Common use of Payment Obligations Unconditional Clause in Contracts

Payment Obligations Unconditional. The payment obligations of the Borrower under this subsection 2.1.4 shall be unconditional and irrevocable and shall be paid strictly in accordance with this Agreement and the applicable LC Applications regardless of the circumstances. Without limiting the ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ of the following circumstances shall reduce, discharge, stay, defer or impair in any other manner the payment obligations of the Borrowers under this part: (i) any lack of validity or enforceability of any Letter of Credit, any LC Application, this Agreement or any related document; (ii) any amendment, waiver, release or termination of or any consent to departure from the terms of any Letter of Credit, any LC Application, this Agreement or any related document; (iii) any extension of time or other modification or the terms and conditions governing the making and honoring of any drawing, or any extension of time or other modification of the terms and conditions for any other act to be performed under the terms of any Letter of Credit; (iv) the existence of any claim, set-off, defense or other right which any Borrower may have at any time against any beneficiary under, or any transferee of, any Letter of Credit (or any person for whom any such beneficiary or transferee may hold a Letter of Credit or any interest therein), or the Lender or any other person, regardless of whether such claim, set-off, defense or other right is held or asserted in connection with this Agreement or any unrelated transaction; (v) the surrender or impairment of any security for the Obligations; (vi) any demand, draft, certification, statement or any other document presented under any Letter of Credit being forged or otherwise fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (vii) payment by the Lender under any Letter of Credit against presentation of a draft, certificate or other documentation which does not comply with the terms of such Letter of Credit, except to the extent that such payment constitutes gross negligence or willful misconduct of the Lender; or (viii) any other circumstance or occurrence whatsoever, whether or not similar to any of the foregoing, except to the extent resulting principally from the gross negligence or willful misconduct of the Lender.

Payment Obligations Unconditional. The payment obligations of the Borrower BORROWERS under this subsection 2.1.4 Section 2.2 shall be unconditional absolute, unconditional, and irrevocable and shall be paid strictly in accordance with this Agreement and the applicable LC Applications AGREEMENT regardless of the circumstances. Without limiting the ▇▇▇▇▇▇▇▇▇foregoing, ▇▇▇▇ none of the following circumstances shall reduce, discharge, stay, defer or impair in any other manner the payment obligations of any of the Borrowers BORROWERS under this partSection 2.2: (i) a. any lack of validity or enforceability of any Letter of Credit, any LC Application, this Agreement LETTER OF CREDIT or any related documentLOAN DOCUMENT; (ii) b. any amendment, waiver, release or termination of or any consent to departure from the terms of any Letter of Credit, any LC Application, this Agreement LETTER OF CREDIT or any related documentLOAN DOCUMENT; (iii) c. any extension of time or other modification or the terms and conditions governing the making and honoring of any drawing, or any extension of time or other modification of the terms and conditions for any other act to be performed under the terms of any Letter of CreditLETTER OF CREDIT; (iv) d. the existence of any dispute, claim, set-off, defense or other right which any Borrower of the BORROWERS may have at any time against any beneficiary under, or any transferee of, any Letter of Credit LETTER OF CREDIT (or any person PERSONS for whom any such beneficiary or transferee may hold a Letter of Credit LETTER OF CREDIT or any interest therein), or the Lender LENDER or any other personPERSON, regardless of whether such dispute, claim, set-off, defense or other right is held or asserted in connection with this Agreement AGREEMENT or any unrelated transaction; (v) e. the surrender or impairment of any security for the ObligationsOBLIGATIONS; (vi) f. any demandquestion of form, draftvalidity, certificationaccuracy, statement legal effect, or genuineness of drafts, endorsements, documents or required statements, even if such drafts, endorsements, documents or statements should in fact prove to be in any or all respects invalid, inaccurate, fraudulent or forged or any other document presented under failure of any Letter of Credit being forged draft to bear any reference or otherwise fraudulent, invalid or insufficient in adequate reference to any respect or any statement therein being untrue or inaccurate in any respectLETTER OF CREDIT; (vii) g. payment by the Lender LENDER under any Letter of Credit LETTER OF CREDIT against presentation of a draft, certificate or other documentation which does not comply with the terms of such Letter of CreditLETTER OF CREDIT, except to the extent that such payment constitutes gross negligence or willful wilful misconduct of the LenderLENDER; or (viii) h. any other circumstance or occurrence whatsoever, whether or not similar to any of the foregoing, except to the extent resulting principally from the gross negligence or willful wilful misconduct of the LenderLENDER.