Common use of Reimbursement Obligation - L/Cs Clause in Contracts

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's obligation to reimburse the Issuing Banks for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' wilful misconduct or gross negligence. The Borrower's obligation shall not be reduced by any demand or other request for payment of an L/C (a "Demand") that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 5.7 or any other provision of this Agreement, the Borrower's ’s obligation to reimburse the Issuing Banks Bank for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's ’s right, after reimbursing the Issuing BanksBank, to claim damages from the Issuing Banks Bank for matters arising from the Issuing Banks' Bank’s wilful misconduct or gross negligence. The Borrower's ’s obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's ’s obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the Issuing Banks Bank paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the Issuing Banks Bank or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks Bank of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Bank under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks Bank under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks Bank or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Bank or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 5.7 or any other provision of this Agreement, the Borrower's obligation to reimburse the Issuing Banks Bank for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's right, after reimbursing the Issuing BanksBank, to claim damages from the Issuing Banks Bank for matters arising from the Issuing Banks' Bank's wilful misconduct or gross negligence. The Borrower's obligation shall not be reduced by any demand or other request for payment of an L/C (a "Demand") that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the Issuing Banks Bank paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the Issuing Banks Bank or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks Bank of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Bank under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks Bank under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks Bank or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Bank or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's obligation to reimburse the Issuing Banks for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing BanksXxxxx' wilful misconduct or gross negligence. The Borrower's obligation shall not be reduced by any demand or other request for payment of an L/C (a "Demand") that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. (1) Notwithstanding Section 6.7 9.9 or any other provision of this Agreement, the Borrower's obligation Borrowers’ obligations to reimburse the Issuing Banks for a any payment to a beneficiary of an L/C shall be absolute and unconditionalunqualified, but without prejudice to the Borrower's Borrowers’ right, after reimbursing the Issuing Banksmaking full reimbursement, to claim damages from the Issuing Banks Bank for matters arising from the Issuing Banks' Bank’s wilful misconduct or gross negligence. The Borrower's Borrowers’ obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's Borrowers’ obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower Borrowers may have now or in the future against the beneficiary, the Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C were paid notwithstanding any contrary instructions from the Borrower to the Issuing Banks Borrowers or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Bank or any other Person under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower Borrowers and shall not place the Issuing Banks Bank or any other Person under any resulting liability to the BorrowerBorrowers. Without limiting the foregoing, the Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person person or entity acting as the representative or in place of, the beneficiary. The Borrower Borrowers shall not take any steps, issue any instructions to the Issuing Banks Bank or any of its correspondents other Person or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Bank or its correspondents any other Person to honour or pay any Demand. (2) If any L/C remains outstanding after the maturity date or other cancellation of the Revolving Credit, the Borrowers’ obligations under Section 9.15(1) shall continue, notwithstanding the delivery of Cash Collateral.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's Borrowers’ obligation to reimburse the Issuing Banks for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's Borrowers’ right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' ’ wilful misconduct or gross negligence. The Borrower's Borrowers’ obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's Borrowers’ obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower Borrowers may have now or in the future against the beneficiary, the Issuing Banks or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower Borrowers to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower Borrowers and shall not place the Issuing Banks under any resulting liability to the BorrowerBorrowers. Without limiting the foregoing, the Issuing Banks may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower Borrowers shall not take any steps, issue any instructions to the Issuing Banks or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's ’s obligation to reimburse the Issuing Banks Bank for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' wilful misconduct or gross negligence. The Borrower's ’s obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's ’s obligation be subject to any defence or be affected by any right of set-offsetoff, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the Issuing Banks Bank paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the Issuing Banks Bank or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks Bank of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Bank under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks Bank under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks Bank or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Bank or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 6.8 or any other provision of this Agreement, the Borrower's Borrowers’ obligation to reimburse the Issuing Banks for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's Borrowers’ right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' ’ wilful misconduct or gross negligence. The Borrower's Borrowers’ obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's Borrowers’ obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower Borrowers may have now or in the future against the beneficiary, the Issuing Banks or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower Borrowers to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower Borrowers and shall not place the Issuing Banks under any resulting liability to the BorrowerBorrowers. Without limiting the foregoing, the Issuing Banks