Indemnity to the Security Agent. (a) The Borrower shall promptly indemnify the Security Agent against any cost, loss or liability incurred by the Security Agent as a result of: (i) the protection or enforcement of a Lien expressed to be created under a Security Document; or (ii) the exercise of any of the rights, powers, discretions and remedies vested in it by the Finance Documents or by law. (b) The Security Agent may, in priority to any payment to other Finance Parties, indemnify itself out of the assets subject to a Lien expressed to be created under the Security Documents in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 15.4.
Appears in 5 contracts
Samples: Bpifae Facility Agreement (Globalstar, Inc.), Bpifae Facility Agreement (Globalstar, Inc.), Coface Facility Agreement (Globalstar, Inc.)
