Each Settlement Participant shall indemnify CDP, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.7, and their respective directors, officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by the Indemnified Persons where such loss or liability arose out of or in connection with:—

(a) any breach by the Settlement Participant of its obligations under these Rules; or
(b) any wilful, unlawful, reckless or negligent act or omission by the Settlement Participant.

Added on 10 December 201810 December 2018.