Common use of Funding 1's payment indemnity Clause in Contracts

Funding 1's payment indemnity. Funding 1 undertakes to indemnify each of the Issuer and, save in the case of paragraph (b) below, the Funding 1 Security Trustee: (a) against any cost, claim, loss, expense (including legal fees) or liability together with any amount in respect of Irrecoverable VAT thereon (other than by reason of the negligence or wilful default by the Issuer or prior breach by the Issuer of the terms of any of the Transaction Documents to which it is a party), which it may sustain or incur as a consequence of the occurrence of any Intercompany Loan Event of Default or any default by Funding 1 in the performance of any of the obligations expressed to be assumed by it in any of the Transaction Documents; (b) against any loss it may suffer as a result of its funding a Loan Tranche requested by Funding 1 under this Agreement but not made; and (c) against any other loss or liability or loss of profit (other than by reason of the negligence or default of the Issuer or breach by the Issuer of the terms of any of the Transaction Documents to which it is a party (except where such breach is caused by the prior breach of Funding 1)) it may suffer by reason of having made a Loan Tranche available or entering into this Agreement or enforcing any security granted pursuant to the Funding 1 Deed of Charge.