Agenda - 06-24-1986 - Laserfiche WebLink

Browse Search

defense thereof , with full power to litigate, compromise Dr settle the same in its sole discretion. Section 7 . 10 . Release and Indemnification. shall at all times protect and hold the Authority, The embpany rs , officers , agents and employees , the Holder and its officerseand employees and the Depositary and its officers and employees harmless against any claims or liability resulting from any loss or damage to property or any injury to or death of any person that may be occasioned by any cause whatsoever pertaining to the Project or the use thereof, including without limitation any lease thereof or assignment of its interest in this Agreement , such indemnification to include reasonable expenses and attorneys ' fees incurred by the Authority, its members, officers , agents and employees , the Holder and its officers and employees and the Depositary and its officers and employees in connection therewith, provided that such indemnity shall be effective only to the extent of any loss that may be sustained by the Authority, its members, officers, agents and employees, the Holder and its officers and employees and the Depositary and its officers and employees in excess of the Net Proceeds received by it or them from any insurance carried with respect to such loss and provided further that the benefits of this Section 7 .10 shall not inure to any person other than the Authority, its members, officers , agents and employees, the Holder and its officers and employees and the Depositary and its officers and employees. Section 7 . 11 . Right of Set-Off. The Company covenants that so long as the Note or the Bond remains unpaid and upon the occurrence of an event of default under any of the Bond Docu- ments, which event of default has not been waived or cured, the Holder shall have the right to set off any and all deposit balances or other indebtedness held or owing by the Holder to or for the credit or account of the Company without notice. 25 .