Common use of Restriction on Liability Clause in Contracts

Restriction on Liability. No Issuing Bank nor any bank which is a confirming bank or an advising bank with respect to any Letter of Credit (in this section called a "correspondent") shall be responsible for (a) the use which may be made of any Letter of Credit or for any acts or omissions of the users of any Letter of Credit; (b) the existence or nonexistence of a default under any instrument secured or supported by any Letter of Credit or any other event which gives rise to a right to call upon any Letter of Credit; (c) the validity, sufficiency or genuineness of any document delivered in connection with any Letter of Credit, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged; (d) except as specifically required by any Letter of Credit, failure of any instrument to bear any reference or adequate reference to any Letter of Credit, or failure of documents to accompany any draft at negotiation or failure of any person to note the amount of any draft on the reverse of any Letter of Credit or surrender or takeup any Letter of Credit; or (e) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, cable, telegraph, wireless or otherwise. No Issuing Bank shall be responsible for any act, error, neglect or default, omission, insolvency or failure in the business of any of the correspondents or any refusal by an Issuing Bank or any of the correspondents to pay or honor drafts drawn under any Letter of Credit because of any applicable law, decree or edict, legal or illegal, of any governmental agency now or hereafter enforced or for any matter beyond the control of an Issuing Bank. The happening of any one or more of the contingencies referred to in the preceding clauses of this paragraph shall not affect, impair or prevent the vesting of any of the rights or powers

Restriction on Liability. No Issuing Bank nor any bank which is a confirming bank or an advising bank with respect to any Letter of Credit (in this section called a "correspondentCORRESPONDENT") shall be responsible for (a) the use which may be made of any Letter of Credit or for any acts or omissions of the users of any Letter of Credit; (b) the existence or nonexistence of a default under any instrument secured or supported by any Letter of Credit or any other event which gives rise to a right to call upon any Letter of Credit; (c) the validity, sufficiency or genuineness of any document delivered in connection with any Letter of Credit, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged; (d) except as specifically required by any Letter of Credit, failure of any instrument to bear any reference or adequate reference to any Letter of Credit, or failure of documents to accompany any draft at negotiation or failure of any person to note the amount of any draft on the reverse of any Letter of Credit or surrender or takeup any Letter of Credit; or (e) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, cable, telegraph, wireless or otherwise. No Issuing Bank shall be responsible for any act, error, neglect or default, omission, insolvency or failure in the business of any of the correspondents or any refusal by an Issuing Bank or any of the correspondents to pay or honor drafts drawn under any Letter of Credit because of any applicable law, decree or edict, legal or illegal, of any governmental agency now or hereafter enforced or for any matter beyond the control of an Issuing Bank. The happening of any one or more of the contingencies referred to in the preceding clauses of this paragraph shall not affect, impair or prevent the vesting of any of the rights or powerspowers of Issuing Banks and Lenders under this Agreement, or the obligation of Borrower to make reimbursement. In furtherance and extension and not in limitation of the specific provisions hereinabove set forth Borrower agrees that any action, not contrary to the terms of any Letter of Credit issued on its behalf, which is taken or omitted to be taken by any Issuing Bank or any Lender or by any correspondent under or in connection with any Letter of Credit shall be binding on Borrower and shall not put any Issuing Bank or any Lender or any correspondent under any resulting liability to Borrower unless grossly negligent or in breach of good faith.

Restriction on Liability. No Neither Issuing Bank nor any bank which is a confirming bank or an advising bank with respect to any Letter of Credit an LC (in this section called a "correspondent") shall be responsible for (a) the use which may be made of any Letter of Credit LC or for any acts or omissions of the users of any Letter of CreditLC; (b) the existence or nonexistence of a default under any instrument secured or supported by any Letter of Credit LC or any other event which gives rise to a right to call upon any Letter of CreditLC; (c) the validity, sufficiency or genuineness of any document delivered in connection with any Letter of CreditLC, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged; (d) except as specifically required by any Letter of Creditan LC, failure of any instrument to bear any reference or adequate reference to any Letter of CreditLC, or failure of documents to accompany any draft at negotiation or failure of any person to note the amount of any draft on the reverse of any Letter of Credit LC or surrender or takeup take up any Letter of CreditLC; or (e) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, cable, telegraph, wireless or otherwise. No Issuing Bank shall not be responsible for any act, error, neglect or default, omission, insolvency or failure in the business of any of the correspondents or any refusal by an Issuing Bank or any of the correspondents to pay or honor drafts drawn under any Letter of Credit LC because of any applicable law, decree or edict, legal or illegal, of any governmental agency now or hereafter enforced or for any matter beyond the control of an Issuing Bank. The happening of any one or more of the contingencies referred to in the preceding clauses of this paragraph shall not affect, impair or prevent the vesting of any of the rights or powerspowers of Issuing Bank and Tranche B Lenders under this Agreement, or the obligation of Borrower to make reimbursement. In furtherance and extension and not in limitation of the specific provisions hereinabove set forth Borrower agrees that any action taken or omitted to be taken by Issuing Bank or any Tranche B Lender or by any correspondent under or in connection with any LC shall be binding on Borrower and shall not put Issuing Bank or any Tranche B Lender or any correspondent under any resulting liability to Borrower unless grossly negligent or in breach of good faith.

Restriction on Liability. No Neither Issuing Bank nor any bank ------------------------ which is a confirming bank or an advising bank with respect to any Letter of Credit an LC (in this section called a "correspondent") shall be responsible for (a) the use which may be made of any Letter of Credit LC or for any acts or omissions of the users of any Letter of CreditLC; (b) the existence or nonexistence of a default under any instrument secured or supported by any Letter of Credit LC or any other event which gives rise to a right to call upon any Letter of CreditLC; (c) the validity, sufficiency or genuineness of any document delivered in connection with any Letter of CreditLC, even if such documents should in fact prove to be in any or all respects invalid, fraudulent or forged; (d) except as specifically required by any Letter of Creditan LC, failure of any instrument to bear any reference or adequate reference to any Letter of CreditLC, or failure of documents to accompany any draft at negotiation or failure of any person to note the amount of any draft on the reverse of any Letter of Credit LC or surrender or takeup take up any Letter of CreditLC; or (e) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, cable, telegraph, wireless or otherwise. No Issuing Bank shall not be responsible for any act, error, neglect or default, omission, insolvency or failure in the business of any of the correspondents or any refusal by an Issuing Bank or any of the correspondents to pay or honor drafts drawn under any Letter of Credit LC because of any applicable law, decree or edict, legal or illegal, of any governmental agency now or hereafter enforced or for any matter beyond the control of an Issuing Bank. The happening of any one or more of the contingencies referred to in the preceding clauses of this paragraph shall not affect, impair or prevent the vesting of any of the rights or powerspowers of Issuing Bank and Lenders under this Agreement, or the obligation of Borrower to make reimbursement. In furtherance and extension and not in limitation of the specific provisions hereinabove set forth Borrower agrees that any action taken or omitted to be taken by Issuing Bank or any Lender or by any correspondent under or in connection with any LC shall be binding on Borrower and shall not put Issuing Bank or any Lender or any correspondent under any resulting liability to Borrower unless grossly negligent or in breach of good faith.