may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower Borrowers shall not take any steps, issue any instructions to the Issuing Banks or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. (1) Notwithstanding Section 6.7 9.9 or any other provision of this Agreement, the Borrower's obligation to reimburse the Issuing Banks for a any payment to a beneficiary of an L/C shall be absolute and unconditionalunqualified, but without prejudice to the Borrower's right, after reimbursing the Issuing Banksmaking full reimbursement, to claim damages from the Issuing Banks Bank for matters arising from the Issuing Banks' Bank's wilful misconduct or gross negligence. The Borrower's obligation shall not be reduced by any demand or other request for payment of an L/C (a "Demand") that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C were paid notwithstanding any contrary instructions from the Borrower to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Bank or any other Person under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the Issuing Banks Bank or any other Person under any resulting liability to the Borrower. Without limiting the foregoing, the Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the Issuing Banks Bank or any of its correspondents other Person or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Bank or its correspondents any other Person to honour or pay any Demand. (2) If any L/C remains outstanding after the maturity date or other cancellation of the Revolving Credit, the Borrower's obligations under Section 9.15(1) shall continue, notwithstanding the delivery of Cash Collateral.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's Borrowers' obligation to reimburse the Issuing Banks for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's Borrowers' right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' wilful misconduct or gross negligence. The Borrower's Borrowers' obligation shall not be reduced by any demand or other request for payment of an L/C (a "Demand") that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's Borrowers' obligation be subject to any defence or be affected by any right of set-off, counter-claim or recoupment that the Borrower Borrowers may have now or in the future against the beneficiary, the Issuing Banks or any other Person for any reason whatsoever, including the fact that the Issuing Banks paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower Borrowers to the Issuing Banks or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower Borrowers and shall not place the Issuing Banks under any resulting liability to the BorrowerBorrowers. Without limiting the foregoing, the Issuing Banks may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower Borrowers shall not take any steps, issue any instructions to the Issuing Banks or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 or any other provision of this Agreement, the Borrower's ’s obligation to reimburse the an Issuing Banks Bank for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's right, after reimbursing the Issuing Banks, to claim damages from the Issuing Banks for matters arising from the Issuing Banks' wilful misconduct or gross negligence. The Borrower's ’s obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's ’s obligation be subject to any defence or be affected by any right of set-offsetoff, counter-claim or recoupment that the Borrower may have now or in the future against the beneficiary, the relevant Issuing Banks Bank or any other Person for any reason whatsoever, including the fact that the relevant Issuing Banks Bank paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower to the relevant Issuing Banks Bank or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the relevant Issuing Banks Bank of a Demand. Any action, inaction or omission taken or suffered by the an Issuing Banks Bank under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower and shall not place the relevant Issuing Banks Bank under any resulting liability to the Borrower. Without limiting the foregoing, the an Issuing Banks Bank may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person or entity acting as the representative or in place of, the beneficiary. The Borrower shall not take any steps, issue any instructions to the an Issuing Banks Bank or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the relevant Issuing Banks Bank or its correspondents to honour or pay any Demand.

Reimbursement Obligation - L/Cs. Notwithstanding Section 6.7 4.6 or any other provision of this Agreement, the Borrower's obligation of the Obligor for whose account an L/C was issued to reimburse the Issuing Banks Lender for a payment to a beneficiary of an L/C shall be absolute and unconditional, but without prejudice to the Borrower's Obligor’s right, after reimbursing the Issuing BanksLender, to claim damages from the Issuing Banks Lender for matters arising from the Issuing Banks' Lender’s wilful misconduct or gross negligence. The Borrower's Obligor’s obligation shall not be reduced by any demand or other request for payment of an L/C (a "“Demand"”) that is paid or acted on in good faith and in conformity with Applicable Laws or applicable commercial customs or practices being invalid, insufficient, fraudulent or forged, nor shall the Borrower's its obligation be subject to any defence or be affected by any right of compensation, set-off, counter-claim or recoupment that the Borrower it may have now or in the future against the beneficiary, the Issuing Banks Lender or any other Person for any reason whatsoever, including the fact that the Issuing Banks Lender paid a Demand or Demands (if applicable) aggregating up to the amount of the L/C notwithstanding any contrary instructions from the Borrower Obligor to the Issuing Banks Lender or the occurrence of any event including the commencement of legal proceedings to prohibit payment by the Issuing Banks Lender of a Demand. Any action, inaction or omission taken or suffered by the Issuing Banks Lender under or in connection with an L/C or any Demand, if in good faith and in conformity with Applicable Laws or applicable customs or practices shall be binding on the Borrower Obligors and shall not place the Issuing Banks Lender under any resulting liability to the BorrowerObligors. Without limiting the foregoing, the Issuing Banks Lender may receive, accept or pay as complying with the terms of the L/C, any Demand that is otherwise in order that may be signed by, or issued to, any administrator, executor, trustee in bankruptcy, receiver or other Person person or entity acting as the representative or in place of, the beneficiary. The Borrower No Obligor shall not take any steps, issue any instructions to the Issuing Banks Lender or any of its correspondents or institute any proceedings intended to derogate from the right or ability of the Issuing Banks Lender or its correspondents to honour or pay any Demand. Each Obligor’s obligations under this Section in respect of a particular L/C shall continue until they have been fully performed or the L/C has been cancelled, notwithstanding the expiry of the term of the Credit.