Common use of Liability of LC Issuer Clause in Contracts

Liability of LC Issuer. The Borrowers assume all risks of any act or omission of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the LC Issuer, any LC Participant nor any of their respective officers or directors shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act or omission of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, or genuineness of any document, or of any endorsement thereon, even if such document should prove to be in any or all respects invalid, insufficient, fraudulent, or forged; (iii) payment by the LC Issuer against presentation of any document which does not comply with the terms of a Letter of Credit, including failure of any document to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s own negligence); provided that the Borrowers shall have a claim against the LC Issuer, and the LC Issuer shall be liable to the Borrowers, to the extent of any direct, as opposed to consequential, damages suffered by the Borrowers which are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of the LC Issuer’s willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit were in compliance with the terms of such Letter of Credit (and in such case the reimbursement obligations of the LC Participants to the LC Issuer under Section 2.4(d) shall be suspended). Notwithstanding anything in the foregoing to the contrary, the LC Issuer may accept any document that appears on its face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

Liability of LC Issuer. The Borrowers assume all risks of any act or omission of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the LC Issuer, any LC Participant nor any of their respective officers or directors shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act or omission of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, or genuineness of any document, or of any endorsement thereon, even if such document should prove to be in any or all respects invalid, insufficient, fraudulent, or forged; (iii) payment by the LC Issuer against presentation of any document which does not comply with the terms of a Letter of Credit, including failure of any document to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s own negligence); , provided that the Borrowers shall have a claim against the LC Issuer, and the LC Issuer shall be liable to the Borrowers, to the extent of any direct, as opposed to consequential, damages suffered by the Borrowers which are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of the LC Issuer’s willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit were in compliance with the terms of such Letter of Credit (and in such case the reimbursement obligations of the LC Participants to the LC Issuer under Section 2.4(d) shall be suspended). Notwithstanding anything in the foregoing to the contrary, the LC Issuer may accept any document that appears on its face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.under

Liability of LC Issuer. The Borrowers assume all risks of any act or omission of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the LC Issuer, any LC Participant nor any of their respective officers or directors shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act or omission of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, or genuineness of any document, or of any endorsement thereon, even if such document should prove to be in any or all respects invalid, insufficient, fraudulent, or forged; (iii) payment by the LC Issuer against presentation of any document which does not comply with the terms of a Letter of Credit, including failure of any document to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s own negligence); , provided that the Borrowers shall have a claim against the LC Issuer, and the LC Issuer shall be liable to the Borrowers, to the extent of any direct, as opposed to consequential, damages suffered by the Borrowers which are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of the LC Issuer’s willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit were in compliance with the terms of such Letter of Credit (and in such case the reimbursement obligations of the LC Participants to the LC Issuer under Section 2.4(d) shall be suspended). Notwithstanding anything in the foregoing to the contrary, the LC Issuer may accept any document that appears on its face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

Liability of LC Issuer. The It is expressly understood and agreed that the absolute and unconditional obligation of the Borrowers assume all risks of any act or omission of any beneficiary or transferee of any to cause each Letter of Credit with respect Obligor to its use of such Letter of Credit. Neither the LC Issuer, any LC Participant nor any of their respective officers or directors shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act or omission of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, or genuineness of any document, or of any endorsement thereon, even if such document should prove to be in any or all respects invalid, insufficient, fraudulent, or forged; (iii) payment by the LC Issuer against presentation of any document which does not comply with the terms of a Letter of Credit, including failure of any document to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s own negligence); provided that the Borrowers shall have a claim against reimburse the LC Issuer, and the absolute and unconditional Obligation of the Borrowers hereunder to reimburse the LC Issuer should such Letter of Credit Obligor fail to reimburse the LC Issuer, for disbursements with respect to a Letter of Credit for the account of such Letter of Credit Obligor shall not be liable construed to excuse the Borrowers, LC Issuer from liability to such Letter of Credit Obligor to the extent of any direct, direct damages (as opposed to consequentialconsequential damages, damages claims in respect of which are hereby waived by each of the Borrowers to the extent permitted by applicable Law) suffered by the Borrowers which Letter of Credit Obligor that are found caused by a finalthe gross negligence, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of the LC Issuer’s willful misconduct or gross negligence bad faith of such LC Issuer in determining whether drafts and other documents presented under a Letter of Credit were in compliance comply with the terms of such Letter of Credit (and in such case the reimbursement obligations of the LC Participants to the LC Issuer under Section 2.4(d) shall be suspended)thereof. Notwithstanding anything in the foregoing to the contrary, the The parties agree that each LC Issuer may accept any document documents that appears appear on its their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit. Any action, inaction or omission on the part of the LC Issuer or any of its correspondents, under or in connection with any Letter of Credit issued by the LC Issuer or any renewal or extension thereof or the related instruments or documents, if taken in good faith and in conformity with applicable Laws and regulations governing Letters of Credit generally and the terms of this Section, shall be binding upon the Borrowers and shall not place the LC Issuer or any of its correspondents under any liability to any of the Borrowers.

Liability of LC Issuer. The Borrowers assume all risks of any act or omission of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the LC Issuer, any LC Participant nor any of their respective officers or directors shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act or omission of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, or genuineness of any document, or of any endorsement thereon, even if such document should prove to be in any or all respects invalid, insufficient, fraudulent, or forged; (iii) payment by the LC Issuer against presentation of any document which does not comply with the terms of a Letter of Credit, including failure of any document to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s own negligence); , provided that the Borrowers shall have a claim against the LC Issuer, and the LC Issuer shall be liable to the Borrowers, to the extent of any direct, as opposed to consequential, damages suffered by the Borrowers which are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of the LC Issuer’s willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit were in compliance with the terms of such Letter of Credit (and in such case the reimbursement obligations of the LC Participants to the LC Issuer under Section 2.4(d2.5(d) shall be suspended). Notwithstanding anything in the foregoing to the contrary, the LC Issuer may accept any document that appears on its face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

Liability of LC Issuer. The Borrowers assume Company assumes all risks of any act the acts or omission omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the LC Issuer, Issuer nor any LC Participant nor any of their respective officers its officers, directors, employees or directors agents shall be liable or responsible for: (i) the use which may be made of any Letter of Credit or any act acts or omission omissions of any beneficiary or transferee in connection therewith; (ii) the validity, sufficiency, sufficiency or genuineness of any documentdocuments, or of any endorsement thereon, even if such document documents should prove to be in any or all respects invalid, insufficient, fraudulent, fraudulent or forged; (iii) payment by the LC Issuer against presentation of any document documents which does do not comply with the terms of a Letter of Credit, including failure of any document documents to bear any reference or adequate reference to the relevant Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit (including the LC Issuer’s 's own negligence); provided except that the Borrowers Company shall have a claim against the LC Issuer, and the LC Issuer shall be liable to to, and shall promptly pay to, the BorrowersCompany, to the extent of any direct, as opposed to consequentialconsequential or exemplary, damages suffered by the Borrowers Company which are found were caused by a final, non-appealable judgment of a court of competent jurisdiction to have resulted by reason of (A) the LC Issuer’s 's willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit were in compliance comply with the terms of such Letter of Credit or (B) the LC Issuer's willful failure to make lawful payment under any Letter of Credit after the presentation to it of a draft and certificate strictly complying with the terms and conditions of such Letter of Credit as finally determined by a court of competent jurisdiction. In furtherance and not in such case the reimbursement obligations limitation of the LC Participants to the LC Issuer under Section 2.4(d) shall be suspended). Notwithstanding anything in the foregoing to the contraryforegoing, the LC Issuer may accept any document documents that appears appear on its their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.