Common use of Borrower’s Liability Clause in Contracts

Borrower’s Liability. The Borrower’s liability hereunder shall not be affected, terminated or prejudiced by any amendments to or changes in the Borrower’s/any of the Borrower group’s ownership or management or in its constitution, or amendment in any constituent documents by any winding-up, liquidation, bankruptcy/insolvency, dissolution of firm, retirement or death of any of the partners of the firm, reorganization or any similar process or becoming bankrupt or insolvent or any proceeding in respect thereof or any analogous step, but such liability shall continue in full force and effect and shall be binding on the Borrower’s respective successors. In case the Borrower is an individual, after the death/insanity/insolvency of the Borrower, the Borrower’s Dues shall be the liability of the Borrower’s heirs, executors, administrators and liquidators.

Borrower’s Liability. The Borrower’s liability hereunder shall not be affected, terminated or prejudiced by any amendments to or changes in the Borrower’s/Borrower’s/ any of the Borrower group’s ownership or management or in its constitution, or amendment in any constituent documents by any winding-up, liquidation, bankruptcy/insolvency, dissolution of firm, retirement or death of any of the partners of the firm, reorganization or any similar process or upon the Borrower becoming bankrupt or insolvent or any proceeding in respect thereof or any analogous step, but such liability shall continue in full force and effect and shall be binding on the Borrower’s respective successors. In case the Borrower is an individual, after the death/insanity/insanity/ insolvency of the Borrower, the Borrower’s Dues shall be the liability of the Borrower’s heirs, executors, administrators and liquidators.