Notice of Request for Indemnification. In the event that an Indemnitee is seeking indemnification under Section 7.1 or Section 7.2, it shall inform the indemnifying Party of a claim as soon as reasonably practicable after it receives notice of the Claim, shall permit the indemnifying Party to assume direction and control of the defence of the Claim (including the right to settle the Claim solely for monetary consideration), and shall cooperate as requested by the indemnifying Party (at the expense of the indemnifying Party) in the defence of the Claim.
Appears in 4 contracts
Sources: Buy Back Agreement, Confidentiality Agreement (Furiex Pharmaceuticals, Inc.), Confidentiality Agreement (Furiex Pharmaceuticals, Inc.)