Common use of Honoring Draws Clause in Contracts

Honoring Draws. The Bank shall honor and pay each and every request for payment made under and in compliance with any letter of credit, even if submitted or issued by an administrator, executor, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidators, receiver, agent, attorney in fact or other representative of any beneficiary or of any successor or assign approved in writing by the Bank. The Bank's sole obligation to the Member is limited to honoring requests for payment made under and in compliance with any letter of credit issued hereunder even though: (i) the Bank may have prepared the letter of credit or any other document required to be presented thereunder; and (ii) the Bank may otherwise be aware of facts concerning the transaction which gives rise to the letter of credit. The Bank has no duty to inquire into the existence of any disputes or controversies between the Member, any beneficiary, or any person or firm or their respective rights, duties, or liabilities or whether any fact or event referred to in any document presented under the letter of credit is true and correct. The Bank shall not be responsible for and the Bank's obligations under a letter of credit shall not be affected by: A. The use which may be made of any letter of credit or any act or omission of any beneficiary or permitted assignee of any letter of credit; B. The validity, sufficiency, genuineness or collectability of any drafts, certificates, instruments, notices of default or other documents, including endorsements or signatures thereon; C. Any breach of contract between the Member and any third party; D. Compliance with or circumstances resulting from the existence or exercise of applicable laws, regulations or restrictions by any government or any group asserting or exercising de facto or de jure governmental powers; and E. Any event, fact or condition beyond the control of the Bank.

Honoring Draws. The Bank shall honor and pay each and every request for payment made under and in compliance with any letter of credit, even if submitted or issued by an administrator, executor, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidators, receiver, agent, attorney in fact or other representative of any beneficiary or of any successor or assign approved in writing by the Bank. The Bank's ’s sole obligation to the Member is limited to honoring requests for payment made under and in compliance with any letter of credit issued hereunder even though: (i) the Bank may have prepared the letter of credit or any other document required to be presented thereunder; and (ii) the Bank may otherwise be aware of facts concerning the transaction which gives rise to the letter of credit. The Bank has no duty to inquire into the existence of any disputes or controversies between the Member, any beneficiary, or any person or firm or their or their respective rights, duties, or liabilities or whether any fact or event referred to in any document presented under the letter of credit is true and correct. The Bank shall not be responsible for and the Bank's ’s obligations under a letter of credit shall not be affected by: A. The use which may be made of any letter of credit or any act or omission of any beneficiary or permitted assignee of any letter of credit; B. The validity, sufficiency, genuineness or collectability of any drafts, certificates, instruments, notices of default or other documents, including endorsements or signatures thereon; C. Any breach of contract between the Member and any third party; D. Compliance with or circumstances resulting from the existence or exercise of applicable laws, regulations or restrictions by any government or any group asserting or exercising de facto or de jure governmental powers; and E. Any event, fact or condition beyond the control of the Bank.

Honoring Draws. The Bank shall honor and pay each and every request for payment made under and in compliance with any letter of credit, even if submitted or issued by an administrator, executor, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidators, receiver, agent, agent attorney in fact or other representative of any beneficiary or of any successor or assign approved in writing by the Bank. The Bank's sole obligation to the Member Customer is limited to honoring requests for payment made under and in compliance with any letter of credit issued hereunder even though: (i) the Bank may have prepared the letter of credit or any other document required to be presented thereunder; thereunder and (ii) the Bank may otherwise be aware of facts concerning the transaction which gives rise to the letter of credit. The Bank has no duty to inquire into the existence of any disputes or controversies between the MemberCustomer, any beneficiary, or any person or firm or their respective rights, duties, or liabilities or whether any fact or event referred to in any document presented under the letter of credit is true and correct. The Bank shall not be responsible for and the Bank's obligations under a letter of credit shall not be affected by: A. The use which may be made of any letter of credit or any act or omission of any beneficiary or permitted assignee of any letter of credit; B. The validity, sufficiency, genuineness or collectability of any drafts, certificates, instruments, notices of default or other documents, documents including endorsements or signatures thereon; C. Any breach of contract between the Member Customer and any third party; D. Compliance with or circumstances resulting from the existence or exercise of applicable laws, regulations or restrictions by any government or any group groups asserting or exercising de facto or de jure jour governmental powers; and E. Any event, fact or condition beyond the control of the Bank.

Honoring Draws. The Bank shall honor and pay each and every request for payment made under and in compliance with any letter of credit, even if submitted or issued by an administrator, executor, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidators, receiver, agent, attorney in fact or other representative of any beneficiary or of any successor or assign approved in writing by the Bank. The Bank's ’s sole obligation to the Member is limited to honoring requests for payment made under and in compliance with any letter of credit issued hereunder even though: (i) the Bank may have prepared the letter of credit or any other document required to be presented thereunder; and (ii) the Bank may otherwise be aware of facts concerning the transaction which gives rise to the letter of credit. The Bank has no duty to inquire into the existence of any disputes or controversies between the Member, any beneficiary, or any person or firm or their respective rights, duties, or liabilities or whether any fact or event referred to in any document presented under the letter of credit is true and correct. The Bank shall not be responsible for and the Bank's ’s obligations under a letter of credit shall not be affected by: A. The use which may be made of any letter of credit or any act or omission of any beneficiary or permitted assignee of any letter of credit; B. The validity, sufficiency, genuineness or collectability of any drafts, certificates, instruments, notices of default or other documents, including endorsements or signatures thereon; C. Any breach of contract between the Member and any third party; D. Compliance with or circumstances resulting from the existence or exercise of applicable laws, regulations or restrictions by any government or any group asserting or exercising de facto or de jure governmental powers; and E. Any event, fact or condition beyond the control of the Bank.,