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Sheridan County School District #2 > Credit Facility Agreement Sec

Credit Facility Agreement Sec

(e) To the extent permitted by applicable law, neither party shall enforce this obligation, and each party waives this obligation and acknowledges that neither party has or asserts claims against another party under a theory of liability for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) resulting from the following reasons: under or as a result of this Agreement, another loan document or an agreement or instrument envisaged below, the proposed transactions or, consequently, an LC loan or mechanism, or the use of the proceeds therefrom (except in respect of damage suffered or paid by a beneficiary of compensation to a third party, which is to be compensated by the borrower in accordance with point 8.03(b). No beneficiary of the compensation referred to in clause (b) shall be liable for damages resulting from the use of information or other material by unintentional recipients, which are distributed to such unintentional recipients by such beneficiary through telecommunications, electronic or other information transmission systems, in connection with this Agreement or other loan documents or contemplated transactions; or not for direct or actual damages resulting from gross negligence or a will. In the absence of such a person subject to compensation, as established by a final and not initial judgment of a competent court. (o) the applicability of the ISP and the UCP; Limitation of Liability. Unless explicitly agreed otherwise between an LC issuer and the borrower when issuing a facility (including such an agreement applicable to an existing LC facility), (i) the ISP rules apply to any LC custody mechanism and ii) the UCP rules apply to any LC trading mechanism. Notwithstanding the foregoing, no LC issuer is liable to the borrower and the rights and remedies of LC1 53 issuers against the borrower are not affected by any acts or omissions of an LC issuer required or permitted by law, injunctions or practices that are to be applied or are permitted at an LC facility or this Agreement. including the law or any provision of a jurisdiction in which an LC issuer or the beneficiary is located, the practice set out in the ISP or UCP or the official decisions, opinions, practical statements or comments of the ICC Banking Commission, the Bankers Association for Finance and Trade: International Financial Services Association (BAFT-IFSA) or the Institute of International Banking Law, whether or not a Facility LC chooses such a law or practice. (e) administration; Repayment by lenders. Upon receipt of a request for payment under such an LC facility by the beneficiary of an LC facility, the LC issuer concerned shall communicate to the administrative agent, the borrower and any other lender the amount that that LC issuer must pay on the basis of that claim and the proposed payment date (the “LC payment date”). The responsibility of each LC issuer to the borrower and any lender is solely to find that the documents (including any payment request) provided under each LC facility issued by such an LC issuer in connection with such a presentation are, in any respect, substantially aligned with this LC Mechanism. . . .