Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-104M
• Format: Word; Rich Text

Description

17-104M 17-104M . . . Indemnification Agreement authorizing (a) corporation to enter into Indemnity Agreements with each of its directors and officers and directors and officers of its first-tier subsidiaries and (b) establishment of Directors and Officers Indemnity Trust to (i) provide source of funds to secure corporation's obligations under Indemnity Agreements authorized under (a) above to directors and officers of corporation and its first-tier subsidiaries and (ii) advance expenses incurred by them in defense of actions, claims and proceedings against them relating to actions taken in their capacities as directors or officers The Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is a legally binding document that describes the terms and conditions under which the financial corporation agrees to indemnify and hold harmless individuals or entities it may encounter in its business operations. This agreement is specifically designed to protect all parties involved from any potential losses, damages, liabilities, or claims that may arise. The Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is commonly utilized in various financial transactions, such as loans, investments, or any situation where potential risks are involved. It serves as a powerful tool to provide assurance and protection for all parties involved, securing their interests. Some key components typically outlined in this agreement include: 1. Parties Involved: The agreement clearly identifies the parties entering into the contract. It specifies the financial corporation as the indemnity and the individual or entity being indemnified as the indemnity. 2. Indemnity Coverage: The agreement defines the scope of indemnification, specifying the types of losses, damages, claims, liabilities, or costs that the financial corporation will cover. This may include legal fees, settlement amounts, or fines incurred due to the indemnity's actions. 3. Limitations and Exclusions: The agreement may establish certain limitations and exclusions regarding the indemnity's responsibility. This ensures that the indemnity is not liable for losses caused by intentional misconduct, gross negligence, or actions outside the scope of the agreement. 4. Notice and Defense: The indemnity agreement outlines the procedures and requirements for the indemnity to notify the indemnity of any potential claim or liability. It also outlines the indemnity's obligation to provide a defense and appoint legal counsel when necessary. 5. Indemnification Period: This agreement specifies the duration of the indemnification, which may vary depending on the nature of the financial transaction. It may be for a specific term or continue indefinitely until both parties agree to terminate the agreement. While the Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is not known to have different types, variations may exist depending on the specific requirements of the parties involved or the nature of the financial transaction. It is advisable to consult with legal professionals or the Financial Corporation of Santa Barbara for further information or potential variations that cater to different situations.

The Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is a legally binding document that describes the terms and conditions under which the financial corporation agrees to indemnify and hold harmless individuals or entities it may encounter in its business operations. This agreement is specifically designed to protect all parties involved from any potential losses, damages, liabilities, or claims that may arise. The Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is commonly utilized in various financial transactions, such as loans, investments, or any situation where potential risks are involved. It serves as a powerful tool to provide assurance and protection for all parties involved, securing their interests. Some key components typically outlined in this agreement include: 1. Parties Involved: The agreement clearly identifies the parties entering into the contract. It specifies the financial corporation as the indemnity and the individual or entity being indemnified as the indemnity. 2. Indemnity Coverage: The agreement defines the scope of indemnification, specifying the types of losses, damages, claims, liabilities, or costs that the financial corporation will cover. This may include legal fees, settlement amounts, or fines incurred due to the indemnity's actions. 3. Limitations and Exclusions: The agreement may establish certain limitations and exclusions regarding the indemnity's responsibility. This ensures that the indemnity is not liable for losses caused by intentional misconduct, gross negligence, or actions outside the scope of the agreement. 4. Notice and Defense: The indemnity agreement outlines the procedures and requirements for the indemnity to notify the indemnity of any potential claim or liability. It also outlines the indemnity's obligation to provide a defense and appoint legal counsel when necessary. 5. Indemnification Period: This agreement specifies the duration of the indemnification, which may vary depending on the nature of the financial transaction. It may be for a specific term or continue indefinitely until both parties agree to terminate the agreement. While the Texas Form of Indemnity Agreement by Financial Corporation of Santa Barbara is not known to have different types, variations may exist depending on the specific requirements of the parties involved or the nature of the financial transaction. It is advisable to consult with legal professionals or the Financial Corporation of Santa Barbara for further information or potential variations that cater to different situations.