Common use of Transport Documents and XXXx Clause in Contracts

Transport Documents and XXXx. If Bank issues a LOI or endorses a bill of lading at the Instruction of Applicant, then: (i) except as may be otherwise set forth herein, such LOI shall be deemed issued by Bank subject to the same terms and conditions set forth herein for Credits (including payment obligations, indemnification provisions and limitations of liability); (ii) Applicant shall be liable for any payment made under such LOI on demand; (iii) Bank shall have the right in its sole discretion and without notice to or approval of Applicant, to pay, settle or adjust any claim or demand made against or upon Bank in connection therewith without inquiry or determination, on Bank’s part, of the circumstances, merits or validity of such claim or demand; (iv) Applicant shall take whatever steps are reasonably necessary to obtain the shipping documents relating to such LOI; (v) promptly following Applicant’s receipt of such shipping documents, Applicant shall deliver them to the carrier, duly endorsed by all parties whose endorsement is required by the carrier, and obtain from the carrier and deliver to Bank, the LOI and a release of Bank’s liability to the carrier; (vi) Bank is hereby authorized to honor any drawing under the Credit related to such LOI, whether or not the drawing complies with the terms and conditions of such Credit; and (vii) Applicant acknowledges that it may be required to reimburse Bank for payments made by Bank under both such LOI and the Credit related to such LOI.).

Transport Documents and XXXx. If Bank issues a LOI or endorses a bill of lading at the Instruction of Applicant, then: (i) except as may be otherwise set forth herein, such LOI shall be deemed issued by Bank subject to the same terms and conditions set forth herein for Credits (including payment obligations, indemnification provisions and limitations of liability); (iiv) Applicant shall be liable for any payment made under such LOI on demand; (iiivi) Bank shall have the right in its sole discretion and without notice to or approval of Applicant, to pay, settle or adjust any claim or demand made against or upon Bank in connection therewith without inquiry or determination, on Bank’s part, of the circumstances, merits or validity of such claim or demand; (ivvii) Applicant shall take whatever steps are reasonably necessary to obtain the shipping documents relating to such LOI; (vviii) promptly following Applicant’s receipt of such shipping documents, Applicant shall deliver them to the carrier, duly endorsed by all parties whose endorsement is required by the carrier, and obtain from the carrier and deliver to Bank, the LOI and a release of Bank’s liability to the carrier; (viix) Bank is hereby authorized to honor any drawing under the Credit related to such LOI, whether or not the drawing complies with the terms and conditions of such Credit; and (viix) Applicant acknowledges that it may be required to reimburse Bank for payments made by Bank under both such LOI and the Credit related to such LOI.).

Transport Documents and XXXx. If Bank issues a LOI or endorses a bill xxxx of lading at the Instruction of Applicant, then: (i) except as may be otherwise set forth herein, such LOI shall be deemed issued by Bank subject to the same terms and conditions set forth herein for Credits (including payment obligations, indemnification provisions and limitations of liability); (ii) Applicant shall be liable for any payment made under such LOI on demand; (iii) Bank shall have the right in its sole discretion and without notice to or approval of Applicant, to pay, settle or adjust any claim or demand made against or upon Bank in connection therewith without inquiry or determination, on Bank’s part, of the circumstances, merits or validity of such claim or demand; (iv) Applicant shall take whatever steps are reasonably necessary to obtain the shipping documents relating to such LOI; (v) promptly following Applicant’s receipt of such shipping documents, Applicant shall deliver them to the carrier, duly endorsed by all parties whose endorsement is required by the carrier, and obtain from the carrier and deliver to Bank, the LOI and a release of Bank’s liability to the carrier; (vi) Bank is hereby authorized to honor any drawing under the Credit related to such LOI, whether or not the drawing complies with the terms and conditions of such Credit; and (vii) Applicant acknowledges that it may be required to reimburse Bank for payments made by Bank under both such LOI and the Credit related to such LOI.).

Transport Documents and XXXx. If Bank issues a LOI or endorses a bill xxxx of lading at the Instruction of Applicant, then: (i) except as may be otherwise set forth herein, such LOI shall be deemed issued by Bank subject to the same terms and conditions set forth herein for Credits (including payment obligations, indemnification provisions and limitations of liability); (ii) Applicant shall be liable for any payment made under such LOI on demand; (iii) Bank shall have the right in its sole discretion and without notice to or approval of Applicant, to pay, settle or adjust any claim or demand made against or upon Bank in connection therewith without inquiry or determination, on Bank’s 's part, of the circumstances, merits or validity of such claim or demand; (iv) Applicant shall take whatever steps are reasonably necessary to obtain the shipping documents relating to such LOI; (v) promptly following Applicant’s 's receipt of such shipping documents, Applicant shall deliver them to the carrier, duly endorsed by all parties whose endorsement is required by the carrier, and obtain from the carrier and deliver to Bank, the LOI and a release of Bank’s 's liability to the carrier; (vi) Bank is hereby authorized to honor any drawing under the Credit related to such LOI, whether or not the drawing complies with the terms and conditions of such Credit; and (vii) Applicant acknowledges that it may be required to reimburse Bank for payments made by Bank under both such LOI and the Credit related to such LOI.).