Common use of Assumption of Risk by the Borrowers Clause in Contracts

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the Lenders, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender under this Section 2.18.

Appears in 6 contracts

Samples: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

AutoNDA by SimpleDocs

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Letter of Credit Participants, Letter of Credit Issuers and the AgentAdministrative Agents, the Borrowers assume each Borrower assumes all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders Letter of Credit Participants, Letter of Credit Issuers and the Agent, when acting in good faith and without gross negligence or willful misconduct, Administrative Agents shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person officer or authorized signatory of any Borrower in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of CreditCredit believed in good faith by a Letter of Credit Issuer to be a valid, sufficient and correct document, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, believed in good faith by a Letter of Credit Issuer to be a valid, sufficient and correct document which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent applicable Letter of Credit Participants, Letter of Credit Issuer or the LendersAdministrative Agent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent Administrative Agents, Letter of Credit Issuers or any Lender Letter of Credit Participants under this Section 2.182.4(g).

Appears in 3 contracts

Samples: Abl Credit Agreement (Univar Inc.), Abl Credit Agreement (Univar Inc.), Abl Credit Agreement (Univar Inc.)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the The Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and acts, omissions of, or misuse misuses of any of the Letters Letter of Credit by, by the respective beneficiaries beneficiary. In connection with issuance of such Letters any Letter of Credit. In furtherance and not in limitation , none of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence any Letter of Credit Issuer or willful misconduct, any Lender shall not be responsible for: (A) for the existence, character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any Letter of Credit Documents; any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that expressed in any documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted documents or of any endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or any Letter of Credit Documents; any deviation from instructions, delay, default or fraud by any shipper or other Person in connection with the application for any goods, shipment or delivery; any breach of contract between a shipper or vendor and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forgeda Borrower; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, telecopy, e-mail, telephone or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the a beneficiary of any Letter of Credit of or the proceeds of any drawing under such Letter of Creditthereof; or (H) any consequences arising from causes beyond the control of the Agent or the Lendersany Letter of Credit Issuer, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender Lender, including any act or omission of a Governmental Authority. The rights and remedies of the Letter of Credit Issuers under this Section 2.18the Loan Documents shall be cumulative. The Letter of Credit Issuers shall be fully subrogated to the rights and remedies of each beneficiary whose claims against the Borrowers are discharged with proceeds of any Letter of Credit. Nothing set forth herein shall prevent the Borrowers, following reimbursement in respect of any Letter of Credit, from asserting claims against a Letter of Credit Issuer for any honor of any Letter of Credit constituting gross negligence or willful misconduct.

Appears in 3 contracts

Samples: Credit Agreement (Westlake Chemical Corp), Credit Agreement (Westlake Chemical Corp), Credit Agreement (Westlake Chemical Corp)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the Lenders, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender under this Section Paragraph 2.18.

Appears in 3 contracts

Samples: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

Assumption of Risk by the Borrowers. As among the Borrowers, the Issuing Bank, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the provisions of the applications for the issuance of Letters of Credit, the Issuing Bank, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (Ai) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (Ciii) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (Div) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (Ev) errors in interpretation of technical terms; (Fvi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (Gvii) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (Hviii) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Issuing Bank's or the Agent's rights or power of the Agent or any Lender powers under this Section 2.18SECTION 3.8.

Appears in 3 contracts

Samples: Loan and Security Agreement (Tultex Corp), Loan and Security Agreement (Tultex Corp), Loan and Security Agreement (Tultex Corp)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the AgentAgent but subject to subsection (iv) below, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to subsection (iv) below, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.4(f).

Appears in 3 contracts

Samples: Credit Agreement (Fleetwood Enterprises Inc/De/), Credit Agreement (Fleetwood Enterprises Inc/De/), Credit Agreement (Fleetwood Enterprises Inc/De/)

Assumption of Risk by the Borrowers. As among the applicable Borrowers, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, the applicable Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: for (Aexcept in the case of any such Person (but not with respect to any other Person), to the extent of the gross negligence, bad faith or willful misconduct of such Person in connection with any of the following): (r) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (Bs) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (Ct) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement with an Obligor that are required in order to draw upon such Letter of Credit; (Du) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (Ev) errors in interpretation of technical terms; (Fw) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (Gx) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (Hy) any consequences arising from causes beyond the control of the Agent applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (z) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any material respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Revolving Credit Lender under this Section 2.182.4(f).

