Common use of Claims under a Letter of Credit Clause in Contracts

Claims under a Letter of Credit. (A) The Borrower irrevocably and unconditionally authorises the LC Issuing Bank to pay any claim made or purported to be made under a Letter of Credit and which appears on its face to be in order (a “Claim”). (B) Subject to paragraph (C) below, the Borrower shall within five Business Days on written demand by the Facility Agent pay to the LC Issuing Bank for the account of each Lender an amount equal to the amount of any Claim. The Borrower irrevocably authorises the use by the Facility Agent, the Security Agent and the Account Bank, of amounts standing to the credit of the XX Xxxx Collateral Accounts in making such payment and each of the Facility Agent and the Security Agent shall take all such steps (and procure that the Account Bank takes all such steps) as may reasonably be required (at the cost of the Borrower) for the Borrower to make such payment. (C) The Borrower acknowledges that the 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. (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.

Claims under a Letter of Credit. (Aa) The Borrower In the case of a Fronted LC, the Company and each Bank irrevocably and unconditionally authorises the LC Issuing Fronting Bank and in the case of a Syndicate LC, the Company irrevocably and unconditionally authorises each Bank on whose behalf such Letter of Credit was issued to pay through the Agent any claim made or purported to be made under a Letter of Credit requested by the Company and which appears on its face to be in order (a “Letter of Credit Claim”). (Bb) Subject to paragraph (C) below, the Borrower shall within five Business Days The Company must immediately on written demand by the Facility Agent pay to the Agent, in the case of a Fronted LC Issuing for the account of the Fronting Bank or, in the case of a Syndicate LC, for the account of each Lender Bank on whose behalf such Letter of Credit was issued via the Agent an amount equal to the amount of any relevant Letter of Credit Claim. The Borrower irrevocably authorises the use by the Facility Agent, the Security Agent and the Account Bank, of amounts standing to the credit of the XX Xxxx Collateral Accounts in making such payment and each of the Facility Agent and the Security Agent shall take all such steps (and procure that the Account Bank takes all such steps) as may reasonably be required (at the cost of the Borrower) for the Borrower to make such payment. (Cc) The Borrower In the case of a Fronted LC, the Company and each Bank acknowledges that the LC Issuing BankFronting Bank and in the case of a Syndicate LC, the Company acknowledges that the Agent and each Bank on whose behalf such Letter of Credit was issued: (i) is not obliged to carry out any investigation or seek any confirmation from any other person before paying a Letter of Credit Claim; and (ii) deals in documents only and will not be concerned with the legality of a Claim claim or any underlying transaction or any available set-off, counterclaim or other defence of any person, and the Fronting Bank, the Agent and each such Bank may assume that any demand, certificate, statement or document which appears on its face to be in order is correct and properly made. (Dd) The obligations of the Borrower Company and, in respect of any Fronted LC, each Bank under this clause Clause will not be affected by: (i) the sufficiency, accuracy or genuineness of any Claim claim or any other document; or (ii) any incapacity of, or limitation on the powers of, any person signing a Claim claim or other document. (e) A certificate signed by the Fronting Bank, the Agent or a Bank on whose behalf a Letter of Credit was issued by the Agent certifying the amount due to the Fronting Bank or such Bank shall be prima facie evidence of the matters so certified.

Claims under a Letter of Credit. (A) The Borrower irrevocably and unconditionally authorises the LC Issuing Bank to pay any claim made or purported to be made under a an Issuing Bank Letter of Credit and which appears on its face to be in order (a “Claim”). (B) Subject to paragraph (C) below, the Borrower shall within five Business Days on written demand by the Facility Agent pay to the LC Issuing Bank for the account of each Lender an amount equal to the amount of any Claim. The Borrower irrevocably authorises the use by the Facility Agent, the Security Agent and the Account Bank, of amounts standing to the credit of the XX Xxxx Collateral Accounts in making such payment and each of the Facility Agent and the Security Agent shall take all such steps (and procure that the Account Bank takes all such steps) as may reasonably be required (at the cost of the Borrower) for the Borrower to make such payment. (C) The Borrower acknowledges that the 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. (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.