Common use of Failure to Remit Clause in Contracts

Failure to Remit. The Grantor shall not be: (a) responsible for any loss or liability arising out of its failure, or the failure of its relevant branch, owing to causes outside its control (such as, but not limited to, the imposition of foreign exchange restrictions) to remit to the Participant any amount due to it under any Funded Participation; or (b) except as otherwise provided in Clause 4.5, liable to remit to the Participant any amount greater than the relevant Participant’s Proportion of any amount it receives (whether by way of actual payment, the exercise of any right of set-off or otherwise) in respect of any Participated Tranche or Loan or Ancillary Rights and Claims.