Common use of Indemnification of the Security Trustee Clause in Contracts

Indemnification of the Security Trustee. Each Creditor shall (in the proportion that the Liabilities due to it bears to the aggregate of the Liabilities due to all the Creditors for the time being (or, if the Liabilities of each of those Creditors is zero, immediately prior to their being reduced to zero)), indemnify the Security Trustee, within three business days of demand, against any cost, loss or liability incurred by the Security Trustee (otherwise than by reason of the Security Trustee’s gross negligence or wilful misconduct) in acting as Security Trustee under the Finance Documents (unless the Security Trustee has been reimbursed by the Borrower pursuant to a Finance Document or was not entitled to such reimbursement as a result of its own gross negligence or wilful misconduct) and the Borrower shall indemnify each Creditor against any payment made by it under this Clause.

Indemnification of the Security Trustee. Each Creditor shall (in the proportion that the Liabilities due to it bears to the aggregate of the Liabilities due to all the Creditors for the time being (or, if the Liabilities of each of those Creditors is zero, immediately prior to their being reduced to zero)), indemnify the Security Trustee, within three business days of demand, against any cost, loss or liability incurred by the Security Trustee (otherwise than by reason of the Security Trustee’s gross negligence or wilful misconduct) in acting as Security Trustee under the Finance Documents (unless the Security Trustee has been reimbursed by the Borrower any Obligor pursuant to a Finance Document or was not entitled to such reimbursement as a result of its own gross negligence or wilful misconductDocument) and the Borrower shall indemnify each Creditor against any payment made by it under this Clause.