Common use of Role of Issuing Bank Clause in Contracts

Role of Issuing Bank. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, no Issuing Bank shall have any responsibility to obtain any document (other than any sight draft, certificates, and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. No Issuing Bank, no Agent-Related Person, nor any of their respective correspondents, participants, or assignees shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Majority Lenders, as applicable, (ii) any action taken or omitted in the absence of gross negligence or willful misconduct, or (iii) the due execution, effectiveness, validity, or enforceability of any document or instrument related to any Letter of Credit or L/C Application. Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. No Issuing Bank, no Agent-Related Person, nor any of their respective correspondents, participants, or assignees shall be liable or responsible for any of the matters described in clauses (i) through (v)

Role of Issuing Bank. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, no each Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates, certificates and documents expressly required by the any Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. No None of the Issuing Bank, no Agent-Related Person, the Administrative Agent nor any of their the respective correspondents, participants, participants or assignees of such Issuing Bank shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Majority Required Lenders, as applicable, ; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct, ; or (iii) the due execution, effectiveness, validity, validity or enforceability of any document or instrument related to any Letter of Credit or L/C Letter of Credit Application. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude Borrower’s the Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. No None of the Issuing Bank, no the Administrative Agent-Related Person, nor any of their the respective correspondents, participants, participants or assignees of such Issuing Bank shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(j); provided, however, that anything in such clauses to the contrary