Common use of Duties of LC Issuer Clause in Contracts

Duties of LC Issuer. LC Issuer agrees with each Lender that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit, and LC Issuer's sole liability to each Lender with respect to such LCs (other than liability arising from the gross negligence or willful misconduct of LC Issuer) shall be to distribute promptly to each Lender who has acquired a participating interest therein such Lender's ratable portion of any payments made to LC Issuer by Borrower pursuant to SECTION 2.3(C). Each Lender and Borrower agree that, in paying any draft under any LC, LC Issuer shall not have any responsibility to obtain any document (other than any documents required by the respective LC) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person delivering any such document. LC Issuer, Lenders, and their respective representatives shall not be liable to any other Lender or Borrower or any of its Subsidiaries for the use which may be made of any LC or for any acts or omissions of any beneficiary thereof in connection therewith. Any action, inaction, error, delay, or omission taken or suffered by LC Issuer or any of its representatives under or in connection with any LC, the draws, drafts, or documents relating thereto, or the transmission, dispatch, or delivery of any message or advice related thereto, if in good faith and in conformity with such laws as LC Issuer or any of its representatives may deem applicable and (unless otherwise expressly agreed by LC Issuer and Borrower when an LC is issued) the rules of the International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall be binding upon the Borrower and its Subsidiaries and Lenders and shall not place LC Issuer or any of its representatives under any resulting liability to Borrower or any of its Subsidiaries or any Lender. Any action taken or omitted to be taken by LC Issuer under or in connection with any LC, if taken or omitted in the absence of gross negligence or willful misconduct of LC Issuer, shall not create for LC Issuer any resulting liability to Borrower or any of its Subsidiaries or any Lender.

Duties of LC Issuer. LC Issuer agrees with each Lender that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit, and LC Issuer's ’s sole liability to each Lender with respect to such LCs (other than liability arising from the gross negligence or willful misconduct of LC Issuer) shall be to distribute promptly to each Lender who has acquired a participating interest therein such Lender's ’s ratable portion of any payments made to LC Issuer by Borrower pursuant to SECTION 2.3(CSection 2.3(d). Each Lender and Borrower agree that, in paying any draft under any LC, LC Issuer shall not have any responsibility to obtain any document (other than any documents required by the respective LC) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person delivering any such document. LC Issuer, Lenders, and their respective representatives shall not be liable to any other Lender or Borrower or any of its Subsidiaries for the use which may be made of any LC or for any acts or omissions of any beneficiary thereof in connection therewith. Any action, inaction, error, delay, or omission taken or suffered by LC Issuer or any of its representatives under or in connection with any LC, the draws, drafts, or documents relating thereto, or the transmission, dispatch, or delivery of any message or advice related thereto, if in good faith and in conformity with such laws as LC Issuer or any of its representatives may deem applicable and (unless otherwise expressly agreed by LC Issuer and Borrower when an LC is issued) the rules of the International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall be binding upon the Borrower and its Subsidiaries and Lenders and shall not place LC Issuer or any of its representatives under any resulting liability to Borrower or any of its Subsidiaries or any Lender. Any action taken or omitted to be taken by LC Issuer under or in connection with any LC, if taken or omitted in the absence of gross negligence or willful misconduct of LC Issuer, shall not create for LC Issuer any resulting liability to Borrower or any of its Subsidiaries or any Lender.

Duties of LC Issuer. LC Issuer agrees with each Lender that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit, and LC Issuer's sole liability to each Lender with respect to such LCs (other than OTHER THAN liability arising from the gross negligence or willful misconduct of LC Issuer) shall be to distribute promptly to each Lender who has acquired a participating interest therein such Lender's ratable portion of any payments made to LC Issuer by Borrower pursuant to SECTION 2.3(C2.2(c). Each Lender and Borrower agree that, in paying any draft draw under any LC, LC Issuer shall not have any responsibility to obtain any document (other than OTHER THAN any documents required by the respective LC) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person delivering any such document. LC Issuer, Lenders, and their respective representatives Representatives shall not be liable to any other Lender or Borrower or any of its Subsidiaries Consolidated Company for the use which may be made of any LC or for any acts or omissions of any beneficiary thereof in connection therewith. Any action, inaction, error, delay, or omission taken or suffered by LC Issuer or any of its representatives Representatives under or in connection with any LC, the draws, drafts, or documents relating thereto, or the transmission, dispatch, or delivery of any message or advice related thereto, if in good faith and in conformity with such laws Laws as LC Issuer or any of its representatives Representatives may deem applicable and (unless otherwise expressly agreed by LC Issuer and Borrower when an LC is issued) the rules of the International Standby Practices INTERNATIONAL STANDBY PRACTICES 1998 published by 20 REVOLVING CREDIT AGREEMENT the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall be binding upon the Borrower and its Subsidiaries Consolidated Companies and Lenders and shall not place LC Issuer or any of its representatives Representatives under any resulting liability to Borrower or any of its Subsidiaries Consolidated Company or any Lender. Any action taken or omitted to be taken by LC Issuer under or in connection with any LC, LC if taken or omitted in the absence of gross negligence or willful wilful misconduct of LC Issuer, shall not create for LC Issuer any resulting liability to Borrower any Lender or any of its Subsidiaries or any LenderConsolidated Company.

