BY TWENTIETH BANCORP Sample Clauses

BY TWENTIETH BANCORP. Twentieth Bancorp shall indemnify, hold harmless and defend Horizon Bancorp from and against any and all claims, disputes, demands, causes of action, suits, proceedings, losses, damages, liabilities, obligations, costs and expenses of every kind and nature, including without limitation reasonable attorneys' fees and legal costs and expenses in connection therewith, whether known or unknown, and whether now existing or hereafter arising, which may be threatened against, incurred, undertaken, received or paid by Horizon Bancorp:
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BY TWENTIETH BANCORP. If any matter subject to indemnification hereunder arises in the form of a claim against Twentieth Bancorp or its successors and assigns (herein referred to as a "Third Party Claim"), Twentieth Bancorp promptly shall give notice and details thereof, including copies of all pleadings and pertinent documents, to Horizon Bancorp. Within fifteen (15) days of such notice, Horizon Bancorp either (i) shall pay the Third Party Claim either in full or upon agreed compromise or (ii) shall notify Twentieth Bancorp that Horizon Bancorp disputes the Third Party Claim and intends to defend against it, and thereafter shall so defend and pay any adverse final judgment or award in regard thereto. Such defense shall be controlled by Horizon Bancorp and the cost of such defense shall be borne by Horizon Bancorp except that Twentieth Bancorp shall have the right to participate in such defense at its own expense and provided that Horizon Bancorp shall have no right in connection with any such defense or the resolution of any such Third Party Claim to impose any cost, restriction, limitation or condition of any kind upon Twentieth Bancorp. Twentieth Bancorp agrees that it shall cooperate in all reasonable respects in the defense of any such Third Party Claim, including making personnel, books and records relevant to the Third Party Claim available to Horizon Bancorp without charge therefor except for out-of-pocket expenses. If Horizon Bancorp fails to take action within fifteen (15) days as hereinabove provided or, having taken such action, thereafter fails diligently to defend and resolve the Third Party Claim, Twentieth Bancorp shall have the right to pay, compromise or defend the Third Party Claim and to assert the indemnification provisions hereof. Twentieth Bancorp also shall have the right, exercisable in good faith, to take such action as may be necessary to avoid a default prior to the assumption of the defense of the Third Party Claim by Horizon Bancorp.

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