Common use of No Financial Liability Clause in Contracts

No Financial Liability. Notwithstanding anything else herein contained, the Security Trustee may refrain from taking any action or exercising any right, power, authority or discretion vested in it under this Second Priority Funding Deed of Charge, any other Transaction Document, any Funding Charged Property or any other agreement relating to the transactions herein or therein contemplated until it has been indemnified and/or secured to its satisfaction against and all liabilities which might be brought, made or conferred against or suffered, incurred or sustained by it as a result. Notwithstanding any other provision of this Second Priority Funding Deed of Charge or of any other Transaction Document, nothing shall require the Security Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers or otherwise in connection with this Second Priority Funding Deed of Charge or any other Funding Transaction Document (including, without limitation, forming any opinion or employing any legal, financial or other adviser), if it shall believe that repayment of such funds or adequate indemnity against such risk or liability is not assured to it. Further, without prejudice to the right of indemnity by law given to trustees, Funding hereby covenants further, to reimburse, pay or discharge (on a full indemnity basis) on demand the Security Trustee and every attorney, receiver, manager, agent, delegate or other person appointed by it under this Second Priority Funding Deed of Charge from and against all liabilities, losses, damages, costs, expenses, actions, proceedings, claims and demands (including without limitation legal fees and any applicable value added tax or similar tax) incurred by or made against it or him in the execution or purported execution of the trusts of this Second Priority Funding Deed of Charge or of its or his powers or in respect of any matter or thing done or omitted in any way relating to this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents except such as may arise from the gross negligence or wilful misconduct or fraud of any such indemnified person.

No Financial Liability. Notwithstanding anything else herein contained, the Security Trustee may refrain from taking any action or exercising any right, power, authority or discretion vested in it under this Second Priority Funding Deed of Charge, any other Transaction Document, any Funding Charged Property or any other agreement relating to the transactions herein or therein contemplated until it has been indemnified and/or secured to its satisfaction against and all liabilities which might be brought, made or conferred against or suffered, incurred or sustained by it as a result. Notwithstanding any other provision of this Second Priority Funding Deed of Charge or of any other Transaction Document, nothing shall require the Security Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers or otherwise in connection with this Second Priority Funding Deed of Charge or any other Funding Transaction Document (including, without limitation, forming any opinion or employing any legal, financial or other adviser), if it shall believe that repayment of such funds or adequate indemnity against such risk or liability is not assured to it. Further, without prejudice to the right of indemnity by law given to trustees, Funding hereby covenants further, to reimburse, pay or discharge (on a full indemnity basis) on demand the Security Trustee and every attorney, receiver, manager, agent, delegate or other person appointed by it under this Second Priority Funding Deed of Charge from and against all liabilities, losses, damages, costs, expenses, actions, proceedings, claims and demands (including without limitation legal fees and any applicable value added tax or similar tax) incurred by or made against it or him in the execution or purported execution of the trusts of this Second Priority Funding Deed of Charge or of its or his powers or in respect of any matter or thing done or omitted in any way relating to this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents except such as may arise from the gross negligence or wilful misconduct or fraud of any such indemnified person.