Appears in 3 contracts

Samples: Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, FCC, the Issuing Bank and the Administrative Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the Lenders provisions of the applications for the issuance of Letters of Credit, the Lenders, FCC, the Issuing Bank and the Agent, when acting in good faith and without gross negligence or willful misconduct, Administrative Agent shall not be responsible for: : (Ai) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; ; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; ; (Ciii) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; ; (Div) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; ; (Ev) errors in interpretation of technical terms; ; (Fvi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; ; (Gvii) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or or (Hviii) any consequences arising from causes beyond the control of the Agent Lenders, FCC, the Issuing Bank or the LendersAdministrative Agent, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Administrative Agent's rights or power of the Agent or any Lender powers under this Section 2.18SECTION 3.8.

Appears in 2 contracts

Samples: Loan and Security Agreement (Heafner Tire Group Inc), Loan and Security Agreement (Russell Corp)

Assumption of Risk by the Borrowers. As among the applicable Borrowers, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, the applicable Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement with an Obligor that are required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any material respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Revolving Credit Lender under this Section 2.182.4(f).

Appears in 2 contracts

Samples: Credit Agreement (United Rentals Inc /De), Credit Agreement (United Rentals North America Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Issuing Bank, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the provisions of the applications for the issuance of Letters of Credit, the Issuing Bank, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (Ai) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (Ciii) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (Div) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (Ev) errors in interpretation of technical terms; (Fvi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (Gvii) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (Hviii) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Issuing Bank's or the Agent's rights or power of the Agent or any Lender powers under this Section 2.183.8.

Appears in 1 contract

Samples: Loan and Security Agreement (Safety Components International Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit, except if any losses or costs incurred in connection therewith are solely as a result of the Agent's gross negligence or willful misconduct. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure DE JURE or de facto Public AuthorityDE FACTO Governmental Authority or (I) the Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.18SECTION 1.3(F).

Appears in 1 contract

Samples: Credit Agreement (Andrx Corp /De/)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Borrowers and the AgentBank, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Bank shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the LendersBank, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender Bank under this Section 2.182.4.

Appears in 1 contract

Samples: Loan and Security Agreement (Outlook Group Corp)

Assumption of Risk by the Borrowers. As among the applicable Borrowers, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, the applicable Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: for (except in the case of any such Person (but not with respect to any other Person), to the extent of the gross negligence, bad faith or willful misconduct of such Person in connection with any of the following): (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement with an Obligor that are required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any material respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Revolving Credit Lender under this Section 2.182.4(f).

Appears in 1 contract

Samples: Credit Agreement (United Rentals Inc /De)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in - 56 - 116549.01087/134240171v.5 connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the Lenders, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender under this Section 2.18.

Appears in 1 contract

Samples: Loan and Security Agreement (Regional Management Corp.)

Assumption of Risk by the Borrowers. As among the applicable Borrowers, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, the applicable Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: for (except in the case of any such Person (but not with respect to any other Person), to the extent of the gross negligence, bad faith or willful misconduct of such Person in connection with any of the following): (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement with an Obligor that are required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any material respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Revolving Credit Lender under this Section 2.182.5(f).

Appears in 1 contract

Samples: Credit Agreement (United Rentals North America Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and Lenders, the Administrative Agent, and, subject to the provisions of Section 1.3(f)(iv), the Letter of Credit Issuer, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and Lenders, the Administrative Agent, when acting in good faith and without gross negligence or willful misconductand, subject to Section 1.3(f)(iv), the Letter of Credit Issuer shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAdministrative Agent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of the Agent or Administrative Agent, any Lender Lender, or, subject to Section 1.3(f)(iv), the Letter of Credit Issuer under this Section 2.181.3(f).

Appears in 1 contract

Samples: Credit Agreement (Txi Cement Co)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders a Borrower and the AgentLender, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Lender shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the LendersLender, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.182.3.

Appears in 1 contract

Samples: Loan and Security Agreement (California Microwave Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, FCC, the Issuing Bank and the Administrative Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the Lenders provisions of the applications for the issuance of Letters of Credit, the Lenders, FCC, the Issuing Bank and the Agent, when acting in good faith and without gross negligence or willful misconduct, Administrative Agent shall not be responsible for: : (Ai) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; ; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; ; (Ciii) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; ; (Div) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; ; (Ev) errors in interpretation of technical terms; ; (Fvi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; ; (Gvii) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or or (Hviii) any consequences arising from causes beyond the control of the Agent Lenders, FCC, the Issuing Bank or the LendersAdministrative Agent, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Administrative Agent's rights or power of the Agent or any Lender powers under this Section 2.183.8.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Mastec Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, ----------------------------------- the Issuing Lender, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, neither the Lenders and Issuing Lender, nor the Agent, when acting nor any of the Lenders shall be responsible (except as otherwise imposed by any agreement between the Agent and/or Lenders and a Borrower in good faith relation to the specific Letter of Credit and without except for the direct consequence of the Issuing Lender's or any Lender's gross negligence or willful wilful misconduct, shall not be responsible ) for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may duly prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipherwriting; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of or the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or Agent, the Issuing Lender and/or Lenders, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Agent, Issuing Lender and/or Lenders under this Section 2.182.3.

