General Indemnity Notwithstanding the existence of any insurances provided for herein, and without regard to the policy limits of any such insurances, Lessee shall indemnify and hold Heavy Iron, its affiliates and their respective directors, officers, employees, agents and insurers (collectively, "Indemnified Parties" and individually an "Indemnified Party") from and against any and all claims, actions, causes of action (including, but without limitation, causes of action arising under the law of tort, strict tort, products liability, warranties expressly made or implied by law or otherwise), losses, proceedings, costs, expenses, damages and liabilities, including without limitation, legal fees and disbursements arising out of, connected with or resulting from: (i) the lease, possession, operation, use, repair and/or maintenance, delivery and redelivery of the Equipment herein, (ii) any accident, injury to or death of persons or loss of or damage to property (including, but without limitation, any loss or damage caused to the environment) to property arising out of, connected with, or resulting, directly or indirectly, during the Term from the Equipment and including, without limitation, as a result of or arising from the design, manufacture, possession, use, misuse, non-use, condition, maintenance, repair, handling, transportation, operation and/or return of the Equipment, (iii) any taxes, duties, assessments or other impositions arising during the Term relating to the Equipment which are the obligations of Lessee to pay pursuant to the applicable provisions of this Agreement, and/or (iv) any failure on the part of Lessee to perform or comply with any of the terms of this Agreement and its addendums. Any amounts which become payable by Lessee under this section shall be paid within ten (10) days after liability therefor on the part of Lessee is determined by litigation or otherwise, and if not timely paid, shall bear interest (to the extent permitted by law) at the rate of 18% per annum from the date of such determination to the date of payment. Lessee's liability for a breach of this provision arising during the term hereof or any extension thereof shall survive termination or expiry of this Agreement.
Survival Indemnification All representations, warranties and covenants contained in this Agreement and the indemnification contained herein shall survive (a) the acceptance of this Agreement by the Company, (b) changes in the transactions, documents and instruments described herein which are not material or which are to the benefit of Subscriber, and (c) the death or disability of Subscriber. Subscriber acknowledges the meaning and legal consequences of the representations, warranties and covenants in Article II hereof and that the Company has relied upon such representations, warranties and covenants in determining Subscriber's qualification and suitability to purchase the Securities. Subscriber hereby agrees to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents and controlling persons, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys' fees and disbursements), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation of Subscriber herein or the breach of any warranty or covenant herein by Subscriber. Notwithstanding the foregoing, however, no representation, warranty, covenant or acknowledgment made herein by Subscriber shall in any manner be deemed to constitute a waiver of any rights granted to it under the Securities Act or state securities laws.
