Common use of Reimbursement Obligation Absolute Clause in Contracts

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 6 contracts

Samples: Assignment and Assumption (Tampa Electric Co), Credit Agreement (Tampa Electric Co), Assignment and Assumption (Tampa Electric Co)

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Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 3 contracts

Samples: Assignment and Assumption (Tampa Electric Co), Assignment and Assumption (Tampa Electric Co), Assignment and Assumption (Tampa Electric Co)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of LawRegulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 3 contracts

Samples: Credit Agreement (Tampa Electric Co), Assignment and Assumption (Tampa Electric Co), Credit Agreement (Tampa Electric Co)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Banks, as the case may be, for each Drawing Payment Payments (such obligation to be referred to herein collectively as a "Reimbursement Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender Bank Party or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative Agent, any Lender, Bank Party or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gF) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any LenderBank Party, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented Borrower's indebtedness under this Agreement; provided, that this Subparagraph 2.02(b) shall not abrogate any right which appear on their face Borrower may have to be in substantial compliance with the terms of a seek to enjoin any drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(e).

Appears in 3 contracts

Samples: Credit Agreement (Indus International Inc), Security Agreement (Indus International Inc), Credit Agreement (Indus International Inc)

Reimbursement Obligation Absolute. The obligation of Borrowers to reimburse Issuing Bank or the Lenders, as the case may be, for Drawing Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a “Reimbursement Obligation of Borrower for each Drawing Payment Obligation”) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a1) the passage of the Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoffset-off, defense or other right which Borrower Borrowers may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between BorrowerBorrowers, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a such Letter of Credit; , (h) 8) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure Borrowers, with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrowers’ indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o9) any other circumstances act or happenings whatsoever relating omission to Borrower act or such Reimbursement Obligationdelay of any kind of the Issuing Bank, Agent, any Lender or any other person, in any other event or circumstance whatsoever, whether or not similar to any of the foregoingforegoing that might, including any commercial frustration but for the provisions of purposethis Subparagraph 2.01(b)(iii)(C), any Change of Law, any failure of an LC Beneficiary constitute a legal or any other Person to perform or observe any agreement, whether express or impliedequitable discharge of, or any dutyprovide a right of set-off against, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyBorrowers’ respective obligations hereunder; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrowers may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(b)(v).

Appears in 2 contracts

Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of the Borrower to reimburse the LC Bank for each Drawing Payment payment made by the LC Bank under any Letter of Credit, and to pay interest thereon as provided herein, shall be absolute, unconditional and irrevocable, irrevocable and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (ai) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Loan Documents; (bii) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Loan Documents; (ciii) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any the LC Issuing Bank, Administrative the Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactionstransaction; (div) any breach of contract or dispute among or between the Borrower, any the Agent, the LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (ev) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (fvi) payment by any the LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such any Letter of Credit; (gvii) any non-application or misapplication by an LC Beneficiary any beneficiary or transferee of the proceeds of any Drawing Payment amount paid under a Letter anyLetter of Credit or any other act or omission of an LC Beneficiary such beneficiary or such transferee in connection with a any Letter of Credit; (hviii) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any the LC Issuing Bank, Administrative the Agent or any Lender, with or without notice to or approval by the Borrower; (iix) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral securing the performance Collateral; or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (kx) any error in the transmission of any message other circumstance or event whatsoever relating to a the Borrower or such Letter of Credit not caused by or the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligationreimbursement due therefor, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Integrated Health Services Inc), Revolving Credit Agreement (Integrated Health Services Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereofBank, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any the LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any the LC Issuing Bank; (n) so long as an the LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such the LC Issuing Bank in connection with a Letter of Credit except to the extent such the LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of LawRegulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Teco Energy Inc), Credit Agreement (Tampa Electric Co)

