Protection and enforcement. 15.5.1 The Borrower shall indemnify the Lender Finance Parties and KEIC from time to time on demand against all losses, costs and liabilities which any Lender Finance Party or KEIC may from time to time sustain, incur or become liable for in or about the protection, maintenance or enforcement of the rights conferred on the Lender Finance Parties and KEIC by the Security Documents or in or about the exercise or purported exercise by the Lender Finance Parties or KEIC of any of the rights, powers, discretions or remedies vested in them under or arising out of the Security Documents, including (without limitation) any losses, costs and liabilities which any Lender Finance Party or KEIC may from time to time sustain, incur or become liable for by reason of any Lender Finance or KEIC Party being mortgagees of the Vessel, assignees of any Mortgage and/or a Lender to the Borrower, or by reason of any Lender Finance Party or KEIC being deemed by any court or authority to be an operator or controller, or in any way concerned in the operation or control, of the Vessel. No such indemnity will be given to a Lender Finance Party or KEIC where any such loss, cost or liability has occurred due to wilful misconduct or recklessness with knowledge of the probable consequences on the part of that Lender Finance Party or KEIC; however this shall not affect the right of any other Lender Finance Party or KEIC to receive any such indemnity.
Appears in 4 contracts
Samples: Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)
