Common use of Failure to Assume Defense Clause in Contracts

Failure to Assume Defense. If the Indemnifying Party, by the tenth day after receipt of notice of any such claim (or, if earlier, by the fifth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; provided, however, that the Indemnified Party shall not settle or compromise such claim without the Indemnifying Party's consent, which consent shall not be unreasonably withheld; and provided further

Appears in 1 contract

Sources: Contribution Agreement (Times Mirror Co /New/)

Failure to Assume Defense. If In the event that the Indemnifying Party, by the tenth 30th day after receipt of notice of any such claim (or, if earlier, by the fifth tenth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; provided, however, that subject to the Indemnified right of the Indemnifying Party shall not settle or compromise to assume the defense of such claim without the Indemnifying Party's consentat any time prior to settlement, which consent shall not be unreasonably withheld; and provided furthercompromise or final determination thereof;

Appears in 1 contract

Sources: Stock Purchase Agreement (International Realty Group Inc)

Failure to Assume Defense. If the Indemnifying Party, by the tenth thirtieth day after receipt of notice of any such claim (or, if earlier, by the fifth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of and for the account and risk of the Indemnifying Party; providedPROVIDED, howeverHOWEVER, that the Indemnified Party shall not settle or compromise such claim without the Indemnifying Party's consent, which consent shall not be unreasonably withheld; and provided further.

Appears in 1 contract

Sources: Stock Purchase Agreement (Wellpoint Health Networks Inc /De/)

Failure to Assume Defense. If the Indemnifying Party, by the tenth thirtieth day after receipt of notice of any such claim (or, if earlier, by the fifth day preceding the day on which an answer or other pleading must be served in order to prevent judgment by default in favor of the person asserting such claim), does not elect to defend against such claim, the Indemnified Party will (upon further notice to the Indemnifying Party) have the right to undertake the defense, compromise or settlement of such claim on behalf of of; at the expense of; and for the account and risk of the Indemnifying Party; provided, however, that the Indemnified Party shall not settle or compromise such claim without the Indemnifying Party's consent, which consent shall not be unreasonably withheld; and provided furtherfurther that, the Indemnifying Party shall have the right to assume the defense of such claim with counsel of its own choosing at any time prior to settlement, compromise or final determination thereof.

Appears in 1 contract

Sources: Worldwide Purchase and Sale Agreement (Continental Global Group Inc)