Reimbursement Obligation Absolute. The Reimbursement Obligation of the Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a) any lack of validity or enforceability of any Letter of CreditRevolving Loan Documents or Project Documents, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of CreditRevolving Loan Documents or Project Documents, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any the LC Issuing Bank, the Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein herein, any Revolving Loan Document, or in the other Credit Facility Project Documents, or in any unrelated transactions; transaction, (d) any breach of contract or dispute among or between the Borrower, any the LC Issuing Bank, the Administrative Agent, any Lender, or any other Person; , (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f) payment by any the LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; , (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; , (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any the LC Issuing Bank, the Administrative Agent or any Lender, with or without notice to or approval by the Borrower; , (i) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral Collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Revolving Loan Documents or any of the Project Documents; , or (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or the Borrower, such Reimbursement ObligationObligation or any Facility, whether or not similar to any of the foregoing, including the failure of the Borrower to occupy or use any Facility in the manner contemplated by the Revolving Loan Documents or Project Documents or otherwise, any defect in title, design, operation, merchantability, fitness or condition of any Facility or in the suitability of any Facility for the Borrower's purposes or needs, any failure of consideration, destruction of or damage to any Facility, any commercial frustration of purpose, the taking by condemnation of title to or the use of all or any Change part of Lawany Facility, any Regulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Revolving Loan Documents or the Project Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any the LC Issuing Bank, the Administrative Agent or any Lender from liability for its bad faith, gross negligence or willful misconduct. In furtherance misconduct or breach of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Creditthis Agreement.

Appears in 2 contracts

Samples: Credit Agreement (Delta Energy Center, LLC), Credit Agreement (Calpine Corp)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a “Reimbursement Obligation”) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a1) the passage of the Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoffset-off, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a such Letter of Credit; , (h) 8) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrower’s indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o9) any other circumstances act or happenings whatsoever relating omission to Borrower act or such Reimbursement Obligationdelay of any kind of the Issuing Bank, Agent, any Lender or any other person, in any other event or circumstance whatsoever, whether or not similar to any of the foregoingforegoing that might, including any commercial frustration but for the provisions of purposethis Subparagraph 2.01(b)(iii)(C), any Change of Law, any failure of an LC Beneficiary constitute a legal or any other Person to perform or observe any agreement, whether express or impliedequitable discharge of, or any dutyprovide a right of set-off against, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyBorrower’s respective obligations hereunder; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrower may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(b)(v).

Appears in 2 contracts

Samples: Credit Agreement (Flextronics International LTD), Credit Agreement (Flextronics International LTD)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 2 contracts

Samples: Assignment and Assumption (Teco Energy Inc), Assignment and Assumption (Teco Energy Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower LC Obligor for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower LC Obligor may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between BorrowerLC Obligor, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by BorrowerLC Obligor; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower LC Obligor or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of LawRegulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Tampa Electric Co), Credit Agreement (Teco Energy Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Facility A Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a "Reimbursement Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (a1) the passage of the Facility A Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Facility A Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Facility A Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or (8) any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Facility A Lender, with or without notice to or approval by Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrower's indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyAgreement; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrower may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(c)(v).

Appears in 1 contract

Samples: Credit Agreement (Flextronics International LTD)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Operative Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of CreditOperative Documents, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender Bank or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Operative Documents, or in any unrelated transactions; transaction, (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any LenderBank, or any other Person; , (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; , (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; , (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any LenderBank, with or without notice to or approval by Borrower; , (i) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral Collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Operative Documents; , or (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or Borrower, such Reimbursement ObligationObligation or any Project, whether or not similar to any of the foregoing, including the failure of Borrower to occupy or use any Project in the manner contemplated by the Operative Documents or otherwise, any defect in title, design, operation, merchantability, fitness or condition of any Project or in the suitability of any Project for Borrower's purposes or needs, any failure of consideration, destruction of or damage to any Project, any commercial frustration of purpose, any Change the taking by condemnation of Law, any failure of an LC Beneficiary title to or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.use