Appears in 1 contract

Samples: Loan Agreement (Grand Toys International Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, the Agents, and the AgentLetter of Credit Issuer, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders Lenders, the Agents, and the Agent, when acting in good faith and without gross negligence or willful misconduct, Letter of Credit Issuer shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which that may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or any of the Lenders, includingeither of the Agents, without limitationor the Letter of Credit Issuer, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of either Agent, any Lender, or, subject to Section 2.4(f)(iv), the Agent or any Lender Letter of Credit Issuer under this Section 2.182.4(f).

Appears in 1 contract

Samples: Loan and Security Agreement (Ahern Rentals Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, the Agent, and the AgentLetter of Credit Issuer, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and Lenders, the Agent, when acting in good faith and without gross negligence or willful misconduct, the Letter of Credit Issuer shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with AMENDED AND RESTATED CREDIT AGREEMENT conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer’s honor of a draw or payment for which the draw or payment or any certificate fails to comply in any respect with the terms of the Letter of Credit (except, unless otherwise provided in the applicable letter of credit application and/or reimbursement agreement, to the extent that such honor constitutes the gross negligence or willful misconduct of the Letter of Credit Issuer). None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of the Agent Agent, any Lender, or any Lender the Letter of Credit Issuer under this Section 2.181.4(f).

Appears in 1 contract

Samples: Credit Agreement (Imperial Sugar Co /New/)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the AgentAgent (excluding any Lender in its capacity as a Letter of Credit Issuer), the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting Agent (excluding any Lender in good faith and without gross negligence or willful misconduct, its capacity as a Letter of Credit Issuer) shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) the Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.3(f).

Appears in 1 contract

Samples: Credit Agreement (Salton Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Borrowers and the AgentBank, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Bank shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the LendersBank, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender Bank under this Section 2.182.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Outlook Group Corp)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, the Agent, the Letter of Credit Issuer and the AgentAcceptance Lender, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and Lenders, the Agent, when acting in good faith the Letter of Credit Issuer and without gross negligence or willful misconduct, the Acceptance Lender shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure dejure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit, provided that the foregoing shall not absolve the Letter of Credit Issuer for any matter described in this clause (I) caused by the Letter of Credit Issuer's gross negligence or intentional misconduct; or (J) the Acceptance Lender's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Acceptance or the related Letter of Credit, provided that the foregoing shall not absolve the Acceptance Lender for any matter described in this clause (J) caused by the Acceptance Lender's gross negligence or intentional misconduct. None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of the Agent Agent, any Lender, the Letter of Credit Issuer or any the Acceptance Lender under this Section 2.181.4(f).

Appears in 1 contract

Samples: Credit Agreement (Brown Shoe Co Inc)

AutoNDA by SimpleDocs

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of CreditCredit provided that acts or omissions of the Letter of Credit Issuer or the Agent are done in the absence of gross negligence or willful misconduct. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) any Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of any Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.3(f).

Appears in 1 contract

Samples: Credit Agreement (Salton Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, the Administrative Agent, and the AgentLetter of Credit Issuer, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders Lenders, the Administrative Agent, and the Agent, when acting in good faith and without gross negligence or willful misconduct, Letter of Credit Issuer shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which that may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit, except to the extent that such failure is due to the gross negligence or willful misconduct of the Administrative Agent; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders, the Administrative Agent, or the LendersLetter of Credit Issuer, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of the Agent or Administrative Agent, any Lender Lender, or, subject to Section 2.4(f)(iv), the Letter of Credit Issuer under this Section 2.182.4(f).

