Common use of Payment of Drafts Clause in Contracts

Payment of Drafts. Delivery to the Lender or its correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and users of any Letter of Credit, their agents and assignees, and the Lender and its correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment or merchandise to which the same may relate. The Lender may (but shall not be required to) accept or pay overdraft or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Lender or its correspondents, the Borrower and the Lender shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Lender or its correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of the Borrower. The Lender shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents or any shipper, carrier, bailee or insurer; nor shall the Lender be responsible for the non-fulfillment of any requirement of any Letter of Credit with drafts that bear appropriate reference to any Letter of Credit or that the amount of any draft be noted on the reverse of any Letter of Credit or that the Letter of Credit be surrendered or taken up or that documents be forwarded apart from any drafts, and the Lender or its correspondents may, if it sees fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.

Payment of Drafts. Delivery to the Agent, any Issuing Lender or its their ----------------- correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and and/or users of any Letter of Credit, their agents and assignees, and the Agent, such Issuing Lender and its their correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment or of merchandise to which the same may relate. The Upon receipt by the Agent or Issuing Lender of written approval thereof from the applicable Borrower, the Agent or any such Issuing Lender, as the case may be, may (but shall not be required to) accept or pay overdraft overdrafts or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Agent or Issuing Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Agent, Issuing Lender or its their correspondents, the applicable Borrower and the Lender shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Agent, such Issuing Lender or its such correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of the Borrowerapplicable Borrower unless the applicable Borrower within ten Business Days of the receipt of such documents or acquisition of knowledge of such variation files an objection with the Agent or Issuing Lender in writing. The No Issuing Lender (nor the Agent) shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents or any shipper, carrier, bailee or insurer; nor shall any Issuing Lender (or the Lender Agent) be responsible for the non-fulfillment of any requirement of any Letter of Credit with that (i) drafts that bear appropriate reference to any Letter of Credit or that Credit, (ii) the amount of any draft be noted on the reverse of any Letter of Credit or that the Credit, (iii) any Letter of Credit be surrendered or taken up or that (iv) documents be forwarded apart from any drafts, and the Agent, each Issuing Lender or its and their correspondents may, if it sees they see fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.

Payment of Drafts. Delivery to the Lender or its correspondents the issuer of any documents purporting and appearing on their face to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and users user of any Letter of Credit, their agents and assignees, and the Lender and its correspondents such issuer may rely and act thereon without liability or of responsibility with respect thereto or with respect to the correctness or condition of any shipment or of merchandise to which the same may relate. The Upon receipt by Lender of approval thereof from Borrower, Lender may (but shall not be required to) accept or pay overdraft overdrafts or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Lender or its correspondentsany issuer on Lender's behalf, the Borrower and the Lender shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Lender or its correspondents such issuers relating to such documents and to have ratified and approved such action as having been taken on the direction of Borrower, unless Borrower within ten business days of the Borrowerreceipt of such documents or acquisition of knowledge of such variation files an objection with Lender in writing. The Lender shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of issuer on its correspondents behalf or any shipper, carrier, bailee or insurer; nor shall the Lender be responsible for the non-fulfillment nonfulfillment of any requirement of any Letter of Credit with that (a) drafts that bear appropriate reference to any Letter of Credit or that Credit, (b) the amount of any draft be noted on the reverse of any Letter of Credit or that the Credit, (c) any Letter of Credit be surrendered or taken up up, or that (d) documents be forwarded apart from any drafts, and the Lender or its correspondents the issuers may, if it sees they see fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.

Payment of Drafts. Delivery to the Administrative Agent, any US ----------------- Issuing Lender, CAN Issuing Lender or its their correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and and/or users of any Letter of Credit, their agents and assignees, and the Administrative Agent, such US Issuing Lender, such CAN Issuing Lender and its their correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment or of merchandise to which the same may relate. The Upon receipt by the Administrative Agent or any US Issuing Lender or CAN Issuing Lender or written approval thereof from the US Borrower or the CAN Borrower (as applicable), the Administrative Agent or any such Issuing Lender, as the case may be, may (but shall not be required to) accept or pay overdraft overdrafts or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Agents or any US Issuing Lender or CAN Issuing Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Administrative Agent, US Issuing Lender or its CAN Issuing Lender or their correspondents, the US Borrower and or the Lender CAN Borrower (as applicable) shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Administrative Agent, such Issuing Lender or its such correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of the BorrowerBorrower or the CAN Borrower (as applicable), unless the US Borrower or the CAN Borrower (as applicable) within ten Business Days of the receipt of such documents or acquisition of knowledge of such variation files an objection with the Administrative Agent or such US Issuing Lender or CAN Issuing Lender in writing. The No US Issuing Lender or CAN Issuing Lender (nor the Administrative Agent) shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents or any shipper, carrier, bailee or insurer; nor shall any US Issuing Lender or CAN Issuing Lender (or the Lender Administrative Agent) be responsible for the non-non- fulfillment of any requirement of any Letter of Credit with that (i) drafts that bear appropriate reference to any Letter of Credit or that Credit, (ii) the amount of any draft be noted on the reverse of any Letter of Credit or that the Credit, (iii) any Letter of Credit be surrendered or taken up or that (iv) documents be forwarded apart from any drafts, and the Administrative Agent, each US Issuing Lender or its CAN Issuing Lender and their correspondents may, if it sees they see fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.

Payment of Drafts. Delivery to the Agent, any Issuing Lender or its their correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and and/or users of any Letter of Credit, their agents and assignees, and the Agent, such Issuing Lender and its their correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment or of merchandise to which the same may relate. The Upon receipt by the Agent or any Issuing Lender of written approval thereof from Borrower, the Agent or any such Issuing Lender, as the case may be, may (but shall not be required to) accept or pay overdraft overdrafts or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Agent or any Issuing Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Agent, an Issuing Lender or its their correspondents, the Borrower and the Lender shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Agent, such Issuing Lender or its such correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of Borrower, unless Borrower within ten (10) Business Days of the Borrowerreceipt of such documents or acquisition of knowledge of such variation files an objection with the Agent or such Issuing Lender in writing. The No Issuing Lender (nor the Agent) shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents or any shipper, carrier, bailee or insurercorrespondents; nor shall any Issuing Lender (or the Lender Agent) be responsible for the non-fulfillment of any requirement of any Letter of Credit with that (a) drafts that bear appropriate reference to any Letter of Credit or that Credit, (b) the amount of any draft be noted on the reverse of any Letter of Credit or that the Credit, (c) any Letter of Credit be surrendered or taken up or that (d) documents be forwarded apart from any drafts, ; and the Agent, each Issuing Lender or its and their correspondents may, if it sees they see fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.