Appears in 1 contract

Samples: Credit Agreement (Calpine Corp)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement and the Credit Agreement under and without regard to any circumstances, including including, (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Loan Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of CreditLoan Documents, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any the applicable LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such the applicable LC Beneficiary or transferee may be acting), any LC Issuing BankLender, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documentsherein, any Loan Document or in any unrelated transactions; transaction, (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; , (e) any demand, statement, certificate, draft or other document presented under any a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f) payment by any LC Issuing Bank the issuer under any a Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; , (g) any non-application or misapplication by an the applicable LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an the LC Beneficiary in connection with a Letter of Credit; , (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any the issuer thereof of Lender, with or without notice to or approval by Borrower; , or (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Loan Documents or other agreements to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Letter of Credit and Reimbursement Agreement (Leap Wireless International Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation Obligations --------------------------------- of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (ai) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Loan Documents; (bii) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Loan Documents; (ciii) the existence of any claim, setoffset- off, defense or other right which Borrower or any other Loan Party may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agenteither of the Agents, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Loan Documents, or in any unrelated transactionstransaction; (div) any breach of contract or dispute among or between Borrower, any either of the Agents, LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (ev) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any non-material respect or any statement therein being untrue or inaccurate in any respect; (fvi) payment by any LC Issuing Bank under any Letter of Credit to the beneficiary or transferee of such Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such any Letter of Credit; (gvii) any non-non- application or misapplication by an LC Beneficiary any beneficiary or transferee of the proceeds of any Drawing Payment under a any Letter of Credit or any other act or omission of an LC Beneficiary such beneficiary or such transferee in connection with a any Letter of Credit; or (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (iviii) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral Collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Loan Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Grancare Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Banks, as the case may be, for each Drawing Payment Payments (such obligation to be referred to herein collectively as a "Reimbursement Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative any Agent, any Lender Bank Party or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Bank Party or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gF) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative any Agent or any LenderBank Party, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented Borrower's indebtedness under this Agreement; provided, that this Subparagraph 2.02(b) shall not abrogate any right which appear on their face Borrower may have to be in substantial compliance with the terms of a seek to enjoin any drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(e).

Appears in 1 contract

Samples: Credit Agreement (Quantum Corp /De/)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of the Borrower to reimburse the LC Bank for each Drawing Payment payment made by the LC Bank under any Letter of Credit, and to pay interest thereon as provided herein, shall be absolute, unconditional and irrevocable, irrevocable and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (ai) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Loan Documents; (bii) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Loan Documents; (ciii) the existence of any claim, setoff, defense or other right which the Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any the LC Issuing Bank, Administrative the Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactionstransaction; (div) any breach of contract or dispute among or between the Borrower, any the Agent, the LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (ev) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (fvi) payment by any the LC Issuing Bank (acting in good faith) under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such any Letter of Credit; (gvii) any non-application or misapplication by an LC Beneficiary any beneficiary or transferee of the proceeds of any Drawing Payment amount paid under a any Letter of Credit or any other act or omission of an LC Beneficiary such beneficiary or such transferee in connection with a any Letter of Credit; (hviii) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any the LC Issuing Bank, Administrative the Agent or any Lender, with or without notice to or approval by the Borrower; (iix) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral securing the performance Collateral; or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (kx) any error in the transmission of any message other circumstance or event whatsoever relating to a the Borrower or such Letter of Credit not caused by or the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligationreimbursement due therefor, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Integrated Health Services Inc)

Reimbursement Obligation Absolute. The obligation of Borrowers to reimburse Issuing Bank or the Facility A Lenders, as the case may be, for Drawing Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a "Reimbursement Obligation of Borrower for each Drawing Payment Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (a1) the passage of the Facility A Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoff, defense or other right which Borrower Borrowers may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Facility A Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between BorrowerBorrowers, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Facility A Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or (8) any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Facility A Lender, with or without notice to or approval by Borrower; (i) any failure Borrowers, with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrowers' indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyAgreement; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrowers may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(c)(v).

