Common use of Nature of Letter of Credit Reimbursement Obligations Clause in Contracts

Nature of Letter of Credit Reimbursement Obligations. Borrower shall assume all of the risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. Lender shall not be responsible for (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party in connection with the issuance of any Letter of Credit, even if such document should in fact prove to be, in any or all respects, invalid, insufficient, inaccurate, fraudulent or forged; (b) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign any 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; (c) the failure of any beneficiary of any Letter of Credit to comply fully with the terms or conditions required in order to demand payment under a Letter of Credit; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, cable, telegraph, telecopy, telex or otherwise; (e) any loss or delay in the transmission or otherwise of any document or draft required by or from a beneficiary to make a disbursement under a Letter of Credit or the proceeds thereof; or (f) any nonapplication or misapplication by the beneficiary of the Letter of Credit of proceeds of such payment; or (g) the legality, validity, form, regularity or enforceability of the Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any of the rights or powers granted to Lender hereunder. In furtherance and extension and not in limitation or derogation of any of the foregoing, any act taken or omitted to be taken by Lender in good faith shall be binding upon Borrower and shall not put Lender under any resulting liability to Borrower.

Nature of Letter of Credit Reimbursement Obligations. The Borrower and, to the extent set forth in Section 2.4.1, each Revolving Lender shall assume all of the risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. Lender The Issuer (except to the extent of its own gross negligence or willful misconduct) shall not be responsible for for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party other than the Issuer in connection with the application for and issuance of any a Letter of Credit, even if such document it should in fact prove to be, be in any or all respects, respects invalid, insufficient, inaccurate, fraudulent or forged; ; (b) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign any a Letter of Credit or the rights or benefits thereunder or the proceeds thereof in whole or in part, which may prove to be invalid or ineffective for any reason; ; (c) the failure of any the beneficiary of any Letter of Credit to comply fully in all material respects with the terms or conditions required in order to demand payment under a Letter of Credit; ; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages messages, by mail, cable, telegraph, telecopy, telex facsimile or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from a beneficiary in order to make a disbursement under a Letter of Credit or the proceeds thereof; or (f) any nonapplication or misapplication by the beneficiary of the Letter of Credit of proceeds of such payment; or (g) the legality, validity, form, regularity or enforceability of the Disbursement under a Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any of the rights or powers granted to the Issuer or any Revolving Lender hereunder. In furtherance and extension and not in limitation or derogation of any of the foregoing, any act action taken or omitted to be taken by Lender an Issuer in good faith (and not constituting gross negligence or willful misconduct) shall be binding upon the Borrower and each such Revolving Lender, and shall not put Lender such Issuer under any resulting liability to Borrowerthe Borrower or any such Revolving Lender, as the case may be.

Nature of Letter of Credit Reimbursement Obligations. Borrower The Borrowers and, to the extent set forth in Section 2.6.1, each Revolving Lender shall assume all of the risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. Lender The Issuer (except to the extent of its own gross negligence or willful misconduct) shall not be responsible for for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party in connection with the application for and issuance of any a Letter of Credit, even if such document it should in fact prove to be, be in any or all respects, respects invalid, insufficient, inaccurate, fraudulent or forged; ; (b) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign any a Letter of Credit or the rights or benefits thereunder or the proceeds thereof in whole or in part, which may prove to be invalid or ineffective for any reason; ; (c) the failure of any the beneficiary of any Letter of Credit to comply fully with the terms or conditions required in order to demand payment under a Letter of Credit; ; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages messages, by mail, cable, telegraph, telecopy, telex facsimile or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from a beneficiary in order to make a disbursement under a Letter of Credit or the proceeds thereof; or (f) any nonapplication or misapplication by the beneficiary of the Letter of Credit of proceeds of such payment; or (g) the legality, validity, form, regularity or enforceability of the Disbursement under a Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any of the rights or powers granted to the Issuer or any Revolving Lender hereunder. In furtherance and extension and not in limitation or derogation of any of the foregoing, any act action taken or omitted to be taken by Lender the Issuer in good faith (and not constituting gross negligence or willful misconduct) shall be binding upon Borrower the Borrowers and each such Revolving Lender, and shall not put Lender such Issuer under any resulting liability to Borrowerthe Borrowers or any such Revolving Lender, as the case may be.

Nature of Letter of Credit Reimbursement Obligations. The Borrower and, to the extent set forth in Section 2.4.1, each Revolving A Lender shall assume all of the risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. Lender The Issuer (except to the extent of its own gross negligence or willful misconduct) shall not be responsible for for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or any document submitted by any party other than the Issuer in connection with the application for and issuance of any a Letter of Credit, even if such document it should in fact prove to be, be in any or all respects, respects invalid, insufficient, inaccurate, fraudulent or forged; ; (b) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring or assigning or purporting to transfer or assign any a Letter of Credit or the rights or benefits thereunder or the proceeds thereof in whole or in part, which may prove to be invalid or ineffective for any reason; ; (c) the failure of any the beneficiary of any Letter of Credit to comply fully in all material respects with the terms or conditions required in order to demand payment under a Letter of Credit; ; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages messages, by mail, cable, telegraph, telecopy, telex facsimile or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from a beneficiary in order to make a disbursement under a Letter of Credit or the proceeds thereof; or (f) any nonapplication or misapplication by the beneficiary of the Letter of Credit of proceeds of such payment; or (g) the legality, validity, form, regularity or enforceability of the Disbursement under a Letter of Credit. None of the foregoing shall affect, impair or prevent the vesting of any of the rights or powers granted to the Issuer or any Revolving A Lender hereunder. In furtherance and extension and not in limitation or derogation of any of the foregoing, any act action taken or omitted to be taken by Lender an Issuer in good faith (and not constituting gross negligence or willful misconduct) shall be binding upon the Borrower and each such Revolving A Lender, and shall not put Lender such Issuer under any resulting liability to Borrowerthe Borrower or any such Lender, as the case may be.