Third-Party Indemnitor definition
Examples of Third-Party Indemnitor in a sentence
The Company shall not be subrogated to the rights an Indemnified Person may have against a Third-Party Indemnitor.
The Company further agrees that no advancement or payment by any Third-Party Indemnitor on behalf of Indemnitee with respect to any Proceeding for which Indemnitee has sought indemnification, exoneration or hold harmless rights from the Company shall affect the foregoing and the Third-Party Indemnitor(s) shall have a right to receive from the Company, contribution and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
If an Indemnified Person is indemnified by a Third-Party Indemnitor for a loss covered by Section 5.7 or receives from a Third-Party Indemnitor expense reimbursement or advancement of an expense covered by Section 5.8, such Third-Party Indemnitor shall be subrogated to the rights of the Indemnified Person under this ARTICLE V to recover such amount from the Company on the terms of this ARTICLE V.
The Company and the Indemnitee agree that each of the Third-Party Indemnitors shall be third-party beneficiaries with respect to this Agreement entitled to enforce this Section 14 as though each such Third-Party Indemnitor were a party to this Agreement.