Appears in 1 contract

Samples: Credit Agreement (Flextronics International LTD)

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Reimbursement Obligation Absolute. The Reimbursement Obligation conversion of a reimbursement obligation to an Advance as provided in Section 2.02(c) and the obligation of the Borrower to reimburse the LC Bank for each Drawing Payment payment made by the LC Bank under any Letter of Credit, and to pay interest thereon as provided herein, shall be absolute, unconditional and irrevocable, irrevocable and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (ai) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Loan Documents; (bii) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Loan Documents; (ciii) the existence of any claim, setoff, defense or other right which Borrower any Loan Party may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any the LC Issuing Bank, Administrative the Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactionstransaction; (div) any breach of contract or dispute among or between Borrowerany Loan Party, any the Agent, the LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (ev) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (fvi) payment by any the LC Issuing Bank (acting in good faith) under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such any Letter of Credit; (gvii) any non-application or misapplication by an LC Beneficiary any beneficiary or transferee of the proceeds of any Drawing Payment amount paid under a any Letter of Credit or any other act or omission of an LC Beneficiary such beneficiary or such transferee in connection with a any Letter of Credit; (hviii) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any the LC Issuing Bank, Administrative Agent the Agent, or any Lender, with or without notice to or approval by Borrowerany Loan Party; (iix) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral securing the performance Collateral; or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (kx) any error in the transmission of any message other circumstance or event whatsoever relating to a any Loan Party or such Letter of Credit not caused by or the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligationreimbursement due therefor, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Integrated Health Services Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a "Reimbursement Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a1) the passage of the Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoffset-off, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a such Letter of Credit; , (h) 8) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrower's indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o9) any other circumstances act or happenings whatsoever relating omission to Borrower act or such Reimbursement Obligationdelay of any kind of the Issuing Bank, Agent, any Lender or any other person, in any other event or circumstance whatsoever, whether or not similar to any of the foregoingforegoing that might, including any commercial frustration but for the provisions of purposethis Subparagraph 2.01(b)(iii)(C), any Change of Law, any failure of an LC Beneficiary constitute a legal or any other Person to perform or observe any agreement, whether express or impliedequitable discharge of, or any dutyprovide a right of set-off against, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyBorrower's respective obligations hereunder; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrower may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(c)(v).

Appears in 1 contract

Samples: Credit Agreement (Flextronics International LTD)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Banks, as the case may be, for each Drawing Payment Payments (such obligation to be referred to herein as a "Reimbursement Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Restated Credit Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, Collateral Agent, any Lender Bank or any other Person, whether in connection with any Letter of Credit, this Restated Credit Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative Agent, Collateral Agent, any Lender, Bank or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being proving to be untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; Credit provided that Issuing Bank has used reasonable care in examining all documents presented to it in connection with such demand in accordance with the UCP, (gF) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent, Collateral Agent or any LenderBank, with or without notice to or approval by Borrower; Borrower (i) any failure to preserve unless such notice or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of approval is required by this Restated Credit Agreement or applicable law), with respect to Borrower's indebtedness under this Restated Credit Agreement; provided, that this Subparagraph 2.02(c) shall not abrogate any of the other Credit Facility Documents; (j) the solvency or financial responsibility of right which Borrower may have to seek to enjoin any party issuing drawing under any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising to recover damages from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent, Collateral Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect Bank pursuant to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(e).

Appears in 1 contract

Samples: Credit Agreement (Bell Microproducts Inc)

Reimbursement Obligation Absolute. The obligation of each Borrower to reimburse Issuing Bank or the Banks, as the case may be, for Drawing Payments (such obligation to be referred to herein as a "Reimbursement Obligation of Borrower for each Drawing Payment Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (ai) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (bii) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of CreditCredit Documents, this Agreement or any of the other Credit Facility Documents; (ciii) the existence of any claim, setoff, defense or other right which either Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting)Credit, any LC Issuing Bank, Administrative Agent, any Lender Bank or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (div) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, Bank or any other Person; , (ev) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fvi) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gvii) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any LenderBank, with or without notice to or approval by either Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereonsuch Borrower's Obligations, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (oviii) any other circumstances circumstance or happenings whatsoever relating to Borrower or such Reimbursement Obligationhappening whatsoever, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.02(d) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or any Lender right which either Borrower may have to recover damages from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(f).

