Examples of Trustee Indemnitee in a sentence
The Trust shall have no obligation under this Agreement to continue Indemnitee in the position of Trustee, but, in the event that Indemnitee ceases to serve as a Trustee, Indemnitee shall nevertheless retain all rights provided under this Agreement until its termination.
The Trust shall have no obligation under this Agreement to continue Indemnitee in such position, but if Indemnitee shall cease serving as Trustee, Indemnitee shall nevertheless retain all rights provided under this Agreement.
Any payment to any Trustee Indemnitee under this Section 11 shall be increased to such amount as will, after taking account of all (i) taxes imposed with respect to the accrual or receipt of such payment by such Trustee Indemnitee (as the same may be increased pursuant to this sentence) and (ii) any deductions or credits under any applicable tax law attributable to the Expenses or taxes for which payment has been made, equal the amount of the payment.
In the event that any action, suit or proceeding is brought against any Trustee Indemnitee by reason of any aforementioned occurrence, condition or event, El Paso will, at El Paso’s expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by counsel designated by El Paso and acceptable to such Trustee Indemnitee.
As security for any amounts due and owing to the Trustee and the Trustee Indemnitees hereunder, each Trustee and Trustee Indemnitee shall have a lien against the Creditor Trust Assets, which lien(s) shall be prior to the rights of the Beneficiaries.
Any payment to any Trustee Indemnitee under this Section 11 shall be in creased to such amount as will, after taking account of all (i) taxes imposed with respect to the accrual or receipt of such payment by such Trustee Indemnitee (as the same may be increased pursuant to this sentence) and (ii) any deductions or credits under any applicable tax law attributable to the Expenses or taxes for which payment has been made, equal the amount of the payment.
To the fullest extent permitted by law, expenses to be incurred by a Trustee or Trustee Indemnitee shall, from time to time, be advanced by, or on behalf of, the Trust prior to the final disposition of any matter upon receipt by the Trust of an undertaking by, or on behalf of, such Person to repay such amount if it shall be determined that the Person is not entitled to be indemnified under this Section.
In the event that any action, suit or proceeding is brought against any Trustee Indemnitee by reason of any aforementioned occurrence, condition or event, El Paso will, at El Paso's expense, resist and defend such action, suit or proceeding or cause the same to be resisted and defended by counsel designated by El Paso and acceptable to such· Trustee Indemnitee.
If in the reasonable opinion of the Trust Company or its counsel any such document adversely affects any right, duty, immunity or indemnity in favor of any Owner Trustee Indemnitee hereunder or under any other Operative Document, the Trust Company may in its discretion decline to execute such document; provided, however, that, the Trust Company shall give prompt written notice that it has made such a determination to the Owner Participant.
The obligations of the Trust and the benefits to the Trustees and Trustee Indemnitees under this Section 7.7 shall survive the termination of this Trust Agreement and the resignation and/or removal of a Trustee or Trustee Indemnitee.