Common use of Claims under a Documentary Credit Clause in Contracts

Claims under a Documentary Credit. (a) Each relevant Borrower irrevocably and unconditionally authorises the L/C Bank to pay any claim made or purporting to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”). (b) Each relevant Borrower shall within 3 Business Days of a demand pay to the Facility Agent for the L/C Bank an amount equal to the amount of any claim. (c) Each relevant Borrower acknowledges that the L/C Bank: (i) is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and (ii) deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person. (d) The obligations of each relevant Borrower under this Clause 5.5 will not be affected by: (i) the sufficiency, accuracy or genuineness of any claim or any other document; or (ii) any incapacity of, or limitation on the powers of, any person signing a claim or other document. (e) Without prejudice to any other matter contained in this Clause 5.5, the L/C Bank shall notify the relevant Borrowers as soon as reasonably practicable after receiving a claim.

Claims under a Documentary Credit. (a) Each relevant Borrower irrevocably and unconditionally authorises the L/C Bank to pay any claim made or purporting to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”). (b) Each relevant Borrower shall within 3 Business Days of a demand pay to the Facility Agent for the L/C Bank an amount equal to the amount of any claim. (c) Each relevant Borrower acknowledges that the L/C Bank: (i) is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and (ii) deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person. (d) The obligations of each relevant Borrower under this Clause 5.5 will not be affected by: (i) the sufficiency, accuracy or genuineness of any claim or any other document; or (ii) any incapacity of, or limitation on the powers of, any person signing a claim or other document. (e) Without prejudice to any other matter contained in this Clause 5.5, the L/C Bank shall notify the relevant Borrowers as soon as reasonably practicable after receiving a claim.

Claims under a Documentary Credit. (a) Each relevant The Borrower irrevocably and unconditionally authorises the L/C Bank to pay any claim made or purporting to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”). (b) Each relevant The Borrower shall within 3 Business Days of a demand pay to the Facility Agent for the L/C Bank an amount equal to the amount of any claim. (c) Each relevant The Borrower acknowledges that the L/C Bank: (i) is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and (ii) deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person. (d) The obligations of each relevant the Borrower under this Clause 5.5 will not be affected by: (i) the sufficiency, accuracy or genuineness of any claim or any other document; or (ii) any incapacity of, or limitation on the powers of, any person signing a claim or other document. (e) Without prejudice to any other matter contained in this Clause 5.5, the L/C Bank shall notify the relevant Borrowers Borrower as soon as reasonably practicable after receiving a claim.