16. Indemnity. Each of the Developer and Qiu jointly and severally, agrees to indemnify and hold harmless IBA, and its directors, officers, employees, affiliates, agents, partners and assigns (each, an “Indemnitee”), against any and all Indemnifiable Losses (as defined below) suffered by such Indemnitee, directly or indirectly, as a result of, or based upon or arising from any inaccuracy in or breach or nonperformance of any of the representations, warranties, covenants or agreements made by the Company in or pursuant to this Agreement. For purposes of this Clause 16, 道德与法制看看合同“Indemnifiable Loss” means, with respect to any Indemnitee, any action, cost, damage, disbursement, expense, liability, loss, deficiency, diminution in value, obligation, penalty or settlement of any kind or nature, whether foreseeable or unforeseeable, including, but not limited to, (i) interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses reasonably incurred in the investigation, collection, prosecution and defense of claims and amounts paid in settlement, that may be imposed on or otherwise incurred or suffered by such Indemnitee and (ii) any taxes that may be payable by such Indemnitee as a result of the indemnification of any Indemnifiable Loss hereunder.
17. Conditions of the IBA’s Obligations to pay each installment of the Purchase Price. The obligations of IBA to pay for each installment of the Purchase Price per this Agreement are subject to the fulfillment on or before such payment of each of the following conditions:
17.1 Representations and Warranties. The representations and warranties of the Developer and Qiu contained in Clause 14 will be correct and complete on and as of the date of each payment by IBA (as though made then and as though the date of the payment were substituted for the date of this Agreement throughout Clause 14).
17.2 Performance. The Developer shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the payment of first installment of Purchase Price by IBA.
17.3 Qualifications. All authorizations, approvals, or permits of any competent government authority or regulatory body that are required in connection with the lawful sale of the Property-Land pursuant to this Agreement shall have been duly obtained and effective as of the payment of first installment of Purchase Price by IBA..
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