposes of the foregoing clause 12.3.1, in the event of a series of relevant claims based on the same or a related set of facts, events or circumstances, such series of claims shall be treated as a single claim and the aggregate total of the Losses resulting from such series of claims shall be used to determine whether the Individual Claim Threshold Amount has been exceeded.
If the aggregate amount of Losses subject to Section 11.1(b) exceeds the Aggregate Claim Threshold, then for each such Loss subject to Section 11.1(b) that exceeds the Individual Claim Threshold (including those within the Aggregate Claim Threshold), Seller Indemnified Persons shall be entitled to indemnification by TACT in the full amount of such Loss (notwithstanding the Aggregate Claim Threshold), up to the Aggregate Claim Limit.