Reimbursement and Advances Sample Clauses
The "Reimbursement and Advances" clause outlines the terms under which one party will repay another for expenses incurred or provide funds in advance to cover anticipated costs. Typically, this clause specifies the types of expenses eligible for reimbursement, the process for requesting and documenting such payments, and any limits or conditions on advances. Its core function is to ensure that parties are fairly compensated for out-of-pocket costs related to the agreement, thereby preventing disputes over financial responsibilities and facilitating smooth project execution.
Reimbursement and Advances. The Corporation, from time to time, shall reimburse or advance to any person referred to in paragraph 1 the funds necessary for payment of expenses (including attorneys' fees, costs and charges) incurred in connection with any action or proceeding referred to in paragraph 1, upon receipt of a written undertaking by or on behalf of such person to repay such amount(s) if a judgment or other final adjudication adverse to such person establishes that he or she is not entitled to be indemnified by the Corporation under this Article Sixth.
Reimbursement and Advances. The Stockholders' Representative shall be entitled to reimbursement from the Escrow Amount for any and all indemnification expenses in accordance with terms of the Escrow Agreement, including cash advances (not to exceed $1,000,000 in the aggregate per each twelve month period beginning at the Closing Date until the Escrow Agreement has been terminated in accordance with its terms) from the Escrow Amount to pay all costs and expenses, including those of any legal counsel or other professional or consultant, expert or other similar individuals or firms retained by the Stockholders' Representative, in connection with the acceptance and administration of the Stockholders' Representative's duties, all as further set forth in the Escrow Agreement.
Reimbursement and Advances