Common use of Specific Indemnities Clause in Contracts

Specific Indemnities. The Participant agrees to indemnify and hold the Master Custodial Administration Agreement Administrator harmless from and against any liability that it may incur because of the following, but only to the extent permitted by the laws of the state in which the Employer is domiciled: (a) The Participant or Employer’s failure to make any contribution to the Custodial Account. (b) The insufficiency of the Custodial Account to discharge any liabilities under the Participant’s account in the Participating Plan. (c) Following the instructions received by the Master Custodial Administration Agreement Administrator from the Participant, Plan Administrator, Investment Manager or other authorized person, as the case may be, pursuant to the provisions of this Agreement, including acting on any instruction from the Participant, Plan Administrator, Investment Manager or other authorized person, as the case may be, or failing to act in the absence of any such instruction with respect to any Contract or the acquisition of any Contract or the exercise or nonexercise of any right or option thereunder. (d) The application of any part of the Custodial Agreement or Master Custodial Administration Agreement by the Master Custodial Administration Agreement Administrator in accordance with the written directions of the Employer, the Plan Administrator or other authorized person pursuant to the provisions of the Agreement. (e) The application of any part of the Custodial Agreement or Master Custodial Administration Agreement by the Master Custodial Administration Agreement Administrator in the absence of directions of the Participant, Employer, the Plan Administrator or other authorized person solely in order to prevent the lapse of a Contract pursuant to the provisions of Section 3.4 of this Agreement. (f) Any other actions taken or omitted by the Master Custodial Administration Agreement Administrator pursuant to any directions received by the Master Custodial Administration Agreement Administrator from the Participant, Employer, the Plan Administrator or any other authorized person, as the case may be.

Specific Indemnities. The Participant agrees to indemnify and hold the Master Custodial Administration Agreement Administrator harmless from and against any liability that it may incur because of the following, but only to the extent permitted by the laws of the state in which the Employer is domiciled: (a) The Participant or Employer’s failure to make any contribution to the Custodial Account. (b) The insufficiency of the Custodial Account to discharge any liabilities under the ParticipantParticipa nt’s account in the Participating Plan. (c) Following the instructions received by the Master Custodial Administration Agreement Administrator from the Participant, Plan Administrator, Investment Manager or other authorized person, as the case may be, pursuant to the provisions of this Agreement, including acting on any instruction from the Participant, Plan Administrator, Investment Manager or other authorized person, as the case may be, or failing to act in the absence of any such instruction with respect to any Contract or the acquisition of any Contract or the exercise or nonexercise of any right or option thereunder. (d) The application of any part of the Custodial Agreement or Master Custodial Administration Agreement by the Master Custodial Administration Agreement Administrator in accordance with the written directions of the Employer, the Plan Administrator or other authorized person pursuant to the provisions of the Agreement. (e) The application of any part of the Custodial Agreement or Master Custodial Administration Agreement by the Master Custodial Administration Agreement Administrator in the absence of directions of the Participant, Employer, the Plan Administrator or other authorized person solely in order to prevent the lapse of a Contract pursuant to the provisions of Section 3.4 of this Agreement. (f) Any other actions taken or omitted by the Master Custodial Administration Agreement Administrator pursuant to any directions received by the Master Custodial Administration Agreement Administrator from the Participant, Employer, the Plan Administrator or any other authorized person, as the case may be.