Duties of LC Issuer. LC Issuer agrees with each Lender that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit, and LC Issuer's ’s sole liability to each Lender with respect to such LCs (other than liability arising from the gross negligence or willful misconduct of LC Issuer) shall be to distribute promptly to each Lender who has acquired a participating interest therein such Lender's ’s ratable portion of any payments made to LC Issuer by Borrower pursuant to SECTION 2.3(CSection 2.3(d). Each Lender and Borrower agree that, in paying any draft under any LC, LC Issuer shall not have any responsibility to obtain any document (other than any documents required by the respective LC) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person delivering any such document, regardless of any notice or information to the contrary, and LC Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign an LC 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. LC Issuer, Lenders, and their respective representatives shall not be liable to any other Lender or Borrower or any of its Subsidiaries for the use which may be made of any LC or for any acts or omissions of any beneficiary thereof in connection therewith; provided, however, that this is not intended to, and shall not, preclude Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. Any action, inaction, error, delay, or omission taken or suffered by LC Issuer or any of its representatives under or in connection with any LC, the draws, drafts, or documents relating thereto, or the transmission, dispatch, or delivery of any message or advice related thereto, if in good faith and in conformity with such laws as LC Issuer or any of its representatives may deem applicable and (unless otherwise expressly agreed by LC Issuer and Borrower when an LC is issued) the rules of the International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) ISP shall be binding upon the Borrower and its Subsidiaries and Lenders and shall not place LC Issuer or any of its representatives under any resulting liability to Borrower or any of its Subsidiaries or any Lender. Any action taken or omitted to be taken by LC Issuer under or in connection with any LC, if taken or omitted in the absence of gross negligence or willful misconduct of LC Issuer, shall not create for LC Issuer any resulting liability to Borrower or any of its Subsidiaries or any Lender.

Duties of LC Issuer. LC Issuer agrees with each Lender that it will exercise and give the same care and attention to each LC as it gives to its other letters of credit, and LC Issuer's ’s sole liability to each Lender with respect to such LCs (other than liability arising from the gross negligence or willful misconduct of LC Issuer) shall be to distribute promptly to each Lender who has acquired a participating interest therein such Lender's ’s ratable portion of any payments made to LC Issuer by Borrower pursuant to SECTION 2.3(CSection 2.3(d). Each Lender and Borrower agree that, in paying any draft under any LC, LC Issuer shall not have any responsibility to obtain any document (other than any documents required by the respective LC) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person delivering any such document, regardless of any notice or information to the contrary, and LC Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign 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. LC Issuer, Lenders, and their respective representatives shall not be liable to any other Lender or Borrower or any of its Subsidiaries for the use which may be made of any LC or for any acts or omissions of any beneficiary thereof in connection therewith, provided, however, that this is not intended to, and shall not, preclude Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. Any action, inaction, error, delay, or omission taken or suffered by LC Issuer or any of its representatives under or in connection with any LC, the draws, drafts, or documents relating thereto, or the transmission, dispatch, or delivery of any message or advice related thereto, if in good faith and in conformity with such laws as LC Issuer or any of its representatives may deem applicable and (unless otherwise expressly agreed by LC Issuer and Borrower when an LC is issued) the rules of the International Standby Practices 1998 published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) ISP shall be binding upon the Borrower and its Subsidiaries and Lenders and shall not place LC Issuer or any of its representatives under any resulting liability to Borrower or any of its Subsidiaries or any Lender. Any action taken or omitted to be taken by LC Issuer under or in connection with any LC, if taken or omitted in the absence of gross negligence or willful misconduct of LC Issuer, shall not create for LC Issuer any resulting liability to Borrower or any of its Subsidiaries or any Lender.