Draft of the day: Difference between revisions

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 (D) For the purpose of reducing any exposure of the Agent Lender under the Principal Indemnities, the Borrower has agreed to give a counter-indemnity for the benefit of the Agent Lender, subject to the terms and conditions set out in this Deed.<br>
 |after=
-(A) Agent Lender, as agent for Principals, intends to enter into Loans with the Borrower. <br>
+(A) The Agent Lender as the Principals’ agent, will make Loans with the Borrower. <br>
-(B) Agent Lender is indemnifying the Principals for Shortfalls the Principal suffers on closing out its Loans with the Borrower.<br>
+(B) The Agent Lender will indemnify the Principals for Shortfalls they suffer if the Borrower defaults on its Loans.<br>
-(C) The Agent Lender is going to indemnify the Borrower for amounts the Principals owe the Borrower on closing out the same Loans. <br>
+(C) The Agent Lender will indemnify the Borrower losses it suffers if the Principals default on the Loans. <br>
-(D) The Borrower is counter-indemnifying the Agent Lender to reduce the Agent Lender exposure under the Principal Indemnities.<br>
+(D) The Borrower will counter-indemnify the Agent Lender for amounts the Agent Lender owes under its indemnities to the Principals.<br>
-|commentary=A classic case of prolix drafting obscuring brainless thinking.}}
+|commentary=A classic case of prolix drafting obscuring brainless thinking The Agent Lender and the Borrower are indemnifying each other.}}
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