Common use of Obligation Unconditional Clause in Contracts

Obligation Unconditional. Except as provided in the proviso to the second sentence of Section 7.13, the obligation of ACE to reimburse the Bank for each LOC Disbursement shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement, the applicable LOC Application and any other applicable agreement or instrument under all circumstances, including the following: (i) any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating to any LOC (all of the foregoing, collectively, the “LOC Related Documents”); (ii) any change in the time, manner or place of payment of, or in any other term of, any obligation of ACE or any other Person in respect of any LOC Related Document or any other amendment or waiver of or any consent to departure from any LOC Related Document; (iii) the existence of any claim, set-off, defense or other right that ACE or any other Person may have at any time against any beneficiary or any transferee of an LOC (or any Person for which any such beneficiary or any such transferee may be acting), the Bank or any other Person, whether in connection with the transactions contemplated by the LOC Related Documents or any unrelated transaction; (iv) any statement or any other document presented under an LOC proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (v) payment by the Bank under an LOC against presentation of a draft or certificate that does not strictly comply with the terms of such LOC; (vi) any exchange, release or non-perfection of any collateral granted to secure any obligation of ACE or any other Person in connection with any Loan Document; or (vii) 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, ACE.

Obligation Unconditional. Except as provided in The obligations of the proviso to the second sentence of Section 7.13, the obligation of ACE to reimburse the Bank for each LOC Disbursement Corporation under this Agreement shall be absolute, unconditional and irrevocable, and shall be paid performed strictly in accordance with the terms of this AgreementAgreement (except as the Corporation’s obligations may be modified by an action described in subparagraph (f) below), the applicable LOC Application and any other applicable agreement or instrument under all circumstancescircumstances whatsoever, including without limitation the followingfollowing circumstances: (ia) any lack of validity or enforceability of any Loan Document the Letter of Credit, or any other agreement or instrument relating to any LOC hereto or thereto (all of the foregoing, collectively, collectively the “LOC Related Documents”); (iib) any change in the time, manner or place of payment of, or in any other term of, any obligation of ACE or any other Person in respect of any LOC Related Document or any other amendment or waiver of of, or any consent to departure from from, the terms of all or any LOC of the Related DocumentDocuments; (iiic) the existence of any claim, set-off, defense or other right that ACE or any other Person rights which the Corporation may have at any time against the Trustee or any beneficiary or any transferee of an LOC the Letter of Credit (or any Person persons or entities for which whom any such beneficiary or any such transferee may be acting), the Bank or any other Personperson or entity, whether in connection with this Agreement, the transactions contemplated by the LOC Related Documents or any unrelated transactiontransaction (but nothing in this subsection (c) shall constitute a waiver by the Corporation of any claim it may have against the Bank); (ivd) any statement or any other document presented under an LOC the Letter of Credit proving to be forged, fraudulent, invalid invalid, or insufficient in any respect whatsoever (unless acceptance of or reliance upon any such statement therein being untrue or inaccurate in any respectdocument shall constitute gross negligence by the Bank); (ve) payment by the Bank under an LOC the Letter of Credit against presentation of a sight draft or certificate that does not strictly comply with the terms of the Letter of Credit, provided that such LOC; (vi) any exchange, release or non-perfection payment shall not have constituted gross negligence of any collateral granted to secure any obligation of ACE or any other Person in connection with any Loan Documentthe Bank; or (viif) any delay, extension of time, renewal, compromise or other circumstance indulgence or happening whatsoevermodification granted or agreed to by the Bank, whether with or not similar to any without notice or approval by the Corporation, in respect of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, ACEthis Agreement.