Common use of Without limiting the generality of the foregoing Clause in Contracts

Without limiting the generality of the foregoing. at a minimum, GPC Biotech shall maintain during any period in which GPC Biotech has indemnification obligations to Licensee, (a) commercial general liability insurance with a combined single limit for bodily injury and property damage of not less than Five Million Euros (€5,000,000) in the aggregate and Two Million U.S. Dollars ($2,000,000) in the aggregate and One Million U.S. Dollars ($1,000,000) per occurrence in the United States, (b) products liability/completed operations coverage with a minimum indemnity limit of Ten Million U.S. Dollars ($10,000,000) per occurrence, (c) a global cargo insurance policy with a minimum indemnity limit of Seven Hundred Fifty Thousand U.S. Dollars ($750,000) per occurrence, and (d) an all-risks insurance policy covering its United States facilities with a minimum indemnity limit of Eight Million U.S. Dollars ($8,000,000) per occurrence and in the aggregate. Such policies shall (x) be provided by insurance carrier(s) reasonably acceptable to Licensee, and (y) show Licensee as additional insured and loss payee, as its interests may appear. Such policies shall remain in effect throughout the term of this Agreement and shall not be cancelled or subject to a reduction of coverage without the prior written authorization of Licensee. Should GPC Biotech at any time or for any reason fail to obtain the insurance required herein, or should such insurance be cancelled or reduced below the above limits reduced, Licensee shall have the right to procure the same at GPC Biotech’s expense. Licensee shall have the right to offset any such expense that is owed by GPC Biotech but not paid against any payments owed by Licensee under this Agreement.

Appears in 1 contract

Sources: Co Development and License Agreement (Pharmion Corp)

Without limiting the generality of the foregoing. at a minimum, GPC Biotech Licensee shall maintain during any period in which GPC Biotech Licensee has indemnification obligations to LicenseeGPC Biotech, (a) commercial general liability insurance with a combined single limit for bodily injury and property damage of not less than Five Million Euros U.S. Dollars ($5,000,000) in the aggregate per occurrence and Two Ten Million U.S. Dollars ($2,000,00010,000,000) in the aggregate and One Million U.S. Dollars ($1,000,000) per occurrence in the United Statesaggregate, (b) products liability/completed operations coverage with a minimum indemnity limit of Ten Million U.S. Dollars ($10,000,000) per occurrence, claim and in the aggregate and (c) a global cargo insurance policy with a minimum indemnity limit of Seven One Million Five Hundred Fifty Thousand U.S. Dollars ($750,0001,500,000) per occurrence, occurrence and (d) an all-risks insurance policy covering its United States facilities with a minimum indemnity limit on product inventory at processor locations of Eight Five Million U.S. Dollars ($8,000,0005,000,000) per occurrence and in the aggregateoccurrence. Such policies shall (x) be provided by insurance carrier(s) reasonably acceptable to LicenseeGPC Biotech, and (y) show Licensee GPC Biotech as additional insured and loss payee, as its interests may appear. Such policies shall remain in effect throughout the term of this Agreement and shall not be cancelled or subject to a reduction of coverage without the prior written authorization of LicenseeGPC Biotech. Should GPC Biotech Licensee at any time or for any reason fail to obtain the insurance required herein, or should such insurance be cancelled or reduced below the above limits reducedlimits, Licensee GPC Biotech shall have the right to procure the same at GPC BiotechLicensee’s expense. Licensee GPC Biotech shall have the right to offset any such expense that is owed by GPC Biotech Licensee but not paid against any payments owed by Licensee GPC Biotech, if any, under this Agreement.

Appears in 1 contract

Sources: Co Development and License Agreement (Pharmion Corp)