Common use of Risk Under Letters of Credit Clause in Contracts

Risk Under Letters of Credit. (a) In the administration and handling of Letters of Credit and any security therefor, or any documents or instruments given in connection therewith, Bank shall have the sole right, in its discretion, to take or refrain from taking any and all actions under or upon the Letters of Credit. (b) Subject to other terms and conditions of the Agreement, Bank shall issue the Letters of Credit and shall hold the documents related thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with Bank’s regularly established practices and procedures and Bank will have no further obligation with respect thereto. In the administration of Letters of Credit, Bank shall not be liable for any action taken or omitted in good faith reliance on the advice of counsel, accountants, appraisers or other experts selected by Bank and Bank may rely upon any notice, communication, certificate or other statement from any Borrower, beneficiaries of Letters of Credit, or any other Person which Bank believes to be authentic. (c) In connection with the issuance and administration of Letters of Credit and the assignments hereunder, Bank makes no representation and shall have no responsibility with respect to (i) the obligations of any Borrower or any other Person or the validity, sufficiency or enforceability of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial condition of, any representations made by, or any act or omission of, any Borrower or any other Person, or (iii) any failure or delay in exercising any rights or powers possessed by Bank in its capacity as issuer of Letters of Credit in the absence of its gross negligence or willful misconduct.

Risk Under Letters of Credit. (a) In the administration and handling of Letters of Credit and any security therefor, or any documents or instruments given in connection therewith, Bank shall have the sole right, in its discretiondiscretion following commercially reasonable standards, to take or refrain from taking any and all actions under or upon the Letters of Credit. (b) Subject to other terms and conditions of the this Agreement, Bank shall issue the Letters of Credit and shall hold the documents related thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with Bank’s 's regularly established practices and procedures and Bank will have no further obligation with respect thereto. In the administration of Letters of Credit, Bank shall not be liable for any action taken or omitted in good faith reliance on the advice of counsel, accountants, appraisers or other experts selected by Bank and Bank may rely upon any notice, communication, certificate or other statement from any Borrower, beneficiaries of Letters of Credit, or any other Person which Bank reasonably believes to be authentic. (c) In connection with the issuance and administration of Letters of Credit and the assignments hereunder, Bank makes no representation and shall have no responsibility with respect to (i) the obligations of any Borrower or any other Person (other than Bank) or the validity, sufficiency or enforceability of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial condition of, any representations made by, or any act or omission of, any Borrower Borrower, or any other PersonPerson (other than Bank), or (iii) any failure or delay in exercising any rights or powers possessed by Bank in its capacity as issuer of Letters of Credit in the absence of its gross negligence or willful misconduct.

Risk Under Letters of Credit. (a1) In the administration and handling of Letters of Credit and any security therefor, or any documents or instruments given in connection therewith, Bank Agent shall have the sole right, in its discretion, right to take or refrain from taking any and all actions under or upon the Letters of Credit. (b1) Subject to other terms and conditions of the this Agreement, Bank Agent shall issue the Letters of Credit and shall hold the documents related thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with Bank’s Agent's regularly established practices and procedures and Bank and, except pursuant to Section 12.3 hereof, Agent will have no further obligation with respect thereto. In the administration of Letters of Credit, Bank Agent shall not be liable for any action taken or omitted in good faith reliance on the advice of counsel, accountants, appraisers or other experts selected by Bank Agent with due care and Bank Agent may rely upon any notice, communication, certificate or other statement from Company, any BorrowerAccount Party, beneficiaries of Letters of Credit, or any other Person which Bank Agent believes to be authentic. Agent will, upon request, furnish the Banks with copies of Letter of Credit Agreements, Letters of Credit and documents related thereto. (c2) In connection with the issuance and administration of Letters of Credit and the assignments hereunder, Bank Agent makes no representation and shall have no responsibility with respect to (i) the obligations of any Borrower Company or any other Person Account Party or the validity, sufficiency or enforceability of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial condition of, any representations made by, or any act or omission of, any Borrower Company, the applicable Account Party or any other Person, or (iii) any failure or delay in exercising any rights or powers possessed by Bank Agent in its capacity as issuer of Letters of Credit in the absence of its gross negligence or willful misconduct. Each of the Banks expressly acknowledges that they have made and will continue to make their own evaluations of Company's and the Account Parties' creditworthiness without reliance on any representation of Agent or Agent's officers, agents and employees. (3) If at any time Agent shall recover any part of any unreimbursed amount for any draw or other demand for payment under a Letter of Credit, or any interest thereon, Agent shall receive same for the pro rata benefit of the Banks in accordance with their respective Percentages and shall promptly deliver to each Bank its share thereof, less such Bank's pro rata share of the costs of such recovery, including court costs and attorney's fees. If at any time any Bank shall receive from any source whatsoever any payment on any such unreimbursed amount or interest thereon in excess of such Bank's Percentage of such payment, such Bank will promptly pay over such excess to Agent, for redistribution in accordance with this Agreement.