Appears in 1 contract

Samples: Loan and Security Agreement (Mercury Air Group Inc)

Assumption of Risk by the Borrowers. As among the applicable Borrowers, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, the applicable Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: for (Aexcept in the case of any such Person (but not with respect to any other Person), to the extent of the gross negligence, bad faith or willful misconduct of such Person in connection with any of the following): (r) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (Bs) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (Ct) the failure of the beneficiary of any Letter of Credit to comply duly with conditions set forth in any separate agreement with an Obligor that are required in order to draw upon such Letter of Credit; (Du) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (Ev) errors in interpretation of technical terms; (Fw) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (Gx) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (Hy) any consequences arising from causes beyond the control of the Agent applicable Revolving Credit Lenders, the applicable Letter of Credit Issuer or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (z) the applicable Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any material respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Revolving Credit Lender under this Section 2.182.4(f). (iii) Exoneration. Without limiting the foregoing, no action or omission whatsoever by the Agent, a Letter of Credit Issuer or any Revolving Credit Lender shall result in any liability of the Agent, such Letter of Credit Issuer or any Revolving Credit Lender to any Borrower (except as provided in the immediately succeeding clause (iv)), or relieve any Borrower of any of its obligations hereunder to any such Person.

Appears in 1 contract

Samples: Credit Agreement (United Rentals North America Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, FCC, the Issuing Bank and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the Lenders provisions of the applications for the issuance of Letters of Credit, the Lenders, FCC, the Issuing Bank and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders, FCC, the Issuing Bank or the LendersAgent, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Agent's rights or power of the Agent or any Lender powers under this Section 2.182A.8.

Appears in 1 contract

Samples: Loan and Security Agreement (Collins Industries Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, subject to the provisions of the applications for the issuance of Letters of Credit, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: : (Ai) the form, validity, sufficiencysuffidency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all ali respects invalid, insufficient, inaccurate, fraudulent or forged; ; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; ; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (Diii) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; ; (Eiv) errors in interpretation of technical terms; ; (Fv) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds the.proceeds thereof; , (Gvi) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or or (Hvii) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender under this Section 2.18Government Acts.

Appears in 1 contract

Samples: Loan and Security Agreement (Collins Industries Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers assume each Borrower assumes all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit; provided the Canadian Borrower only assumes such risk with respect to beneficiaries of Canadian Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders (other than the Agent or any Lender in its capacity as a Letter of Credit Issuer) and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) a Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.3(f).

Appears in 1 contract

Samples: Credit Agreement (Ann Inc.)

Assumption of Risk by the Borrowers. As among the Borrowers, each Letter of Credit Issuer, the Lenders and the Agent, the Borrowers assume each Borrower assumes all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person officer or authorized signatory of any Borrower in connection with the application for and issuance of and presentation by a beneficiary of drafts with respect to any drawing of any of the Canadian or U.S. Letters of CreditCredit believed in good faith by the applicable Letter of Credit Issuer and Agent to be a valid, sufficient and correct document, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Canadian or U.S. Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, believed in good faith by the Agent and the applicable Letter of Credit Issuer to be a valid, sufficient and correct document which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Canadian or U.S. Letter of Credit to comply duly strictly with conditions required in order to draw upon such Canadian or U.S. Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Canadian or U.S. Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Canadian or U.S. Letter of Credit of the proceeds of any drawing under such Canadian or U.S. Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent applicable Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) the applicable Letter of Credit Issuer’s honour of a draw for which the draw or any certificate fails to comply, in any respect, strictly with the terms of the Canadian or U.S. Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of any Letter of Credit Issuer, the Agent or any Lender under this Section 2.181.4.II(f).

Appears in 1 contract

Samples: Credit Agreement (Gibson Energy ULC)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of CreditCredit provided that acts or omissions of the Letter of Credit Issuer or the Agent are done in the absence of gross negligence or willful misconduct. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) any Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of any Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.4(f).

Appears in 1 contract

Samples: Credit Agreement (Salton Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers assume each Borrower assumes all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: (A1) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B2) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C3) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D4) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E5) errors in interpretation of technical terms; (F6) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G7) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) 8) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.182.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Phar Mor Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Borrowers and the AgentLender, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Lender shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the LendersLender, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.182.4(g).

Appears in 1 contract

Samples: Loan and Security Agreement (Cerprobe Corp)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Administrative Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when Administrative Agent acting in good faith and without gross negligence or willful misconduct, shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of any document submitted by any Person that appears on its face to be in order in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (B) the validity or sufficiency of any instrument that appears on its face to be in order transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAdministrative Agent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; provided that, subject to any application for a Letter of Credit between the applicable Borrower and the Letter of Credit Issuer, the applicable Borrower shall retain any claim it may have, if any, against the Letter of Credit Issuer with respect to any actual damages, but excluding any consequential damages, suffered by such Borrower which were directly caused by the Letter of Credit Issuer’s willful misconduct or gross negligence. None of the foregoing shall affect, impair impair, or prevent the vesting of any rights or power powers of the Administrative Agent or any Lender under this Section 2.182.3(h).

