Default indemnity. The Borrower shall indemnify each of the Banks against any loss or expense which they may sustain or incur as a consequence of:- (A) the occurrence of any Event of Default; or (B) the operation of Clause 16.2 (Acceleration) including, but not limited to, any loss or expense on account of funds borrowed, contracted for or utilised to fund any amount payable hereunder.
Appears in 3 contracts
Sources: Credit Loan Facility Agreement (Smedvig Asa), Third Supplemental Agreement to the Usd600,000,000 Reducing and Revolving Credit Loan Facility (Smedvig Asa), Loan Agreement (Smedvig Asa)