Indemnity of Administrator Sample Clauses
The Indemnity of Administrator clause serves to protect the administrator from personal liability arising from actions taken in good faith while performing their duties. Typically, this clause ensures that the administrator will be reimbursed or held harmless for any losses, damages, or legal costs incurred as a result of managing the estate or trust, provided they have not acted negligently or fraudulently. Its core function is to encourage individuals to accept the role of administrator by reducing their financial risk, thereby ensuring the effective and confident management of the estate or trust.
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Indemnity of Administrator. The Company shall indemnify and hold harmless the members of the Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Administrator or any of its members. No individual shall be liable while acting as Administrator for any action or determination made in good faith regarding this Agreement, and any such individual shall be entitled to indemnification and reimbursement in the manner provided in the Company’s Charter and Bylaws and under applicable law.
Indemnity of Administrator. The Bank shall indemnify and hold harmless the members of the Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in the case of willful misconduct by the Administrator or any of its members.
Indemnity of Administrator. The Employer shall indemnify and hold harmless the members of the Administrator against any and all claims, losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Split Dollar Agreement, except in the case of willful misconduct by the Administrator or any of its members.