Banks’ Indemnities. 4.5.1 Each Bank shall (according to its Commitment) immediately on demand indemnify the Issuing Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the Issuing Bank’s fraud, misconduct or negligence) in acting as the Issuing Bank under any Letter of Credit (unless the Issuing Bank has been reimbursed by an Obligor pursuant to a Finance Document).
Appears in 4 contracts
Samples: Facility Agreement, Agreement (ALTERRA CAPITAL HOLDINGS LTD), Facility Agreement (Max Capital Group Ltd.)
Banks’ Indemnities. 4.5.1 (a) Each Bank shall (according to its Commitment) immediately on demand indemnify the Issuing each Service Bank against any cost, loss or liability incurred by the Issuing such Service Bank (otherwise than by reason of the Issuing such Service Bank’s fraud, misconduct negligence or negligencemisconduct) in acting as the Issuing a Service Bank under in connection with any Letter of Credit (unless the Issuing such Service Bank has been reimbursed by an Obligor pursuant to a Finance Document).
Appears in 2 contracts
Samples: Facility Agreement (Amtrust Financial Services, Inc.), Facility Agreement (Amtrust Financial Services, Inc.)