Risk Under Letters of Credit. (a) In the administration and handling of Letters of Credit and any security therefortherefore, or any documents or instruments given in connection therewith, Bank Lender shall have the sole right, in its discretion, to take or refrain from taking any and all actions under or upon the Letters of Credit. (b) Subject to other terms and conditions of the this Agreement, Bank Lender shall issue the Letters of Credit and shall hold the documents related thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with BankLender’s regularly established practices and procedures and Bank will Lender shall have no further obligation with respect thereto. In the administration of Letters of Credit, Bank Lender shall not be liable for any action taken or omitted in good faith reliance on the advice of counsel, accountants, appraisers or other experts selected by Bank Lender and Bank Lender may rely upon any notice, communication, certificate or other statement from any Borrower, beneficiaries of Letters of Credit, or any other Person which Bank Lender believes to be authentic. (c) In connection with the issuance and administration of Letters of Credit and the assignments hereunder, Bank Lender makes no representation and shall have no responsibility with respect to (i) the obligations of any Borrower or any other Person or the validity, sufficiency or enforceability of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial condition of, any representations made by, or any act or omission of, any Borrower Borrower, or any other Person, or (iii) any failure or delay in exercising any rights or powers possessed by Bank Lender in its capacity as issuer of Letters of Credit in the absence of its gross negligence or willful misconduct.

Risk Under Letters of Credit. (a) In the administration and handling of Letters of Credit and any security therefor, or any documents or instruments given in connection therewith, Bank shall have the sole right, in its discretion, to take or refrain from taking any and all actions under or upon the Letters of Credit. (b) Subject to other terms and conditions of the this Agreement, Bank shall issue the Letters of Credit and shall hold the documents related thereto in its own name and shall make all collections thereunder and otherwise administer the Letters of Credit in accordance with Bank’s 's regularly established practices and procedures and Bank will have no further obligation with respect thereto. In the administration of Letters of Credit, Bank shall not be liable for any action taken or omitted in good faith reliance on the advice of counsel, accountants, appraisers appraiser or other experts selected by Bank and Bank may rely upon any notice, communication, certificate or other statement from any the Borrower, beneficiaries of Letters of Credit, or any other Person which Bank believes to be authentic. (c) In connection with the issuance and administration of Letters of Credit and the assignments hereunder, Bank makes no representation and shall have no responsibility with respect to (i) the obligations of any Borrower Obligor or any other Person or the validity, sufficiency or enforceability of any document or instrument given in connection therewith, or the taking of any action with respect to same, (ii) the financial condition of, any representations made by, or any act or omission of, any Borrower Obligor, or any other Person, or (iii) any failure or delay in exercising any rights or powers possessed by Bank in its capacity as issuer of Letters of Credit in the absence of its gross negligence or willful misconduct.