Appears in 1 contract

Samples: Credit Agreement (Silicon Valley Group Inc)

Reimbursement Obligation Absolute. The obligation of Borrowers to reimburse Issuing Bank or the Lenders, as the case may be, for Drawing Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a "Reimbursement Obligation of Borrower for each Drawing Payment Obligation") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a1) the passage of the Maturity Date, (2) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c3) the existence of any claim, setoffset-off, defense or other right which Borrower Borrowers may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (d4) any breach of contract or dispute among or between BorrowerBorrowers, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Lender or any other Person; , (e5) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f6) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (g7) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a such Letter of Credit; , (h) 8) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure Borrowers, with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrowers' indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o9) any other circumstances act or happenings whatsoever relating omission to Borrower act or such Reimbursement Obligationdelay of any kind of the Issuing Bank, Agent, any Lender or any other person, in any other event or circumstance whatsoever, whether or not similar to any of the foregoingforegoing that might, including any commercial frustration but for the provisions of purposethis Subparagraph 2.01(b)(iii)(C), any Change of Law, any failure of an LC Beneficiary constitute a legal or any other Person to perform or observe any agreement, whether express or impliedequitable discharge of, or any dutyprovide a right of set-off against, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyBorrowers' respective obligations hereunder; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.01(b)(iii)(C) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrowers may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.01(c)(v).

Appears in 1 contract

Samples: Credit Agreement (Flextronics International LTD)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactionstransaction; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not strictly comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereofBank, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any the LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any the LC Issuing Bank; (n) so long as an the LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such the LC Issuing Bank in connection with a Letter of Credit except to unless the extent such LC Issuing Bank’s 's actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of LawRegulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Teco Energy Inc)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a "REIMBURSEMENT OBLIGATION") shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, Lender or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gF) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented Borrower's indebtedness under this Agreement; PROVIDED, HOWEVER, that this SUBPARAGRAPH 2.02(c) shall not abrogate any right which appear on their face Borrower may have to be in substantial compliance with the terms of a seek to enjoin any drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSUBPARAGRAPH 2.02(e).

Appears in 1 contract

Samples: Credit Agreement (Lam Research Corp)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a “Reimbursement Obligation”) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative any Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative any Agent, any Lender, other Lender or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gF) any non-non application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative any Agent or any other Lender, with or without notice to or approval by Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrower’s indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyAgreement; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.02(c) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrower may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(e).

Appears in 1 contract

Samples: Credit Agreement (Par Petroleum Corp/Co)

Reimbursement Obligation Absolute. The Reimbursement Obligation obligation of Borrower to reimburse Issuing Bank or the Lenders, as the case may be, for each Drawing Payment Payments (such obligation, together with the obligation to pay interest thereon, to be referred to herein collectively as a “Reimbursement Obligation”) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, without limitation (aA) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (cB) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary beneficiary or transferee may be acting), any LC Issuing Bank, Administrative any Agent, any other Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; transaction, (dC) any breach of contract or dispute among or between Borrower, any LC beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting), Issuing Bank, Administrative Agent, any Lender, other Lender or any other Person; , (eD) any demand, statement, certificate, draft statement or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (fE) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document a demand for payment which does not comply with the terms of such Letter of Credit; , (gF) any non-application or misapplication by an LC Beneficiary any beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such beneficiary or transferee may be acting) of the proceeds of any Drawing Payment drawing under a such Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (hG) any delay, extension of time for or delaytime, renewal or renewal, compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any other Lender, with or without notice to or approval by Borrower; (i) any failure , with respect to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of Borrower’s Indebtedness under this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a partyAgreement; provided, however, that nothing in this Section 2.2.5 Subparagraph 2.02(c) shall relieve not abrogate any LC Issuing Bank, Administrative Agent or right which Borrower may have to seek to enjoin any Lender from liability for its gross negligence or willful misconduct. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a drawing under any Letter of Credit, the LC Credit or to recover damages from Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information pursuant to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of CreditSubparagraph 2.02(e).

