Common use of Reimbursement Obligation Absolute Clause in Contracts

Reimbursement Obligation Absolute. Borrower's obligations under this Article 2A and under the Letter of Credit Agreements shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which Borrower may have or have had against any Agent or a beneficiary of a Letter of Credit. Borrower also agrees that Agent shall not be responsible for, and Borrower's Reimbursement Obligation shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should, in fact, prove to be in any and all respects invalid, fraudulent or forged, or any dispute between or among Borrower and the beneficiary of a Letter of Credit or other party to whom a Letter of Credit may be transferred or any claims whatsoever of Borrower against the beneficiary of a Letter of Credit or any transferee. Agent shall not be liable for any error, omission, interpretation or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with a Letter of Credit. Borrower agrees that any action taken or omitted by Agent under or in connection with a Letter of Credit or any related drafts or documents, if done in good faith and in accordance with the standards of care specified in the Uniform Customs and Practice of Documentary Credits (as defined in the Letter of Credit), shall be binding on Borrower and shall not put the Agent under any liability to Borrower.

Reimbursement Obligation Absolute. Borrower's obligations under this Article 2A 3 and under the Letter of Credit Agreements shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which Borrower may have or have had against any Agent or a beneficiary of a Letter of Credit. Borrower also agrees that Agent shall not be responsible for, and Borrower's Reimbursement Obligation shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even if such documents should, in fact, prove to be in any and all respects invalid, fraudulent or forged, or any dispute between or among Borrower and the beneficiary of a Letter of Credit or other party to whom a Letter of Credit may be transferred or any claims whatsoever of Borrower against the beneficiary of a Letter of Credit or any transferee. Agent shall not be liable for any error, omission, interpretation or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with a Letter of Credit. Borrower agrees that any action taken or omitted by Agent under or in connection with a Letter of Credit or any related drafts or documents, if done in good faith and in accordance with the standards of care and principles specified in the Uniform Customs and Practice of Documentary Credits International Standby Practices 1998 (as defined in the Letter of Credit), shall be binding on Borrower and shall not put the Agent under any liability to Borrower.