Claim Recipient definition
Examples of Claim Recipient in a sentence
A Claim Recipient will be liable in respect of all such Claims and not merely the excess.
If one Claim Recipient’s liability for Claims pursuant to paragraph (b) exceeds US$250 million but the other’s liability for Claims is US$250 million or less, then for the purposes of determining the net amount payable by one Claim Recipient to the other under this paragraph (e), a Claim Recipient will be deemed to be liable to make payments to the other under paragraph (b) even if the aggregate amount of its liability under paragraph (b) is US$250 million or less.
A Claim Recipient will not be liable for any single Claim which is less than US$50 million and any single Claim less than US$50 million (not being one of a number of claims arising from substantially the same facts, matters or circumstances, which, in aggregate, exceed US$50 million) will be disregarded in calculating the aggregate amount of all Claims against a Claim Recipient.
The other Party shall provide, against refund of cash expenses, the Claim Recipient and/or its Affiliates with all assistance reasonably required by them to engage and pursue such claim or any proceedings resulting from such claim to a satisfactory conclusion.
The Claimant or member of the Claimant’s Group may not compromise, dispose of or settle any such action against a third party without the consent of the potential Claim Recipient, such consent not to be unreasonably withheld.
No Claim Recipient shall be liable to pay any amount in discharge of a Claim under this Agreement or any Reorganisation Agreement unless and until the liability in respect of which the Claim is made has become due and payable.
The Claim Recipient shall have the right to assume full responsibility, at its sole expense, for the defense of such claim and to make any offer or agree any settlement of such claim.
The Claim Recipient shall not take any action which would be detrimental to the other Party’s interests.
Any part of the Claimed Amount that is not agreed to pursuant to the Response Notice shall be the “Contested Amount.” If a Response Notice is not received by the Claiming Party within such 30-day period, then the Claim Recipient shall be conclusively deemed to have agreed that an amount equal to the full Claimed Amount is due and payable pursuant to this Article 8.
Upon the Indemnified Party’s receipt of a written notice of objection from the Claim Recipient pursuant to the preceding sentence, Purchaser and the Stockholder Representative shall attempt in good faith to agree upon the rights of the respective parties with respect to the disputed items of Damages.