Claim for Indemnity. In the event either party hereto receives notice of a claim or demand which results or may result in indemnification pursuant to SECTION 19 or SECTION 20, such party shall immediately give notice thereof to the other party to this Agreement. The party receiving such notice shall immediately take such measures as may be reasonably required to properly and effectively defend such claim, and may defend same with counsel of its own choosing. In the event the party receiving such notice fails to properly and effectively defend such claim, and in the event such party is liable therefor, then the party so giving such notice may defend such claim at the expense of the party receiving such notice.
Appears in 1 contract
Sources: Administration Agreement (Independent Research Agency for Life Insurance Inc)
Claim for Indemnity. In the event either party hereto receives notice of a claim or demand which results or may result in indemnification pursuant to SECTION 19 22 or SECTION 2023, such party shall immediately give notice thereof to the other party to this Agreement. The party receiving such notice shall immediately take such measures as may be reasonably required to properly and effectively defend such claim, and may defend same with counsel of its own choosing. In the event the party receiving such notice fails to properly and effectively defend such claim, and in the event such party is liable therefor, then the party so giving such notice may defend such claim at the expense of the party receiving such notice.
Appears in 1 contract
Sources: Management Agreement (Independent Research Agency for Life Insurance Inc)