Independence. The Borrower acknowledges that the rights and obligations of each Issuing Bank under each Letter of Credit issued by it are independent of the existence, performance or nonperformance of any contract or arrangement underlying such Letter of Credit, including contracts or arrangements between such Issuing Bank and the Borrower (other than the Credit Documents and the Issuer Documents) and between the Borrower and the relevant beneficiary.
Appears in 13 contracts
Samples: Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp), Credit Agreement (California Resources Corp)
Independence. The Borrower acknowledges that the rights and obligations of each the applicable Issuing Bank under each Letter of Credit issued by it are independent of the existence, performance or nonperformance of any contract or arrangement underlying such the Letter of Credit, including contracts or arrangements between such Issuing Bank and the Borrower (other than the Credit Documents and the Issuer Documents) and between the Borrower and the relevant beneficiarybeneficiary of the Letter of Credit.
Appears in 5 contracts
Samples: Revolving Credit Agreement, Credit Agreement (Marathon Petroleum Corp), Credit Agreement (Marathon Petroleum Corp)
Independence. The Borrower acknowledges that the rights and obligations of each the applicable Issuing Bank under each Letter of Credit issued by it are independent of the existence, performance or nonperformance of any contract or arrangement underlying such Letter of Credit, including contracts or arrangements between such Issuing Bank and the Borrower (other than the Credit Documents and the Issuer Documents) and between the Borrower and the relevant beneficiarybeneficiary of such Letter of Credit.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Marathon Petroleum Corp), Revolving Credit Agreement (MPLX Lp), Credit Agreement (Marathon Petroleum Corp)
Independence. The Borrower acknowledges that the rights and obligations of each the Issuing Bank under each Letter of Credit issued by it are independent of the existence, performance or nonperformance of any contract or arrangement underlying such Letter of Credit, including contracts or arrangements between such the Issuing Bank and the Borrower (other than the Credit Documents and the Issuer Documents) and between the Borrower and the relevant beneficiarybeneficiary of such Letter of Credit.
Appears in 2 contracts
Samples: Credit Agreement (Five Star Senior Living Inc.), Credit Agreement (Five Star Quality Care, Inc.)
Independence. The Each Borrower acknowledges that the rights and obligations of each Issuing Bank under each Letter of Credit issued by it are is independent of the existence, performance or nonperformance of any contract or arrangement underlying such Letter of Credit, including contracts or arrangements between such any Issuing Bank and the any Borrower (other than the Credit Documents and the Issuer Documents) and between the such Borrower and the relevant beneficiary.
Appears in 1 contract
Samples: Credit Agreement (KKR & Co. L.P.)
