Reimbursement for amounts recovered Clause Samples

The "Reimbursement for amounts recovered" clause establishes the obligation for one party to repay another for funds that have been recouped, typically in the context of insurance claims, legal settlements, or overpayments. In practice, if a party receives compensation from a third party or through legal action for a loss that was previously covered or paid by the other party, the recipient must reimburse the original payer for the recovered amount. This clause ensures that parties do not receive double compensation for the same loss and allocates financial responsibility fairly, preventing unjust enrichment.
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Reimbursement for amounts recovered. The Buyer will reimburse the Seller for amounts paid by the Seller to the Buyer or any Group Member in respect of any Claim or Action to the extent to which the same is recovered by the Buyer or any Group Member from any third party, including suppliers, manufacturers or insurers. If the Buyer or any Group Member is at any time entitled to recover from some other person any sum in respect of which the Buyer makes or brings a Claim or Action, the Buyer must take, and must procure that the relevant Group Member takes, all reasonable steps to enforce such recovery from the third party.
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Reimbursement for amounts recovered. (a) If circumstances giving rise to a Buyer Claim will result in a savings in Tax to the Buyer, a Group Company or any related body corporate of the Buyer where the Buyer, the Group Company or the relevant related body corporate avails itself of proper credits, deductions, allowances and other savings in respect of Tax, the Buyer or the relevant related body corporate of the Buyer will take all steps reasonably necessary and in a timely fashion to avail itself of all such avenues of recovery, at the Buyer’s cost. (b) Where a payment in respect of any Successful Buyer Claim leads to a Tax Saving, the Buyer or Vignette must pay the Sellers an amount equal to the Tax Saving less any reasonable costs of the relevant entity in obtaining the Tax Saving. (c) To the extent to which an amount paid by the Sellers to the Buyer in respect of any Buyer Claim can be recovered by the Buyer, a Group Company or a related body corporate of the Buyer from any third party, including but not limited to suppliers, manufacturers or insurers, the Buyer and its related body corporate must take all steps reasonably necessary and in a timely fashion to avail itself of all such avenues of recovery (other than in circumstances where the Buyer has received legal advice that pursuance of such recovery would be without reasonable expectation of success or where such action would not be taken by a reasonable person in the position of the Buyer, the relevant Group Company or the relevant related body corporate (as applicable) acting in its own interest), at the Buyer’s cost or assign those rights to the Sellers or permit the Sellers to be subrogated to those rights (as the case may be) and render all necessary assistance to the Sellers to exercise those rights. (d) The Buyer or Vignette must reimburse the Sellers for amounts recovered by the Buyer, a Group Company or a related body corporate of the Buyer from any third party (including but not limited to suppliers, manufacturers or insurers) in respect of any matter the subject of a Successful Buyer Claim, less any Tax payable by the Buyer, the relevant Group Company or the relevant related body corporate in respect of the amount recovered.
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Reimbursement for amounts recovered a If, in respect of any matter which would give rise to a breach of Warranty or any other claim under this Agreement in excess of $100,000, any Group Company is entitled to claim under any policy of insurance of that Group Company, the Purchaser shall use, and will procure that each Group Company uses, its reasonable endeavours to recover all such claims from the insurers of the applicable Group Company. b The Purchaser will reimburse the Vendors in cash for amounts paid by the Vendors to the Purchaser or any Group Company in respect of any claim, action or proceeding taken by the Purchaser in relation to this Agreement, whether in relation to a Warranty Claim or otherwise, to the extent to which the same is recovered by the Purchaser or any Group Company from any third party, provided that the Purchaser and the Company shall be entitled to first deduct from such amount its reasonable costs and expenses in pursuing any such claim, action or proceeding against any third party.
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Reimbursement for amounts recovered 
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Related to Reimbursement for amounts recovered

  • Reimbursement for Advances If the Fund requires the Custodian to advance cash or securities for any purpose including the purchase or sale of foreign exchange or of contracts for foreign exchange, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Contract, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of the Fund shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of the Fund assets to the extent necessary to obtain reimbursement.

