Common use of Continuation of Liability Clause in Contracts

Continuation of Liability. Regardless of the expiry date of any Letter of Credit, the Applicant shall remain liable hereunder until the Bank is released from liability by every Person that is entitled to draw or demand payment under each Letter of Credit issued pursuant hereto.

Appears in 6 contracts

Sources: Loan and Security Agreement (ModusLink Global Solutions Inc), Credit Agreement (Nashua Corp), Revolving Credit Agreement (Winmark Corp)

Continuation of Liability. Regardless of the expiry date of any Letter of Credit, the Applicant shall remain liable hereunder until the Bank is released from liability by every Person person that is entitled to draw or demand payment under each Letter of Credit issued pursuant hereto.

Appears in 1 contract

Sources: Master Letter of Credit Agreement (Usg Corp)

Continuation of Liability. Regardless of the expiry date of any a Letter of Credit, the Applicant shall remain liable hereunder until the Bank is released from liability by every Person that is entitled to draw or demand payment under each Letter of Credit issued pursuant hereto.

Appears in 1 contract

Sources: Letter of Credit and Reimbursement Agreement (Illinois Power Generating Co)