Common use of Indemnity to the Security Agent Clause in Contracts

Indemnity to the Security Agent. 16.4.1 The Borrower shall (and shall procure that each Obligor shall) promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them as a result of: (a) the taking, holding, protection or enforcement of the Transaction Security, (b) the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law; and (c) any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents. 16.4.2 The Security Agent may, in priority to any payment to the Secured Parties, indemnify itself out of the Trust Property in accordance with clause 27.27 (Indemnity from Trust Property) in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this clause 16.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.

Indemnity to the Security Agent. 16.4.1 (a) The Borrower shall (and shall procure that each Obligor shall) promptly indemnify the Security Agent and every Receiver and Delegate against any reasonable cost, loss or liability incurred by it as a result of the taking or holding of the Transaction Security. (b) The Borrower shall promptly indemnify the Security Agent against any cost, loss or liability incurred by any of them it as a result of: (ai) the taking, holding, protection or enforcement of the Transaction Security,; (bii) the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law; and (ciii) any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents. 16.4.2 (c) The Security Agent may, in priority to any payment to the other Secured Parties, indemnify itself out of the Trust Secured Property in accordance with clause 27.27 (Indemnity from Trust Property) in respect ofrelation to, and pay and retain, all sums necessary to give effect to the indemnity in this clause 16.4 Clause 14.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies moneys payable to it.