No Liability of the Issuer. The Borrower assumes all risks on the acts or omissions of any beneficiary or transferee of any Letter of Credit with respect to its use of such Letter of Credit. Neither the Issuer nor any of its officers or directors shall be liable or responsible for: (a) the use that may be made of any Letter of Credit 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(s) thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged; or (c) payment by the Issuer against presentation of documents that do not comply with the terms of any Letter of Credit, including failure of any documents to bear any reference or adequate reference to any Letter of Credit; or (d) any other circumstances whatsoever in making or failing to make payment under any Letter of Credit, except only that the Borrower shall have a claim against the Issuer, and the Issuer shall be liable to the Borrower, to the extent of any direct, but not consequential, damages suffered by the Borrower that the Borrower proves were caused by the Issuer’s failure to exercise reasonable care when determining whether a draft and other document presented under any Letter of Credit appear, on their face, to be in strict compliance with the terms and conditions thereof, in accordance with, and to the extent set forth in, Section 9.09, the UCP or ISP98 (in either case, as applicable to such Letter of Credit), and Article 5 of the UCC as in effect in the State of New York.
No Liability of the Issuer. The Tenant hereby agrees that the Issuer assumes no obligations or liabilities under either the Museum Ground Lease or the Retail Ground Lease by entering into this Lease with the Tenant.
No Liability of the Issuer. Any obligation of the Issuer created by or arising out of this Agreement, including the Bonds and the Financing Documents, is not a general obligation of the Issuer or payable in any manner from revenues raised by taxation or from the general funds and accounts of the Authority, but shall be payable solely out of Revenues and the other moneys pledged under the Indenture. In making the agreements, provisions, and covenants set forth in the Indenture and this Agreement, the Issuer has not obligated itself except with respect to the Electric Rate Stabilization Project or the Facility and the application of the Revenues and the other moneys pledged under the Indenture. All covenants, stipulations, promises, agreements, and obligations of the Issuer contained herein shall be deemed to be covenants, stipulations, promises, agreements, and obligations of the Issuer and not of any member, officer, agent, or employee thereof in his or her individual capacity. No recourse shall be had for the payment of the principal of or of the interest on the Bonds, for the performance of any obligation hereunder, or for any claim based thereon or hereunder against any such member, officer, agent or employee or against any natural person executing the Bonds. No such member, officer, agent, employee, or natural person is or shall become personally liable for any such payment, performance, or other claim, and in no event shall any monetary or deficiency judgment be sought or secured against any such member, officer, agent, employee, or other natural person for any such payment, performance or other claim.
