Common use of Default indemnity Clause in Contracts

Default indemnity. The Borrower shall indemnify the Bank against any loss or expenses, which the Bank may sustain or incur as a consequence of: (a) the occurrence of any Default; (b) any default in payment on the due date (or in the currency in which such payment is due) of the principal of the Loans or any part thereof or interest accrued thereon or any other amount payable hereunder or any repayment of a Loan other than on the Interest Payment Date relating thereto, including but not limited to any loss or expenses on account of funds borrowed, contracted for or utilized to fund any amount payable hereunder. A certificate of the Bank of the amount of any such loss or expense shall be conclusive in the absence of manifest error.

Default indemnity. The Borrower shall indemnify the Bank against any loss or expenses, which the Bank may sustain sustains or incur incurs as a consequence of: (a) the occurrence of any Default; (b) any default in payment on the due date (or in the currency in which such payment is due) of the principal of the Loans or any part thereof or interest accrued thereon or any other amount payable hereunder or any repayment of a Loan other than on the Interest Payment Date relating thereto, including but not limited to any loss or expenses on account of funds borrowed, contracted for or utilized utilised to fund any amount payable hereunder. A certificate of the Bank of the amount of any such loss or expense shall be conclusive in the absence of manifest error.