Common use of Duties of the Issuing Bank Clause in Contracts

Duties of the Issuing Bank. Any action taken or omitted to be taken by the Issuing Bank under or in connection with any Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct, shall not result in any liability of the Issuing Bank to any Lender or relieve any Lender of its obligations hereunder to the Issuing Bank. In determining whether to pay under any Letter of Credit, the Issuing Bank shall have no obligation to any Lender other than to confirm that any documents required to be delivered under such Letter of Credit in connection with such drawing have been presented and appear on their face to comply with the requirements of such Letter of Credit.

Appears in 5 contracts

Samples: Loan and Security Agreement (Ithaca Industries Inc), Loan and Security Agreement (Tultex Corp), Safety Components International Inc

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