Common use of Applicant’s Responsibility Clause in Contracts

Applicant’s Responsibility. Each Applicant is responsible for preparing and/or approving the final text of any Credit Issued by Bank for its account, irrespective of any assistance Bank may provide such as drafting or recommending text or by Bank’s use or refusal to use text submitted by such Applicant. Each Applicant is solely responsible for the suitability of the Credit for such Applicant’s purposes. Each Applicant will examine the copy of each Credit Issued for its account and any other documents sent by Bank in connection with such Credit and shall promptly notify Bank of any non-compliance with such Applicant’s Instructions and of any discrepancy in any document under any presentment or other irregularity. Each Applicant understands that the final form of any Credit may be subject to such revisions and changes as are deemed necessary or appropriate by Bank in accordance with standard industry practice and such Applicant hereby consents to such revisions and changes. Each Applicant understands and agrees that Bank is not required to extend the expiration date of any Credit Issued for its account for any reason and, with respect to any such Credit containing an “automatic amendment” to extend the expiration date of such Credit, Bank, in its sole and absolute discretion, may give notice of nonrenewal of such Credit at least five (5) calendar days (or such other period as shall be stated in such Applicant’s Application) prior to the end of the original term or, as the case may be, the period of extension. If such Applicant does not at any time want such Credit to be renewed, such Applicant will so notify Bank at least fifteen (15) calendar days before Bank is required to notify the beneficiary of such Credit or any advising bank of such nonrenewal pursuant to the terms of such Credit.

Applicant’s Responsibility. Each Applicant is responsible for preparing and/or approving the final text of any the Credit Issued as issued by Bank for its accountBank, irrespective of any assistance Bank may provide such as drafting or recommending text or by Bank’s use or refusal to use text submitted by such Applicant. Each Applicant understands that the final form of any Credit may be subject to such revisions and changes to the Credit language consistent with its customary practices for letter of credit issuance as are deemed necessary or appropriate by Bank and Applicant hereby consents to such revisions and changes. Applicant is solely responsible for the suitability of the Credit for such Applicant’s purposes. Each If Applicant requests Bank to issue a Credit for an affiliated or unaffiliated third party (“Account Party”), (i) Account Party shall have no rights against Bank; (ii) Applicant shall be responsible for the Application and obligations under this Agreement; and (iii) communications (including notices) related to the respective Credit shall be among Bank and Applicant. Applicant will examine the copy of each the Credit Issued for its account and any other documents sent by Bank in connection with such the Credit and shall promptly notify Bank (not later than three (3) Business Days following Applicant’s receipt of documents from Bank) of any non-compliance with such Applicant’s Instructions and of any discrepancy in any document under any presentment or other irregularity. Each Applicant understands that To the final form of any Credit may be subject to such revisions extent commercially reasonable and changes as are deemed necessary or appropriate by Bank in accordance with standard industry practice applicable law and such Standard Letter of Credit Practice, Bank will assist Applicant hereby consents to such revisions in correcting the Credit for any non-compliance with Applicant’s Instructions and changesany other irregularity. Each Applicant understands and agrees that Bank is not required to extend the expiration date of any Credit Issued for its account for any reason andreason, and with respect to any such Credit containing an “automatic amendment” to extend the expiration date of such Credit, Bank, in its sole and absolute discretion, may give notice of nonrenewal non-extension of such Credit at least five (5) calendar days (or such other period as shall be stated in such Applicant’s Application) prior to the end of the original term orand, as the case may be, the period of extension. If such if Applicant does not at any time want the then current expiration date such Credit to be renewedextended, such Applicant will so notify Bank at least fifteen (15) calendar days before Bank is required to notify the beneficiary of such Credit or any advising bank of such nonrenewal non-extension pursuant to the terms of such Credit.