Common use of No Liability of the Bank Clause in Contracts

No Liability of the Bank. ACE assumes all risks of the acts or omissions of any beneficiary or transferee of any LOC with respect to its use of such LOC. Neither the Bank nor any of its officers, directors, employees or agents shall be liable or responsible for: (a) the use that may be made of any LOC or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the Bank against presentation of documents that do not strictly comply with the terms of an LOC, including failure of any documents to bear any reference or adequate reference to the LOC; or (d) any other circumstances whatsoever in making or failing to make payment under any LOC; provided that ACE shall have a claim against the Bank, and the Bank shall be liable to ACE, to the extent of any direct, but not consequential, damages suffered by ACE resulting from (i) the Bank’s willful misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any LOC comply with the terms of such LOC or (ii) the Bank’s willful failure to make lawful payment under an LOC after the presentation to it of a draft and certificates strictly complying with the terms and conditions of such LOC. In furtherance and not in limitation of the foregoing, the Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

No Liability of the Bank. ACE The Borrower assumes all risks of the acts or omissions of any beneficiary or transferee of any LOC Letter of Credit with respect to its use of such LOCLetter of Credit. Neither the Bank nor any of its officers, directors, employees officers or agents directors shall be liable or responsible for: (ai) the use that may be made of any LOC Letter of Credit or any acts or omissions of any beneficiary or transferee in connection therewith; (bii) the validity, sufficiency or genuineness of documentsDocuments, or of any endorsement thereon, even if such documents Documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (ciii) payment by the Bank against presentation presentment of documents that do not strictly comply with the terms of an LOCa Letter of Credit, including failure of any documents to bear any reference or adequate reference to the LOCLetter of Credit; or (div) any other circumstances whatsoever in making or failing to make payment under any LOC; provided Letter of Credit, except that ACE the Borrower shall have a claim against the Bank, and the Bank shall be liable to ACEthe Borrower, to the extent of any direct, but not consequential, damages suffered by ACE resulting from the Borrower that the Borrower proves were caused by (iA) the Bank’s 's willful misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any LOC Standby Letter of Credit comply with the terms of such LOC the Letter of Credit, or (iiB) the Bank’s 's willful failure to make lawful payment under an LOC a Letter of Credit after the presentation to it of a draft and certificates strictly complying with the terms and conditions of such LOCthe Letter of Credit. In furtherance and not in limitation of the foregoing, the Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.

No Liability of the Bank. ACE assumes all risks of the acts or omissions of any beneficiary or transferee of any LOC with respect to its use of such LOC. Neither the Bank nor any of its officers, directors, employees or agents shall be liable or responsible for: (a) the use that may be made of any LOC or any acts or omissions of any beneficiary or transferee in connection therewith; (b) the validity, sufficiency or genuineness of documents, or of any endorsement thereon, even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the Bank against presentation of documents that do not strictly comply with the terms of an LOC, including failure of any documents to bear any reference or adequate reference to the LOC; or (d) any other circumstances whatsoever in making or failing to make payment under any LOC; provided that ACE shall have a claim against the Bank, and the Bank shall be liable to ACE, only to the extent of any direct, but not consequential, damages suffered by ACE resulting from (i) the Bank’s willful misconduct or gross negligence as determined in a final, non-appealable judgment by a court of competent jurisdiction in determining whether documents presented under any LOC comply with the terms of such LOC or (ii) the Bank’s willful failure to make lawful payment under an LOC after the presentation to it of a draft and certificates strictly complying with the terms and conditions of such LOC. In furtherance and not in limitation of the foregoing, the Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary.