Common use of Payment and Indemnity Clause in Contracts

Payment and Indemnity. 13.1 An action by the Trustee and any outcome of an action by the Trustee, directly or indirectly, shall not render the Trustee liable for any payment whatsoever. In any event in which the Trustee is directly or indirectly ordered to make any payment in connection with its actions as trustee, the Company undertakes to directly effect and make the payment which shall be required, for so long as it is a payment relating to the trust, or to indemnify the Trustee for a payment as aforesaid upon demand received from it. 13.2 Save in regard to the subjects detailed in clause 7 above, if the Trustee is ordered to make any payment by a court or tribunal or arbitrator in consequence of its operations as trustee, whether directly or indirectly, the Company shall bear the payment in its stead and shall effect the payment on the required date, and the Trustee shall not be liable to indemnify the Company for such payment. 13.3 The beneficiaries and the Company release the Trustee from any liability for a negligent act or omission, and the Company shall indemnify the Trustee for any payment which it is required to pay in order to compensate any person or corporation for such an act or omission.

Payment and Indemnity. 13.1 An action by the Trustee and any outcome of an action by the Trustee, directly or indirectly, shall not render the Trustee liable for any payment whatsoever. In any event in which the Trustee is directly or indirectly ordered to make any payment in connection with its actions as trustee, the Company undertakes to directly effect and make the payment which shall be required, for so long as it is a payment relating to the trust, or to indemnify the Trustee for a payment as aforesaid upon demand received from it. 13.2 Save in regard to the subjects detailed in clause 7 above, if the Trustee is ordered to make any payment by a court or tribunal or arbitrator in consequence of its operations as trustee, whether directly or indirectly, the Company shall bear the payment in its stead and shall effect the payment on the required date, and the Trustee shall not be liable to indemnify the Company for such payment. 13.3 The beneficiaries and the Company release the Trustee from any liability for a negligent act or omission, and the Company shall indemnify the Trustee for any payment which it is required to pay in order to compensate any person or corporation for such an act or omission. The Trustee shall not be exempt from liability for acts or omissions which were done with malice or lack of good faith.