Common use of Account Party Clause in Contracts

Account Party. The Borrower hereby authorizes and directs any Letter of Credit Issuer to name any Subsidiary as the “account party” to a Letter of Credit (provided that if any account party is not also a Credit Party, such account party shall execute and deliver a letter of credit application to the Letter of Credit Issuer, and further provided that Letters of Credit for such non-Credit Party shall not exceed $5,000,000 in the aggregate outstanding at any time) and to deliver to the Agent all instruments, documents and other writings and property received by such Letter of Credit Issuer pursuant to a Letter of Credit issued by it, and to accept and rely upon the Agent’s instructions and agreements with respect to all matters arising in connection with Letters of Credit or the application therefor. The Credit Parties shall, in all events, be jointly and severally liable for the obligations of any Subsidiary which is not a Credit Party for whom any Letter of Credit is issued hereunder.

Account Party. The Each Borrower hereby authorizes and directs any Letter of Credit Issuer to name any Subsidiary as the “account party” to a Letter of Credit (provided that if any account party is not also a Credit Party, such account party shall execute and deliver a letter of credit application to the Letter of Credit Issuer, and further provided that Letters of Credit for such non-Subsidiaries which are not Credit Party Parties shall not exceed $5,000,000 in the aggregate outstanding at any time) and to deliver to the Agent all instruments, documents and other writings and property received by such Letter of Credit Issuer pursuant to a Letter of Credit issued by it, and to accept and rely upon the Agent’s instructions and agreements with respect to all matters arising in connection with Letters of Credit or the application therefor. The Credit Parties shall, in all events, be jointly and severally liable for the obligations of any Subsidiary which is not a Credit Party for whom any Letter of Credit is issued hereunder.