Common use of Telephone Instructions Clause in Contracts

Telephone Instructions. The Borrower shall indemnify the Lender for any loss or expense suffered or incurred by the Lender as a consequence of the Lender acting in accordance with prudent banking standards upon instructions given or agreements made over the telephone or by electronic transmission of any type with Persons who the Lender, acting reasonably, believes to have been acting on the Borrower's behalf and who have been identified in writing by the Borrower as Persons authorized to give such instructions, provided this indemnity shall not apply to losses or expenses incurred or suffered by the Lender as a result of its own gross negligence or wilful misconduct.