Recovery. Each Protected Person shall use its reasonable efforts to pursue other third-party sources of indemnification in respect of any Liabilities for which it or any Protected Person may require indemnification in accordance with this Section 4. If any Protected Person recovers any amounts in respect of any Liabilities from insurance coverage or any third-party source, then such Protected Person shall, to the extent that such recovery is duplicative, reimburse the Issuer for any amounts previously paid to it by the Issuer in respect of such Liabilities.
Appears in 322 contracts
Samples: Administrative Services Agreement (Masterworks 057, LLC), Administrative Services Agreement (Masterworks 001, LLC), Administrative Services Agreement (Masterworks 097, LLC)
Recovery. Each Protected Person shall use its reasonable efforts to pursue other third-party sources of indemnification in respect of any Liabilities for which it or any Protected Person may require indemnification in accordance with this Section 4. If any Protected Person recovers any amounts in respect of any Liabilities from insurance coverage or any third-party source, then such Protected Person shall, to the extent that such recovery is duplicative, reimburse the Issuer Company for any amounts previously paid to it by the Issuer Company in respect of such Liabilities.
Appears in 8 contracts
Samples: Management Services Agreement (Masterworks Vault 2, LLC), Management Services Agreement (Masterworks Vault 1, LLC), Management Services Agreement (Masterworks Vault 3, LLC)
Recovery. Each Protected Person shall use its reasonable efforts to pursue other third-party sources of indemnification in respect of any Liabilities for which it or any Protected Person may require indemnification in accordance with this Section 45. If any Protected Person recovers any amounts in respect of any Liabilities from insurance coverage or any third-party source, then such Protected Person shall, to the extent that such recovery is duplicative, reimburse the Issuer for any amounts previously paid to it by the Issuer in respect of such Liabilities.
Appears in 3 contracts
Samples: Administrative Services Agreement (Masterworks Collection 001, LLC), Administrative Services Agreement (Masterworks Collection 001, LLC), Administrative Services Agreement (Masterworks Collection 001, LLC)
