General Limitations on Indemnification. (a) An indemnifying party shall not be liable to nor required to indemnify or hold an indemnified party harmless with respect to any Loss to the extent such Loss is recoverable under insurance policies maintained by the indemnified party or its affiliates. (b) If any Loss indemnified against under this Article XI shall result (after giving effect to any differences in the timing of recognition, payment and deductibility) in a direct or indirect Tax savings to the indemnified party or its affiliates, then the Indemnification Obligations to which such indemnified party shall be entitled hereunder shall be reduced by the amount of such Tax savings.
Appears in 2 contracts
Sources: Stock Purchase Agreement (3-D Geophysical Inc), Stock Purchase Agreement (3-D Geophysical Inc)