Common use of Independence of the Finance Documents Clause in Contracts

Independence of the Finance Documents. Each Obligor acknowledges that its obligations under the Finance Documents: (a) are independent and separate from the Shipbuilding Contract and any other document or agreement (other than any Finance Document); (b) are not subject to, or dependent upon, the execution or performance by the Builder or any other person of its obligations under the Shipbuilding Contract or any other document, contract or arrangement related to it; and (c) will not be affected or discharged by: (i) any matter affecting the Builder, the Borrower or any other person or the Shipbuilding Contract or any other document, contract or arrangement related to them; (ii) non-performance, breach, frustration or invalidity of, or the destruction, non-completion or non-functioning of any of the goods and services to be supplied, or rendered, under, the Shipbuilding Contract or any other document, contract or arrangement related to it; (iii) any dispute under the Shipbuilding Contract or any other document, contract or arrangement related to it, or any claim which the Borrower, the Builder or any other person may have against, or consider that it has against, the Builder or any other person under or in relation to the Shipbuilding Contract or any other document, contract or arrangement related to it; (iv) any administration, bankruptcy, insolvency, liquidation or similar proceedings commenced against the Builder or any other person party to the Shipbuilding Contract, or being applicable to any transactions contemplated thereunder, or the Builder or any other person party to the Shipbuilding Contract or any transactions contemplated thereunder being insolvent; or (v) any unenforceability, illegality or invalidity of any obligation of the Builder, the Borrower or any other person under the Shipbuilding Contract or any other document, contract or arrangement related thereto.