LCY definition
Examples of LCY in a sentence
This indemnity shall apply only in respect of acts or omissions occurring prior to the date on which LCY ceases to be either a shareholder or a director of the Company (whichever occurs later) and shall remain in effect for a period of three (3) years following such date.
The Purchaser agrees to fully indemnify and hold harmless the Seller and LCY from and against any and all Losses incurred by the Seller and LCY arising out of or in connection with any action taken by the Company’s bankers after the Handover Date, including but not limited to the closure, suspension, or restriction of any bank account due to changes in ownership, management, compliance status, or operational practices.
Subject to clause 5.4.1, the Purchaser shall reimburse LCY for legal costs actually and reasonably incurred in defending any claim in respect of which LCY is entitled to be indemnified under clause 5.4.1.
For the avoidance of doubt, subject to Clause 5.1(c), the Seller and LCY shall not be liable for any consequences resulting from the Purchaser’s failure to maintain the Company’s banking relationships, or the obtaining approval of a signatory or signatories to the Company’s banking account.