Common use of L/C Payments Clause in Contracts

L/C Payments. If any drafts or document(s) shall be presented for payment under any Letter of Credit, the applicable Issuing Lender shall promptly notify the applicable U.S. Borrower or Canadian Borrower of the date and amount thereof. The responsibility of an Issuing Lender to such Borrower in respect of any Letter of Credit in connection with any drafts or document(s) presented for payment under such Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit, provided that this paragraph shall not relieve such Issuing Lender of any liability resulting from the gross negligence or willful misconduct of such Issuing Lender, or otherwise affect any defense or other right that any Borrower may have as a result of any such gross negligence or willful misconduct (in each case, as determined in a final non-appealable decision issued by a court of competent jurisdiction).

L/C Payments. If any drafts or document(s) draft shall be presented for payment under any Letter of Credit, the applicable Issuing Lender shall promptly notify the applicable U.S. Borrower Representative or the Canadian Borrower Representative, as the case may be, of the date and amount thereof. The responsibility of an Issuing Lender to such the applicable Borrower in respect of any Letter of Credit in connection with any drafts or document(s) draft presented for payment under such Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are in conformity with such Letter of Credit, provided that this paragraph shall not relieve such Issuing Lender of any liability resulting from the gross negligence or willful misconduct of such any Issuing Lender, or otherwise affect any defense or other right that any Borrower may have as a result of any such gross negligence or willful misconduct (in each case, as determined in a final non-appealable decision issued by a court of competent jurisdiction)misconduct.