Common use of Role of Issuing Bank Clause in Contracts

Role of Issuing Bank. (a) Nothing in this Agreement constitutes the Issuing Bank a trustee or fiduciary of any other Person. The Issuing Bank shall not be bound to account to any Bank for any sum or the profit element of any sum received by it for its own account. (b) Upon receiving notice of any demand for payment under a Letter of Credit, the Issuing Bank shall notify the Banks, and each Bank shall assume responsibility for the performance of its obligations under the Letter of Credit in respect of the demand. (c) Save to the extent of its own payment obligation in its capacity as a Bank, the Issuing Bank shall have no obligation to make any payment in respect of any demand for payment under a Letter of Credit, and in particular the Issuing Bank shall not be required to fund any part of the obligations of any other Bank in respect of any such demand. (d) The Issuing Bank may: (i) accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group; (ii) rely on any representation, notice or document believed by it to be genuine, correct and appropriately authorised and any statement made by a director, authorised signatory or employee of any Person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; or (iii) engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. (e) The Issuing Bank is not responsible for: (i) the adequacy, accuracy and/or completeness of any information (whether oral or written) provided by any Bank or Obligor, the transactions contemplated by this Agreement or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement; or (ii) the legality, validity, effectiveness, adequacy or enforceability of this Agreement or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreement.

Role of Issuing Bank. (a) Nothing in this Agreement constitutes the Issuing Bank as a trustee or fiduciary of any other Person. person. (b) The Issuing Bank shall not be bound to account to any Bank Lender for any sum or the profit element of any sum received by it for its own account. (b) Upon receiving notice of any demand for payment under a Letter of Credit, the Issuing Bank shall notify the Banks, and each Bank shall assume responsibility for the performance of its obligations under the Letter of Credit in respect of the demand. (c) Save to the extent of its own payment obligation in its capacity as a Bank, the Issuing Bank shall have no obligation to make any payment in respect of any demand for payment under a Letter of Credit, and in particular the Issuing Bank shall not be required to fund any part of the obligations of any other Bank in respect of any such demand. (d) The Issuing Bank may: (i) may accept deposits from, lend fend money to and generally engage in any kind of banking or other business with any member of the Group;. (iid) The Issuing Bank may rely on on: (i) any representation, notice or document believed by it to be genuine, correct and appropriately authorised and authorised; and (ii) any statement made by a director, authorised signatory or employee of any Person person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; or. (iiie) The Issuing Bank may engage, pay for and rely on the advice or services of any lawyers, accountantsreasonably required, surveyors or other expertsin respect of any demand under a Letter of Credit. (ef) The Issuing Bank may act in relation to the Finance Documents through its personnel and agents and may engage a corresponding bank to issue the Letter of Credit. (g) The Issuing Bank is not responsible for: (i) the adequacy, accuracy and/or completeness of any information (whether oral or written) provided by the Facility Agent, a corresponding bank, any Bank Party (including itself), or Obligorany other person under or in connection with any Finance Document, the transactions transaction contemplated by this Agreement the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreementany Finance Document; or (ii) the legality, validity, effectiveness, adequacy or enforceability of this Agreement any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this Agreementany Finance Document.

Role of Issuing Bank. (ai) Nothing in this Agreement constitutes the Issuing Bank as a trustee or fiduciary of any other Person. fiduciary. (ii) The Issuing Bank shall not be bound to account to any Bank Revolving Lender for any sum or the profit element of any sum received by it for its own account. (b) Upon receiving notice of any demand for payment under a Letter of Credit, the Issuing Bank shall notify the Banks, and each Bank shall assume responsibility for the performance of its obligations under the Letter of Credit in respect of the demand. (c) Save to the extent of its own payment obligation in its capacity as a Bank, the Issuing Bank shall have no obligation to make any payment in respect of any demand for payment under a Letter of Credit, and in particular the Issuing Bank shall not be required to fund any part of the obligations of any other Bank in respect of any such demand. (diii) The Issuing Bank may: (i) may accept deposits from, lend money to and generally engage in any kind of banking or other business with the Norwegian Borrower or any member of the Groupits Subsidiaries; (iiiv) The Issuing Bank may rely on (A) any representation, notice or document believed by it to be genuine, correct and appropriately authorised authorized, and (B) any statement made by a director, authorised authorized signatory or employee of any Person person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify; orverify ; (iiiv) The Issuing Bank may engage, pay for and rely on the advice or services of any lawyerscounsel, accountants, surveyors accountants or other expertsexperts (it being understood that the Borrowers shall have no obligation to indemnify the Issuing Lender for costs of such Persons). (evi) The Issuing Bank may act in relation to the Loan Documents through its personnel and agents. (vii) The Issuing Bank is not responsible for: for (iA) the adequacy, accuracy and/or completeness of any information (whether oral or written) provided supplied by any Bank or Obligorthe Issuing Bank, the transactions contemplated by this Agreement Revolving Credit Administrative Agent, the Arrangers, any Loan Party or any other person given in or in connection with any Loan Document, and (B) the legality, validity, effectiveness, adequacy or enforceability of any Loan Document or any other agreement, arrangement or document entered into, made or executed in anticipation ofof or in connection with any Loan Document. (viii) Without affecting the responsibility of any Loan Party for any information supplied by it or on its behalf in connection with any Loan Documents, each Revolving Lender confirms to the Issuing Bank that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement; or (ii) the legality, validity, effectiveness, adequacy or enforceability of this Agreement or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with this AgreementFinance Document.