Common use of Fails Clause in Contracts

Fails. The Remarketing Agent will not be liable to the Issuer, the Borrower, the Trustee, the Tender Agent, or the Bank on account of the failure of any person to whom the Remarketing Agent has sold a Bond to pay for such Bond or to deliver any document in respect of the sale, except to the extent of its willful misconduct or negligence. It is understood and agreed that the Remarketing Agent shall not be obligated to advance its own funds to purchase, or to effect the purchase of, any Bonds.

Fails. The Remarketing Agent will not be liable to the Issuer, the Borrower, the Trustee, the Tender Agent, Agent or the Bank on account of the failure of any person to whom the Remarketing Agent has sold a Bond to pay for such Bond or to deliver any document in respect of the sale, except to the extent of its willful misconduct or negligence. It is understood and agreed that the Remarketing Agent shall not be obligated to advance its own funds to purchase, or to effect the purchase of, any Bonds.

Fails. The Remarketing Agent will not be liable to the IssuerAuthority, the Borrower, the Trustee, the Tender Agent, or the Bank on account of the failure of any person to whom the Remarketing Agent has sold a Bond to pay for such Bond or to deliver any document in respect of the sale, except to the extent of its willful misconduct or negligence. It is understood and agreed that the Remarketing Agent shall not be obligated to advance its own funds to purchase, or to effect the purchase of, any Bonds.