Environmental Indemnity

Environmental Indemnity. In addition to any other liability of the Borrower hereunder, the Borrower and each of the Credit Parties to this Agreement jointly and severally agree to indemnify and save harmless the Indemnitees from and against: (a) any losses suffered by them for, in connection with, or as a direct or indirect result of, the failure of any Credit Party to comply with all Requirements of Environmental Law; (b) any losses suffered by the Indemnitees for, in connection with, or as a direct or indirect result of, the presence of any Hazardous Material situated in, on or under any Lands owned by any Credit Party or upon which it carries on business; and (c) any and all liabilities, losses, damages, penalties, expenses (including reasonable legal fees on a solicitor and his own client basis) and claims which may be paid, incurred or asserted against the Indemnitees for, in connection with, or as a direct or indirect result of, any legal or administrative proceedings with respect to the presence of any Hazardous Material on or under any Lands owned by any Credit Party or upon which it carries on business, or the discharge, emission, spill, radiation or disposal by any of them of any Hazardous Material into or upon any Lands, the atmosphere, or any watercourse or body of water including, without limitation, the costs of defending and/or counterclaiming or claiming over against third parties in respect of any action or matter and any cost, liability or damage arising out of a settlement entered into by the Indemnitees of any such action or matter; except to the extent that any of the foregoing liabilities, losses, damages, penalties and expenses were caused by the negligence or wilful misconduct of the Bank or its agents. The obligations of Borrower and the Credit Parties under this section shall survive the termination of this Agreement.