Appears in 1 contract

Samples: Credit Agreement (Par Petroleum Corp/Co)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including including, (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Operative Documents; , (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of CreditOperative Documents, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender Bank or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Operative Documents, or in any unrelated transactions; transaction, (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any LenderBank, or any other Person; , (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; , (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; , (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; , (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any LenderBank, with or without notice to or approval by Borrower; , (i) any failure to preserve or protect any collateralCollateral, any failure to perfect or preserve the perfection of any lien Lien thereon, or the release of any of the collateral Collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Operative Documents; , or (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or Borrower, such Reimbursement ObligationObligation or any Project, whether or not similar to any of the foregoing, including the failure of Borrower to occupy or use any Project in the manner contemplated by the Operative Documents or otherwise, any defect in title, design, operation, merchantability, fitness or condition of any Project or in the suitability of any Project for Borrower's purposes or needs, any failure of consideration, destruction of or damage to any Project, any commercial frustration of purpose, the taking by condemnation of title to or the use of all or any Change part of Lawany Project, any Regulatory Change, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Operative Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender Bank from liability for its gross negligence or willful misconduct. In furtherance misconduct or breach of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Creditthis Agreement.

Appears in 1 contract

Samples: Security Agreement (Calpine Corp)

Reimbursement Obligation Absolute. The Reimbursement Obligation of Borrower for each Drawing Payment shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under and without regard to any circumstances, including (a) any lack of validity or enforceability of any Letter of Credit, this Agreement or any of the other Credit Facility Documents; (b) any amendment or waiver of or any consent to departure from all or any terms of any of the Letters of Credit, this Agreement or any of the other Credit Facility Documents; (c) the existence of any claim, setoff, defense or other right which Borrower may have at any time against any LC Beneficiary or any transferee of any Letter of Credit (or any Persons for whom any such LC Beneficiary or transferee may be acting), any LC Issuing Bank, Administrative Agent, any Lender or any other Person, whether in connection with any Letter of Credit, this Agreement, the transactions contemplated herein or in the other Credit Facility Documents, or in any unrelated transactions; (d) any breach of contract or dispute among or between Borrower, any LC Issuing Bank, Administrative Agent, any Lender, or any other Person; (e) any demand, statement, certificate, draft or other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (f) payment by any LC Issuing Bank under any Letter of Credit against presentation of any demand, statement, certificate, draft or other document which does not comply with the terms of such Letter of Credit; (g) any non-application or misapplication by an LC Beneficiary of the proceeds of any Drawing Payment under a Letter of Credit or any other act or omission of an LC Beneficiary in connection with a Letter of Credit; (h) any extension of time for or delay, renewal or compromise of or other indulgence or modification to the Drawing Payment granted or agreed to by any LC Issuing Bank, Administrative Agent or any Lender, with or without notice to or approval by Borrower; (i) any failure to preserve or protect any collateral, any failure to perfect or preserve the perfection of any lien thereon, or the release of any of the collateral securing the performance or observance of the terms of this Agreement or any of the other Credit Facility Documents; (j) the solvency or financial responsibility of any party issuing any documents in connection with the Letter of Credit; (k) any error in the transmission of any message relating to a Letter of Credit not caused by the LC Issuing Bank thereof, or any delay or interruption in any such message; (l) any error, neglect or default of any correspondent of any LC Issuing Bank in connection with a Letter of Credit; (m) any consequence arising from acts of God, war, insurrection, civil unrest, disturbances, labor disputes, emergency conditions or other causes beyond the control of any LC Issuing Bank; (n) so long as an LC Issuing Bank in good faith determines that the contract or document appears substantially to comply with the terms of the Letter of Credit, the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to such LC Issuing Bank in connection with a Letter of Credit except to the extent such LC Issuing Bank’s actions are judicially determined to have constituted gross negligence; or (o) any other circumstances or happenings whatsoever relating to Borrower or such Reimbursement Obligation, whether or not similar to any of the foregoing, including any commercial frustration of purpose, any Change of Law, any failure of an LC Beneficiary or any other Person to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or in connection with the Credit Facility Documents to which each is a party; provided, however, that nothing in this Section 2.2.5 shall relieve any LC Issuing Bank, Administrative Agent or any Lender from liability for its gross negligence or willful misconductmisconduct (as determined by a court of competent jurisdiction by final and nonappealable judgment). In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the LC Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

Appears in 1 contract

Samples: Assignment and Assumption (Tampa Electric Co)

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