Common use of Compensation, Expenses and Indemnification Clause in Contracts

Compensation, Expenses and Indemnification. (a) The Fund shall pay the Tender and Paying Agent, from time to time, compensation for all services rendered by it under this Agreement, including under the VRDP Shares Purchase Agreement, as shall be agreed upon, from time to time, in writing by the Fund and the Tender and Paying Agent. (b) The Fund shall reimburse the Tender and Paying Agent, upon the Tender and Paying Agent’s request, for all reasonable out of pocket expenses, disbursements and advances incurred or made by the Tender and Paying Agent in accordance with the provisions of this Agreement or the VRDP Shares Purchase Agreement (including the reasonable compensation, expenses and disbursements of any agent or counsel for the Tender and Paying Agent), except any expense or disbursement attributable to its negligence, willful misconduct or bad faith. (c) The Fund shall indemnify, defend and hold the Tender and Paying Agent and its directors, officers, employees and agents (collectively with the Tender and Paying Agent, the “Indemnitees”) harmless from and against every loss, liability or expense, including without limitation, damages, fines, suits, actions, demands, costs, out-of-pocket expenses, and reasonable legal fees and expenses (collectively, “Losses”), that may be imposed on, incurred by, or asserted against, any Indemnitee for or in respect of its (1) execution and delivery of this Agreement and the VRDP Shares Purchase Agreement, (2) compliance or attempted compliance with or reliance upon any instruction or other direction upon which the Tender and Paying Agent is authorized to rely pursuant to the terms of this Agreement or the VRDP Shares Purchase Agreement and (3) performance under this Agreement and the VRDP Shares Purchase Agreement, except in the case of such performance only and with respect to any Indemnitee to the extent that the Loss resulted from such Indemnitee’s negligence or willful misconduct. (d) The provisions of this Section 6.04 shall survive the resignation or removal of the Tender and Paying Agent and the termination of this Agreement or the VRDP Shares Purchase Agreement for any reason.

Appears in 4 contracts

Sources: Administrative Services Agreement (Blackrock Muniyield New Jersey Fund, Inc.), Administrative Services Agreement (Blackrock Muniyield Michigan Quality Fund, Inc.), Administrative Services Agreement (Blackrock Muniyield Michigan Quality Fund, Inc.)

Compensation, Expenses and Indemnification. (a) The Fund shall pay the Tender Calculation and Paying Agent, from time to time, compensation for all services rendered by it under this Agreement, including under the VRDP Shares Purchase Agreement, Agreement as shall be agreed upon, from time to time, in writing by the Fund and the Tender Calculation and Paying Agent. (b) The Fund shall reimburse the Tender Calculation and Paying Agent, upon the Tender Calculation and Paying Agent’s request, for all reasonable out of pocket expenses, disbursements and advances incurred or made by the Tender Calculation and Paying Agent in accordance with the provisions of this Agreement or the VRDP Shares Purchase Agreement (including the reasonable compensation, expenses and disbursements of any agent or counsel for the Tender Calculation and Paying Agent), except any expense or disbursement attributable to its gross negligence, willful misconduct or bad faith, or its negligence with respect to the handling of funds. (c) The Fund shall indemnify, defend and hold the Tender Calculation and Paying Agent and its directors, officers, employees and agents (collectively with the Tender Calculation and Paying Agent, the “Indemnitees”) harmless from and against every loss, liability or expense, including without limitation, damages, fines, suits, actions, demands, costs, out-of-pocket expenses, and reasonable legal fees and expenses (collectively, “Losses”), that may be imposed on, incurred by, or asserted (whether by the Fund, any Holder or Designated Owner, or any other Person) against, any Indemnitee for or in respect of its (1) execution and delivery of this Agreement and the VRDP Shares Purchase Agreement, (2) compliance or attempted compliance with or reliance upon any instruction or other direction upon which the Tender Calculation and Paying Agent is authorized to rely pursuant to the terms of this Agreement or the VRDP Shares Purchase Agreement and (3) performance under this Agreement and the VRDP Shares Purchase Agreement, except in the case of such performance only and only, with respect to any Indemnitee Indemnitee, to the extent that the Loss resulted from such Indemnitee’s negligence or gross negligence, willful misconduct, bad faith, or its negligence with respect to the handling of funds. (d) The provisions of this Section 6.04 5.04 shall survive the resignation or removal of the Tender Calculation and Paying Agent and the termination of this Agreement or the VRDP Shares Purchase Agreement for any reason.

Appears in 2 contracts

Sources: Calculation and Paying Agent Agreement (Eaton Vance Municipal Income Trust), Calculation and Paying Agent Agreement (Eaton Vance New York Municipal Bond Fund)

Compensation, Expenses and Indemnification. (a) The Fund shall pay the Tender and Paying Agent, from time to time, compensation for all services rendered by it under this Agreement, including under the VRDP Shares Purchase Agreement, as shall be agreed upon, from time to time, in writing by the Fund and the Tender and Paying Agent. (b) The Fund shall reimburse the Tender and Paying Agent, upon the Tender and Paying Agent’s request, for all reasonable out of pocket expenses, disbursements and advances incurred or made by the Tender and Paying Agent in accordance with the provisions of this Agreement or the VRDP Shares Purchase Agreement (including the reasonable compensation, expenses and disbursements of any agent or counsel for the Tender and Paying Agent), except any expense or disbursement attributable to its negligence, willful misconduct or bad faith. (c) The Fund shall indemnify, defend and hold the Tender and Paying Agent and its directors, officers, employees and agents (collectively with the Tender and Paying Agent, the "Indemnitees") harmless from and against every loss, liability or expense, including without limitation, damages, fines, suits, actions, demands, costs, out-of-pocket expenses, and reasonable legal fees and expenses (collectively, "Losses"), that may be imposed on, incurred by, or asserted against, any Indemnitee for or in respect of its (1) execution and delivery of this Agreement and the VRDP Shares Purchase Agreement, (2) compliance or attempted compliance with or reliance upon any instruction or other direction upon which the Tender and Paying Agent is authorized to rely pursuant to the terms of this Agreement or the VRDP Shares Purchase Agreement and (3) performance under this Agreement and the VRDP Shares Purchase Agreement, except in the case of such performance only and with respect to any Indemnitee to the extent that the Loss resulted from such Indemnitee’s negligence or willful misconduct. (d) The provisions of this Section 6.04 shall survive the resignation or removal of the Tender and Paying Agent and the termination of this Agreement or the VRDP Shares Purchase Agreement for any reason.

Appears in 1 contract

Sources: VRDP Shares Fee Agreement (Blackrock Muniholdings New Jersey Quality Fund, Inc.)