Loss Party definition
Examples of Loss Party in a sentence
The insured loss (including all related expenses) of a Party which relates to a claim made by that Party relating to a particular Policy Year under the Blanket Bond Coverage is hereinafter referred to as a "Blanket Bond Loss." Party includes the trustees and officers of an insured Party and other insured agents or employees of such a Party.
The insured loss (including all related expenses) of a Party which relates to a claim made by that Party relating to a particular Policy Year under the Blanket Bond Coverage is hereinafter referred to as a "Blanket Bond Loss." Party includes the trustees, directors and officers of an insured Party and other insured agents or employees of such a Party.
The Loss Party shall cooperate with the Insured Party and share such information as is reasonably necessary in order to permit the Insured Party to manage and conduct its insurance matters as it deems appropriate.
If the Insured Party incurs costs to enforce the Loss Party’s obligations herein, the Loss Party agrees to indemnify and hold harmless the Insured Party for such enforcement costs, including reasonable attorneys’ fees.
If the Loss Party receives such insurance or indemnity payments prior to being indemnified with respect to such Damages, the amount of Damages shall be reduced by the net amount of such insurance proceeds or indemnity payments to the extent related to such Damages, less reasonable attorney’s fees and other third party expenses incurred in connection with such recovery.
On the Closing Date, Borrower shall execute and deliver to Lender the Senior Loan Note, which shall evidence Borrower's obligation to pay the principal and interest noted therein.
The amount of any and all Damages shall be reduced (but not below zero) to take into account any actual net reduction in Tax payable by the Loss Party or its Affiliates, to the extent such reduction (i) results directly from the incurrence of such Damage, and (ii) occurs during or prior to the Tax year (but not earlier than the Effective Time) in which the indemnification payment is made.
The Loss Party agrees that within a reasonable period of time after it becomes aware of facts that may give rise to a claim for reimbursement or indemnification under this Article III, it will provide notice thereof in writing to the Obligated Party, specifying the nature of and specific basis for such claim.
Notwithstanding the foregoing, nothing contained in this Agreement shall limit the rights of any Loss Party to seek or obtain injunctive relief or any other equitable remedy to which such Loss Party is otherwise entitled.
The Obligated Party agrees to keep any such counsel engaged by the Loss Party informed as to the status of any such defense, but the Obligated Party shall have the right to retain sole control over such defense and counterclaims.