Common use of Unconditional Clause in Contracts

Unconditional. The obligations of the Borrower under this Agreement in respect of each Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including, without limitation, the following circumstances: (i) any lack of validity or enforceability of any Letter of Credit Documents; (ii) any amendment or waiver of, or any consent to departure from, any Letter of Credit Documents; (iii) the existence of any claim, set-off, defense or other right which the Borrower may have at any time against any beneficiary or transferee of such Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Lender or any other person or entity, whether in connection with this Agreement, the transactions contemplated in this Agreement or in any Letter of Credit Documents or any unrelated transaction; (iv) any statement or any other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect to the extent the Issuing Lender would not be liable therefor pursuant to the following paragraph (e); (v) payment by the Issuing Lender under such Letter of Credit against presentment of a draft or certificate which does not comply with the terms of such Letter of Credit (unless such failure to comply is evident on the face of such draft or certificate and such payment would constitute gross negligence or willful misconduct by the Issuing Lender); or (vi) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing; PROVIDED, HOWEVER, that nothing contained in this paragraph (d) shall be deemed to constitute a waiver of any remedies of the Borrower against the Issuing Lender in connection with the Letters of Credit.

Unconditional. The obligations of the Borrower and each Bank under this Agreement and the Letter of Credit Applications to reimburse the Issuing Bank for draws under Letters of Credit and to make other payments due in respect of each Letter Letters of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement and the Letter of Credit Applications under all circumstances, including, without limitation, the following circumstances: : (i) any lack of validity or enforceability of any Letter of Credit Documents; Document; (ii) any amendment or waiver ofamendment, waiver, or any consent to departure from, from any Letter of Credit Documents; Document; (iii) the existence of any claim, set-off, defense defense, or other right which the Borrower or any Bank may have at any time against any beneficiary or transferee of such any Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Lender Bank, or any other person or entity, whether in connection with this Agreement, the transactions contemplated in this Agreement or in any Letter of Credit Documents or any unrelated transaction; ; (iv) any statement or any other document presented under such Letter of Credit proving to be forged, fraudulent, invalid invalid, or insufficient in any respect or any statement therein being untrue or inaccurate in any respect to the extent the Issuing Lender would not be liable therefor pursuant to the following paragraph (e); respect; or (v) payment by the Issuing Lender Bank under such any Letter of Credit against presentment presentation of a draft or certificate which does not comply with the terms of such Letter of Credit (unless such failure to comply is evident on the face of such draft or certificate and such payment would constitute gross negligence or willful misconduct by the Issuing Lender)Credit; or (vi) any other circumstance or happening whatsoeverprovided, whether or not similar to any of the foregoing; PROVIDED, HOWEVERhowever, that nothing contained in this paragraph (d) shall be deemed to constitute a waiver of any remedies of the Borrower against the Issuing Lender or any Bank in connection with the Letters of CreditCredit or the Borrower's or such Bank's rights under paragraph (e) below.