Common use of Nature of Bank's Duties Clause in Contracts

Nature of Bank's Duties. As between Borrower and Bank, Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by Bank by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Bank, including without limitation any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of Bank's rights or powers hereunder.

Nature of Bank's Duties. As between Borrower and Bank, Borrower assumes The Companies assume all risks of the acts and acts, omissions of, or misuse of the Letters Standby Letter of Credit issued by Bank byBeneficiary or any successor; and except for instances of willful misconduct by Bank, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, Bank shall not be responsible for: responsible: (ia) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of, or the making of any such a drawing under, the Standby Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; ; (iib) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such the Standby Letter of Credit or the rights or benefits thereunder under it or proceeds thereofof it, in whole or in part, which may prove to be invalid or ineffective for any reason; ; (iiic) for failure of the beneficiary of any such Letter of Credit Beneficiary to comply fully with any conditions required in order to draw upon such Letter of Credit; effect a drawing; (ivd) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cabletelecopier, telegraph, telex Telex or otherwise, whether or not they be in cipher; ; (ve) errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise of any document or draft required in order to make a drawing under any such Letter of Credit or of the proceeds thereofdrawing; and (viif) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) for any consequences arising from causes beyond the control of the Bank. Any action taken or omitted by the Bank, including without limitation under or in connection with the Standby Letter of Credit or any Governmental Actsrelated certificates or other documents, if taken or omitted in good faith, shall be binding upon the Companies and none of shall not put the above shall affect or impair, or prevent Bank under any resulting liability to the vesting of, any of Bank's rights or powers hereunderCompanies.

Nature of Bank's Duties. As between Borrower Company and Bank, Borrower Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by Bank by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit to comply fully with any conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of Bank, including without limitation any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of Bank's rights or powers hereunder. In furtherance and extension and not in limitation of the specific provisions set forth in the first paragraph of this subsection 3.513, any action taken or omitted by Bank under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put Bank under any resulting liability to Company. Notwithstanding anything to the contrary contained in this subsection 3.5, Company shall retain any and all rights it may have against Bank for any liability arising out of the gross negligence or willful misconduct of Bank, as determined by a final judgment of a court of competent jurisdiction.