Common use of Indemnification for Taxes Paid by a Bank Clause in Contracts

Indemnification for Taxes Paid by a Bank. Each Borrower, with respect to Loans incurred or requests therefor made by such Borrower, shall indemnify each Bank for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 4.07(c)) paid by any Bank and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted. This indemnification shall be made within 30 days from the date a Bank makes written demand therefor.

Indemnification for Taxes Paid by a Bank. Each Borrower, with respect to Loans incurred or requests therefor made by such Borrower, Borrower shall indemnify each Bank for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 4.07(c)4.8.3) paid by any Bank and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted, provided that there is a reasonable and legal basis for the assertion of such Taxes. This indemnification shall be made within 30 days from the date a Bank makes written demand therefor. Each Bank shall promptly pay over to the Borrower any refunds received by it from taxing authorities or otherwise based upon Taxes paid by such Bank as to which Borrower has indemnified the Bank.