Appears in 1 contract

Samples: Loan and Security Agreement (Metals USA Plates & Shapes Southcentral, Inc.)

Assumption of Risk by the Borrowers. As among between the Borrowers, the Lenders Borrowers and the AgentLender, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Lender shall not be responsible for: : (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person and believed by the Lender in good faith to be valid, sufficient, accurate, genuine and authorized in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which the Lender in good faith believes to be valid and effective, but which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent or the LendersLender, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Governmental Authority; or (I) the Letter of Credit Issuer's honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.3(f).

Appears in 1 contract

Samples: Credit Agreement (Spacelabs Medical Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders and the Agent, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of the VRDN Letter of Credit or any of the Letters of Credit by, the respective beneficiaries of such Letters of Creditthereof. In furtherance and not in limitation of the foregoing, subject to the provisions of the applications for the issuance of the VRDN Letter of Credit and Letters of Credit, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible for: : (Ai) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to the VRDN Letter of Credit or any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; ; (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign the VRDN Letter of Credit or any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; ; (Ciii) the failure of the beneficiary of the VRDN Letter of Credit or any Letter of Credit to comply duly with conditions required in order to draw upon the VRDN Letter of Credit or such Letter of Credit; Credit (Dprovided that the Borrowers reserve all of their rights and remedies against NationsBank as issuer of the VRDN Letter of Credit and the other Letters of Credit for improper payment made by NationsBank); (iv) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; ; (Ev) errors in interpretation of technical terms; ; (Fvi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under the VRDN Letter of Credit or any Letter of Credit or of the proceeds thereof; ; (Gvii) the misapplication by the beneficiary of the VRDN Letter of Credit or any Letter of Credit of the proceeds of any drawing under the VRDN Letter of Credit or such Letter of Credit; or or (Hviii) any consequences arising from causes beyond the reasonable control of the Agent Lenders or the LendersAgent, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernment Acts. None of the foregoing shall affect, impair or prevent the vesting of any of the Agent's rights or power of the Agent or any Lender powers under this Section 2.18SECTION 3.8.

Appears in 1 contract

Samples: Loan and Security Agreement (Kellstrom Industries Inc)

Assumption of Risk by the Borrowers. As among the Borrowers, the Lenders Lenders, and the Agent, the Borrowers jointly and severally assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders and the Agent, when acting in good faith and without gross negligence or willful misconduct, Agent shall not be responsible forfor and the Borrowers shall not be relieved of any of their obligations hereunder on account of: (A) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (C) the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (H) any consequences arising from causes beyond the control of the Agent Lenders or the LendersAgent, including, without limitation, including any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public AuthorityGovernmental Authority or (I) a Letter of Credit Issuer’s honor of a draw for which the draw or any certificate fails to comply in any respect with the terms of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any rights or power powers of the Agent or any Lender under this Section 2.181.3(f). Nothing set forth herein shall prevent the Borrowers, following reimbursement in respect of any Letter of Credit, from asserting claims against a Letter of Credit Issuer for any honor of any Letter of Credit constituting gross negligence or willful misconduct.

Appears in 1 contract

Samples: Credit Agreement (Westlake Chemical Corp)

Assumption of Risk by the Borrowers. As among between the Borrowers, the Lenders LC Issuer, the Agent and the AgentLenders, the Borrowers assume all risks (except the risk of gross negligence or willful misconduct by any Lender or the Agent) of the acts and omissions of, or misuse of any of the Letters of Credit issued for such Borrower's account by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, the Lenders LC Issuer, the Agent and the Agent, when acting in good faith and without gross negligence or willful misconduct, Lenders shall not be responsible for: for (Ai) except for LC Issuer's obligation to examine the documents for conformity with the Letter of Credit, the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any Person party in connection with the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; , (Bii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; , (Ciii) the except as provided in clause (i) above, failure of the beneficiary of any a Letter of Credit to comply duly with conditions required in order to draw upon such Letter of Credit; , (Div) errors, omissions, interruptions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) , for errors in interpretation of technical terms; , (Fv) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit or of the proceeds thereof; , (Gvi) the misapplication by the beneficiary of any a Letter of Credit of the proceeds of any drawing under such Letter of Credit; or and (Hvii) any consequences arising from causes beyond the control of the LC Issuer, the Agent or and the Lenders, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto Public Authority. None of the foregoing shall affect, impair or prevent the vesting of any rights or power of the Agent or any Lender under this Section 2.18.

Appears in 1 contract

Samples: Credit and Security Agreement (Belden Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!