Claims under a Letter of Credit. (a) The Borrower irrevocably and unconditionally authorises the Issuing Bank to make payment under any Demand (as that term is defined in the relevant Letter of Credit) made or purported to be made under a Letter of Credit and which appears on its face to be in order (a “claim”). (b) The Borrower shall immediately on demand pay to the Agent for the Issuing Bank an amount equal to the amount of any claim under that Letter of Credit. (c) The Borrower acknowledges that the Issuing 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 2 contracts
Samples: Term and Letter of Credit Facility Agreement (Cascal B.V.), Subordinated Secured Term and Letter of Credit Facility Agreement (Cascal B.V.)
Claims under a Letter of Credit. (a) The Each Borrower irrevocably and unconditionally authorises the Issuing Bank to make payment under pay any Demand (as that term is defined in the relevant Letter of Credit) claim made or purported to be made under a Letter of Credit requested by it (or requested by the Company on its behalf) and which appears on its face to be in order (in this Clause 7, a “claim”).
(b) The Each Borrower shall immediately on demand pay to the Agent for the Issuing Bank an amount equal to the amount of any claim under that Letter of Creditclaim.
(c) The Each Borrower acknowledges that the Issuing 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 7 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: Revolving Facility Agreement (South Texas Supply Company, Inc.), Revolving Facility Agreement (South Texas Supply Company, Inc.)
Claims under a Letter of Credit. (a) The Each Borrower irrevocably and unconditionally authorises the Issuing Bank to make payment under pay any Demand (as that term is defined in the relevant Letter of Credit) claim made or purported to be made under a Letter of Credit requested by it and which appears on its face to be in order (a “claim”).
(b) The Each Borrower shall immediately on demand that requested the issue of a Letter of Credit must promptly pay to the Facility Agent for the Issuing Bank upon receipt of a written demand an amount equal to the amount of any claim under that Letter of Creditclaim.
(c) The Each Borrower acknowledges that the Issuing 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 2 contracts
Samples: Finance Agreement, Credit Facilities Agreement (Imperial Tobacco Group PLC)
Claims under a Letter of Credit. (aA) The Original Borrower irrevocably and unconditionally authorises the each LC Issuing Bank to make payment under pay any Demand (as that term is defined in the relevant Letter of Credit) claim made or purported to be made under a Letter of Credit and which appears on its face to be in order (a “"claim”").
(bB) The Original Borrower shall immediately on demand pay to the Facility Agent for the account of the relevant LC Issuing Bank an amount equal to the amount of any claim under that Letter of Credit.
(cC) The Original Borrower acknowledges that the each LC Issuing 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.
(dD) The obligations of the Original Borrower under this Clause 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: Loan Agreement (Kosmos Energy Ltd.)
Claims under a Letter of Credit. (aA) The Original Borrower irrevocably and unconditionally authorises the each LC Issuing Bank to make payment under pay any Demand (as that term is defined in the relevant Letter of Credit) claim made or purported to be made under a Letter of Credit and which appears on its face to be in order (a “claim”).
(bB) The Original Borrower shall immediately on demand pay to the Facility Agent for the account of the relevant LC Issuing Bank an amount equal to the amount of any claim under that Letter of Credit.
(cC) The Original Borrower acknowledges that the each LC Issuing 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.
(dD) The obligations of the Original Borrower under this Clause 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: Deed of Amendment and Restatement (Kosmos Energy Ltd.)
Claims under a Letter of Credit. (a) The Each Borrower irrevocably and unconditionally authorises the Issuing Bank to make payment under pay any Demand (as that term is defined in the relevant Letter of Credit) claim made or purported to be made under a Letter of Credit requested by it and which appears on its face to be in order (a “claim”).
(b) The Each Borrower which requested a Letter of Credit shall immediately on demand pay to the Facility Agent for the account of the Issuing Bank an amount equal to the amount of any claim under that Letter of Credit.
(c) The Each Borrower acknowledges that the Issuing 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