  • Reimbursement Amount Except for the metropolitan areas listed below, the maximum reimbursement for meals including tax and gratuity, shall be: Breakfast $ 9.00 Lunch $11.00 Dinner $16.00 For the following metropolitan areas the maximum reimbursement shall be: Breakfast $11.00 Lunch $13.00 Dinner $20.00 The metropolitan areas are: Atlanta Boston Cleveland Denver Hartford Kansas City Miami New York City Portland, OR San Francisco St. Louis Baltimore Chicago Dallas/Fort Worth Detroit Houston Los Angeles New Orleans Philadelphia San Diego Seattle Washington D.C. See Appendix L for details related to the boundaries of the above-mentioned metropolitan areas. The metropolitan areas also include any location outside the forty-eight (48) contiguous United States. Employees who meet the eligibility requirements for two (2) or more consecutive meals shall be reimbursed for the actual costs of the meals up to the combined maximum reimbursement amount for the eligible meals.

  • Reimbursement Payments The Department shall, to the extent funds are available, reimburse the Grantee for eligible claims presented for payment if the Department determines the requirements for reimbursement have been met. Claims under this Contract can only be made for the period this Contract is in effect. Reimbursement programs include the following: 4.3.1. Title IV-E Federal ▇▇▇▇▇▇ Care Program (Grant “E”). In accordance with the requirements detailed in the specific grant requirements, the Department shall reimburse the Grantee under ▇▇▇▇▇ E the maximum federal dollar share for the following: ▇▇▇▇▇▇ care maintenance claims for eligible juvenile probation children, dir ect administrative claims, and enhanced administrative claims. Upon review and approval of supporting documentation, the Department shall reimburse the Grantee as requests for reimbursement are presented for payment provided there is sufficient Title IV-E grant award authority against which to process presented claims and providing said funds are being reimbursed to the Department by Texas Department of Family and Protective Services (TDFPS) via the interagency agreement. To be eligible for reimbursement, all costs must be reasonable, allowable, and properly allocated for support of the ▇▇▇▇▇▇ care program. A direct or enhanced administrative claim is not eligible for reimbursement if the basis of the claim has funding from any other federal source. 4.3.2. JJAEP Program (Grant "P"). Grantees eligible for reimbursements under ▇▇▇▇▇ ▇ shall receive a share of the initial $1,500,000 distribution based on each Grantee's share of the total juvenile population for each school year for the current contract period. Additional funds will be distributed at a rate not to exceed $96 per eligible student attendance day for students who are required to be expelled pursuant to Chapter 37 of the Texas Education Code and who meet the Targeted Grant requirements. The Grantee will not be able to receive the additional funds until the initial amount allocated is earned at the rate of $86 per eligible student attendance day. Payments to the Grantee by the Department shall be limited to no more than 180 days of operation during each regular school year for the current contract period.

  • Reimbursement of Business Expenses The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties for the Company under this Agreement and shall be entitled to reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in connection with carrying out the Executive’s duties for the Company, subject to the Company’s expense reimbursement policies and any pre-approval policies in effect from time to time.

  • Disbursements, Reimbursement (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to noon (New York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by the LC Bank. In the event the Borrower fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by noon (New York City time) on the Drawing Date (including because the conditions precedent to a Loan requested by the Borrower pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify each LC Participant thereof. Any notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing; provided that the lack of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such oral notice. (b) Each LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in immediately available funds equal to its Pro Rata Share of the amount of the drawing (a “Participation Advance”), whereupon the LC Participants shall each be deemed to have made a Loan to the Borrower in that amount. If any LC Participant so notified fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by 2:00 p.m. (New York City time) on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment, from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the Base Rate on and after the fourth day following the Drawing Date. The LC Bank will promptly give notice to each LC Participant of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect such payment on such date shall not relieve such LC Participant from its obligation under this clause (b). Each LC Participant’s Commitment shall continue until the last to occur of any of the following events: (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding and uncancelled or (C) all Credit Parties have been fully reimbursed for all payments made under or relating to Letters of Credit.