Common use of Nature of Reimbursement Obligations Clause in Contracts

Nature of Reimbursement Obligations. Borrower assumes all risks of the acts, omissions, or misuse of any Letter of Credit by any Person to whom a Letter of Credit is issued. Lender (except to the extent of its own gross negligence or willful misconduct) will not be responsible for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of the 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) failure of any Person to comply fully with the conditions required in order to demand payment under the Letter of Credit; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from any Person in order to make a disbursement under the Letter of Credit or the proceeds thereof. None of the foregoing will affect, impair or prevent the vesting of any of the rights or powers granted to Lender. 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 will be binding on Borrower and will not put Lender under any resulting liability to Borrower.

Nature of Reimbursement Obligations. The Borrower assumes shall assume all risks of the acts, omissions, omissions or misuse of any Letter of Credit by the beneficiary thereof. Neither the Issuer nor any Person to whom a Letter of Credit is issued. Lender (except to the extent of its own gross negligence or willful misconduct) will not shall be responsible for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of the 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 in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (b) the form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument Instrument transferring or assigning or purporting to transfer or assign any a Letter of Credit or the rights or benefits thereunder or proceeds thereof thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (c) the failure of any Person the beneficiary to comply fully with the conditions required in order to demand payment under the a Letter of Credit; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from any Person in order to make a disbursement Disbursement under the a Letter of Credit or of the proceeds thereof. None of the foregoing will shall affect, impair or prevent the vesting of any of the rights or powers granted to Lenderthe Issuer or any Lender hereunder. In furtherance and extension 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 will shall be binding on upon the Borrower and will its Subsidiaries and shall not put Lender the Issuer under any resulting liability to Borrowerthe Borrower or any of its Subsidiaries.

Nature of Reimbursement Obligations. Borrower assumes all risks of the acts, omissions, or misuse of any Letter of Credit by any Person to whom a Letter of Credit is issued. Lender (except to the extent of its own gross negligence or willful misconduct) will not be responsible for: (a) the form, validity, sufficiency, accuracy, genuineness or legal effect of the 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) failure of any Person to comply fully with the conditions required in order to demand payment under the Letter of Credit; (d) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise; or (e) any loss or delay in the transmission or otherwise of any document or draft required by or from any Person in order to make a disbursement payment under the Letter of Credit or the proceeds thereofCredit. None of the foregoing will affect, impair or prevent the vesting of any of the rights or powers granted to Lender. 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 will be binding on Borrower and will not put Lender under any resulting liability to Borrower.

Nature of Reimbursement Obligations. The Borrower assumes shall assume all risks of the acts, omissions, or misuse of any Letter of Credit by the beneficiary thereof. Neither the Lender nor any Person to whom a Letter of Credit is issued. Lender Issuer (except to the extent of its own gross negligence or willful misconduct) will not shall be responsible for: (a) ai the form, validity, sufficiency, accuracy, genuineness genuineness, or legal effect of the 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 in any or all respects invalid, insufficient, inaccurate, fraudulent fraudulent, or forged; (b) bi the form, validity, sufficiency, accuracy, genuineness 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 proceeds thereof in whole or in part, which may prove to be invalid or ineffective for any reason; (c) ci failure of any Person the beneficiary to comply fully with the conditions required in order to demand payment under the a Letter of Credit; (d) di errors, omissions, interruptions interruptions, or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex telex, facsimile or otherwise; or (e) ei any loss or delay in the transmission or otherwise of any document or draft required by or from any Person in order to make a disbursement Disbursement under the a Letter of Credit or of the proceeds thereof; (fi any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of the Borrower in respect of any Letter of Credit; (gi the existence of any claim, set-off, defense or other right that the Borrower may have at any time against any beneficiary or any transferee of any Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the Issuer (if other than the Lender or its Affiliates) or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by the Letters of Credit or any unrelated transaction; (hi any payment by an Issuer under any Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of any Letter of Credit; or any payment made by an Issuer under any Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of any Letter of Credit, including any arising in connection with any insolvency proceeding; or (ii any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or a guarantor. None of the foregoing will shall affect, impair impair, or prevent the vesting of any of the rights or powers granted to Lenderthe Lender or the Issuer hereunder. In furtherance and extension extension, and not in limitation or derogation derogation, of any of the foregoing, any act action taken or omitted to be taken by the Lender or the Issuer in good faith will and not constituting gross negligence or willful misconduct shall be binding on upon the Borrower and will shall not put the Lender or the Issuer under any resulting liability to the Borrower.