Common use of Nature of Issuing Lenders’ Duties Clause in Contracts

Nature of Issuing Lenders’ Duties. As between Company and any Issuing Lender, Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by such Issuing Lender by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, such Issuing Lender shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuine- ness 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 interpreta- tion 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 or payment under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of such Issuing Lender, including, without limitation, any Governmental Acts, and none of the above shall affect or impair, or prevent the vesting of, any of such Issuing Lender'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 3.5B, any action taken or omitted by any Issuing Lender 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 such Issuing Lender 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 any Issuing Lender for any liability arising solely out of the gross negligence or willful misconduct of such Issuing Lender, as determined by a final judgment of a court of competent jurisdiction.

Nature of Issuing Lenders’ Duties. As between Company the Borrower and any the Issuing Lender, Company the Borrower assumes all risks of the acts and omissions of, or misuse of the Letters of Credit issued by such the Issuing Lender by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, such the Issuing Lender shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuine- ness 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 interpreta- tion 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 or payment under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of such the Issuing Lender, including, without limitation, including any Governmental Actsact or omission by a Government Authority, and none of the above shall affect or impair, or prevent the vesting of, any of such the Issuing Lender's ’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 3.5B3.5, any action taken or omitted by any the Issuing Lender 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 such the Issuing Lender under any resulting liability to Companythe Borrower. Notwithstanding anything to the contrary contained in this subsection 3.5, Company the Borrower shall retain any and all rights it may have against any the Issuing Lender for any liability arising solely out of the gross negligence or willful misconduct of such the Issuing Lender, as determined by a final judgment of a court of competent jurisdiction.

Nature of Issuing Lenders’ Duties. (i) As between Company the Borrower and any the Issuing Lender, Company assumes the Borrower shall assume all risks of the acts and acts, omissions of, or misuse of the Letters any Letter of Credit issued by such Issuing Lender by, the respective beneficiaries of such Letters of Creditbeneficiary thereof. In furtherance and not in limitation of the foregoing, such The Issuing Lender shall not be responsible forresponsible: (iA) for the form, validity, sufficiency, accuracy, genuine- ness genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Creditdrafts, required statements or documents, even if it such drafts, statements or documents should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (iiB) 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 reasondefect in a draft, payment request or other document unless such defect is readily apparent upon the face of the draft, payment request or other document; (iiiC) 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) for 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 interpreta- tion 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 or payment under such Letter of Credit; or (viiiD) for any consequences arising from causes beyond the control of such the Issuing Lender, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Acts, and none Authority. None of the above shall affect or affect, impair, or prevent the vesting of, any of such the Issuing Lender's rights or powers hereunder. (ii) If the Borrower consents to any overdrafts under any Letter of Credit or authorizes in writing payment under any Letter of Credit with irregular accompanying documents or authorizes or consents to any departure from the terms of such Letter of Credit, this Agreement shall be fully binding upon the Borrower with respect to such overdrafts, irregularities or both and Lenders' rights shall be, in every respect, the same as if this Agreement and such Letter of Credit expressly provided for such overdraft or irregularity or both. In furtherance and extension and not in limitation If at the request of the specific provisions set forth in the first paragraph Borrower there is any extension of this subsection 3.5B, time for presentation of any action taken or omitted by any Issuing Lender under or in connection with the Letters of Credit issued by it payment request or any document under a Letter of Credit, this Agreement shall be fully binding upon the Borrower with regard to any payment request and documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put presented within such Issuing Lender under any resulting liability to Company. Notwithstanding anything to the contrary contained extended time. (iii) Nothing in this subsection 3.5, Company (i) is intended to limit the reimbursement obligation of the Borrower contained in subsection (d) above. No act or omissions of any current or prior beneficiary of a Letter of Credit shall retain in any and all way affect or impair the rights it may have against any of the Issuing Lender for to enforce any liability arising solely out of the gross negligence right, power or willful misconduct of such Issuing Lender, as determined by a final judgment of a court of competent jurisdictionbenefit under this Agreement.

Nature of Issuing Lenders’ Duties. (i) As between Company the Borrowers and any the Issuing Lender, Company assumes the Borrowers shall assume all risks of the acts and acts, omissions of, or misuse of the Letters any Letter of Credit issued by such Issuing Lender by, the respective beneficiaries of such Letters of Creditbeneficiary thereof. In furtherance and not in limitation of the foregoing, such The Issuing Lender shall not be responsible forresponsible: (iA) for the form, validity, sufficiency, accuracy, genuine- ness genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any such Letter of Creditdrafts, required statements or documents, even if it such drafts, statements or documents should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (iiB) 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 reasondefect in a draft, payment request or other document unless such defect is readily apparent upon the face of the draft, payment request or other document; (iiiC) 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) for 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 interpreta- tion 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 or payment under such Letter of Credit; or (viiiD) for any consequences arising from causes beyond the control of such the Issuing Lender, including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Acts, and none Authority. None of the above shall affect or affect, impair, or prevent the vesting of, any of such the Issuing Lender's rights or powers hereunder. (ii) If a Borrower consents in writing to any overdrafts under any Letter of Credit or authorizes in writing payment under any Letter of Credit with irregular accompanying documents or authorizes or consents in writing to any departure from the terms of such Letter of Credit, this Agreement shall be fully binding upon the Borrowers with respect to such overdrafts, irregularities or both and Lenders' rights shall be, in every respect, the same as if this Agreement and such Letter of Credit expressly provided for such overdraft or irregularity or both. In furtherance If at the written request of a Borrower there is any extension of time for presentation of any payment request or any document under a Letter of Credit, this Agreement shall be fully binding upon the Borrowers with regard to any payment request and extension and not documents presented within such extended time. (iii) Nothing in limitation this Section 2.03(h) is intended to limit the reimbursement obligation of the specific provisions set forth Borrowers contained in Section 2.03(d). No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the first paragraph rights of this subsection 3.5B, any action taken or omitted by any the Issuing Lender to enforce any right, power or benefit 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 such Issuing Lender 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 any Issuing Lender for any liability arising solely out of the gross negligence or willful misconduct of such Issuing Lender, as determined by a final judgment of a court of competent jurisdictionAgreement.