Common use of Errors, Controversies and Indemnities Clause in Contracts

Errors, Controversies and Indemnities. A. The Clearing Broker hereby agrees to indemnify, defend and hold harmless the Introducing Broker and each person, if any, who controls the Introducing Broker within the meaning of Section 20 of the 1934 Act, from and against any and all losses, claims, damages, liabilities and expenses, including attorneys' fees and costs, arising out of the bad faith, gross negligence or criminal acts or omissions on the part of any of the Clearing Broker's directors, officers, or employees with respect to the services provided by the Clearing Broker under this Agreement. B. The Introducing Broker hereby agrees to indemnify, defend and hold harmless the Clearing Broker and each person, if any, who controls the Clearing Broker within the meaning of