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SALOMON SMITH BARNEY INC.
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Last modified
4/23/2021 4:17:16 PM
Creation date
3/31/2021 3:18:13 PM
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Contracts
Company Name
SALOMON SMITH BARNEY INC.
Contract #
A-2003-075
Agency
Community Development
Council Approval Date
3/17/2003
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indemnifying party will not, without the prior written consent of the indemnified parties, settle or <br />compromise or consent to the entry of any judgment with respect to any pending or threatened claim, <br />action, suit or proceeding in respect of which indemnification or contribution may be sought <br />hereunder (whether or not the indemnified parties are actual or potential parties to such claim or <br />action) unless such settlement, compromise or consent includes an unconditional release of each <br />indemnified party from all liability arising out of such claim, action, suit or proceeding. <br />(d) In the event that the indemnity provided in paragraph (a) or (b) of this <br />Section 10 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the <br />City and the Underwriter agree to contribute to the aggregate losses, claims, damages and liabilities <br />(including legal or other expenses reasonably incurred in connection with investigating or defending <br />same) (collectively "Losses") to which the City, the Agency and the Underwriter may be subject in <br />such proportion as is appropriate to reflect the relative benefits received by the City and the Agency <br />on the one hand and by the Underwriter on the other from the offering of the Certificates. If the <br />allocation provided by the immediately preceding sentence is unavailable for any reason, the City, <br />the Agency and the Underwriter shall contribute in such proportion as is appropriate to reflect not <br />only such relative benefits but also the relative fault of the City and the Agency on the one hand and <br />of the Underwriter on the other in connection with the statements or omissions which resulted in such <br />Losses, as well as any other relevant equitable considerations. In no case shall the Underwriter be <br />responsible for any amount in excess of the purchase discount or commission applicable to the <br />Certificates purchased by the Underwriter hereunder. Benefits received by the City and the Agency <br />shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) <br />received by it, and benefits received by the Underwriter shall be deemed to be equal to the total <br />purchase discounts and commissions in each case set forth on the cover of the Final Official <br />Statement. Relative fault shall be determined by reference to, among other things, whether any <br />untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state <br />a material fact relates to information provided by the City and the Agency on the one hand or the <br />Underwriter on the other, the intent of the parties and their relative knowledge, information and <br />opportunity to correct or prevent such untrue statement or omission. The City, the Agency and the <br />Underwriter agree that it would not be just and equitable if contribution were determined by pro rata <br />allocation or any other method of allocation which does not take account of the equitable <br />considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person <br />guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) <br />shall be entitled to contribution from any person who was not guilty of such fraudulent <br />misrepresentation. For purposes of this Section 10, each person who controls the Underwriter within <br />the meaning of either the Securities Act or the Exchange Act and each director, officer, employee <br />and agent of the Underwriter shall have the same rights to contribution as such Underwriter, and each <br />person who controls the City or Agency within the meaning of either the Securities Act or the <br />Exchange Act and each official, director, officer and employee of the City and Agency shall have the <br />same rights to contribution as the City and Agency, subject in each case to the applicable terms and <br />conditions of this paragraph (d). <br />Section 11. Expenses. Whether or not the transactions contemplated by this Purchase <br />Contract are consummated, the Underwriter shall be under no obligation to pay, and the Agency shall <br />pay only from the proceeds of the Certificates, but only as the Agency and such other party providing <br />such services may agree, all expenses and costs of the Agency and the City incident to the <br />performance of their obligations in connection with the authorization, execution, sale and delivery of <br />the Certificates to the Underwriter, including, without limitation, printing costs, CUSIP Service <br />Bureau charges, rating agency fees and charges, initial fees of the Trustee, including fees and <br />19 <br />
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