Common use of Contribution Procedure Clause in Contracts

Contribution Procedure. Promptly after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“indemnifying party”), notify the indemnifying party of the commencement thereof, but the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies an indemnifying party or its representative of the commencement thereof within the aforesaid fifteen days, the indemnifying party will be entitled to participate therein with the notifying party and any other Indemnifying party similarly notified. Any such indemnifying party shall not agree to a settlement or compromise of, or consent to entry of judgment with respect to, any claim, action or proceeding effected by such party without the written consent of each indemnified party unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action, claim or proceeding, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. The contribution provisions contained in this Section are intended to supersede, to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise available. The Underwriters’ obligations to contribute pursuant to this Section 5.3 are several and not joint.

Contribution Procedure. Promptly after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“indemnifying contributing party”), notify the indemnifying contributing party of the commencement thereof, but the omission to so notify the indemnifying contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies an indemnifying a contributing party or its representative of the commencement thereof within the aforesaid fifteen days, the indemnifying contributing party will be entitled to participate therein with the notifying party and any other Indemnifying contributing party similarly notified. Any such indemnifying contributing party shall not agree to a settlement or compromise of, or consent to entry of judgment with respect to, any claim, action action, or proceeding effected by such party without the written consent of each indemnified contributing party unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified contributing party from all liability arising out of such action, claim or proceeding, and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified contributing party. The contribution provisions contained in this Section are intended to supersede, to the extent permitted by law, any right to contribution under the Act, the Exchange Act or otherwise available. The Underwriters’ obligations to contribute pursuant to this Section 5.3 are several and not joint.