Common use of Failure to Assume Defense Clause in Contracts

Failure to Assume Defense. In the event that the Indemnifying Party, by the 30th day after receipt of notice of any such claim (or, if earlier, by the tenth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party, subject to the right of the Indemnifying Party to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof;

Appears in 1 contract

Samples: Stock Purchase Agreement (International Realty Group Inc)

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Failure to Assume Defense. In the event that If the Indemnifying Party, Party by the 30th 15th day after receipt of notice of any such claim (or, or if earlier, earlier by the tenth 5th day preceding the day on which an the answer or other pleading must be served filed in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; provided however, subject to that the right of Indemnified Party will not settle or compromise such claim without the Indemnifying Parties consent, which consent will not be unreasonably withheld; and provided further, that the Indemnifying Party will have the right to assume the defense of such claim at any time prior to settlement, compromise or final determination thereof;the

Appears in 1 contract

Samples: Agreement and Plan of Merger (International Alliance Services Inc)

Failure to Assume Defense. In the event that If the Indemnifying Party, by the 30th thirtieth day after receipt of notice of any such claim (or, if earlier, by the tenth fifth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; PROVIDED, subject to HOWEVER, that the right of Indemnified Party shall not settle or compromise such claim without the Indemnifying Party to assume the defense of such claim at any time prior to settlementParty's consent, compromise or final determination thereof;which consent shall not be unreasonably withheld.

Appears in 1 contract

Samples: Stock Purchase Agreement (Wellpoint Health Networks Inc /De/)

Failure to Assume Defense. In the event that If the Indemnifying Party, by the 30th thirtieth day after receipt of notice of any such claim (or, if earlier, by the tenth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of of; at the expense of; and for the account and risk of the Indemnifying Party; provided, subject to however, that the right of Indemnified Party shall not settle or compromise such claim without the Indemnifying Party's consent, and provided further that, the Indemnifying Party shall have the right to assume the defense of such claim with counsel of its own choosing at any time prior to settlement, compromise or final determination thereof;.

Appears in 1 contract

Samples: Worldwide Purchase and Sale Agreement (Continental Global Group Inc)

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Failure to Assume Defense. In the event that If the Indemnifying Party, by the 30th tenth day after receipt of notice of any such claim (or, if earlier, by the tenth fifth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; provided, subject to however, that the right of Indemnified Party shall not settle or compromise such claim without the Indemnifying Party to assume the defense of such claim at any time prior to settlementParty's consent, compromise or final determination thereof;which consent shall not be unreasonably withheld; and provided further

Appears in 1 contract

Samples: Contribution Agreement (Times Mirror Co /New/)

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