Common use of Assertion of Claims to Exceed Minimum Indemnification Amount Clause in Contracts

Assertion of Claims to Exceed Minimum Indemnification Amount. 6.3.1 Each Party shall be solely liable, and shall not be entitled to assert any claim for indemnification under any indemnity expressly set out in this Agreement (other than the indemnity set out in Clause 3.1.5.2 for which this Clause 6.3shall not apply), for its Loss that would otherwise be the subject of indemnification under this Agreement, until all such Loss, in the aggregate, during the then-current Year, exceeds the Minimum Indemnification Amount, in which event it shall be entitled to recover all such Loss. For the purposes of this Clause 6.3, a Loss (or claim for indemnification) shall be deemed to arise in the Year the event giving rise to such Loss (or claim for indemnification) occurred, or if the event is continuing in more than one Year, in the Year such event ends. 6.3.2 Where a Party’s Loss in any Year is an amount in MNT, for the purposes of Clause 6.3.1, the Minimum Indemnification Amount for such year shall be converted into MNT at the Exchange Rate.