Claims under a Documentary Credit. (a) The Borrower irrevocably and unconditionally authorises the L/C Bank to pay any claim made or purported to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”). (b) The Borrower shall within 3 Business Days of demand pay to the Agent for the L/C Bank an amount equal to the amount of any claim. (c) 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 the Borrower under this Clause 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.
Appears in 3 contracts
Samples: Senior Facilities Agreement (Moore Labels Inc), Senior Facilities Agreement (Buhrmann Nv), Senior Facilities Agreement (Buhrmann Nv)
Claims under a Documentary Credit. (a) The relevant Borrower irrevocably and unconditionally authorises the L/C Bank to pay any claim made or purported to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”).
(b) The relevant Borrower shall within 3 Business Days of demand pay to the Agent for the L/C Bank an amount equal to the amount of any claim.
(c) The 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 the relevant Borrower under this Clause 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.
Appears in 2 contracts
Samples: Senior Facilities Agreement (Corporate Express N.V.), Senior Facilities Agreement (Buhrmann Nv)
Claims under a Documentary Credit. (a) The Each Borrower and each Lender irrevocably and unconditionally authorises the L/C Fronting Bank to pay any claim made or purported to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”).
(b) The Each Borrower shall within 3 Business Days of must immediately on demand pay to the Facility Agent for the L/C Fronting Bank an amount equal to the amount of any claim.
(c) The Each Borrower and each Lender acknowledges that the L/C Fronting 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 the a Borrower under this Clause 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.
Appears in 1 contract
Samples: Credit Facility Agreement (Valentia Telecommunications)
Claims under a Documentary Credit. (a) The Each Borrower irrevocably and unconditionally authorises the L/C Fronting Bank to pay any claim made or purported to be made under a Documentary Credit requested by it and which appears on its face to be in order (a “claim”).
(b) The Each Borrower shall within 3 Business Days of must immediately on demand pay to the Facility Agent for the L/C Fronting Bank an amount equal to the amount of any claim.
(c) The Each Borrower acknowledges that the L/C Fronting 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 the a Borrower under this Clause 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.
Appears in 1 contract
Samples: Credit Facility Agreement (Valentia Telecommunications)
