Common use of Borrowers Remain Liable Clause in Contracts

Borrowers Remain Liable. Anything herein to the contrary notwithstanding, (i) each Borrower shall remain liable under the contracts and agreements to which it is a party included in the Pledged Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent of any of the rights hereunder shall not release either Borrower from any of its duties or obligations under the contracts and agreements included in the Pledged Collateral, and (iii) the Collateral Agent shall not have any obligation or liability under the contracts and agreements to which it is a party included in the Pledged Collateral by reason of this Agreement, nor shall any such Person be obligated to perform any of the obligations or duties of either Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder, except as otherwise provided in Section 7.08 hereof.

Borrowers Remain Liable. Anything herein to the contrary notwithstanding, (i) each Borrower shall remain liable under the contracts and agreements to which it is a party included in the Pledged Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent, the Administrative Agent or the Banks of any rights under this Agreement or any of the rights hereunder other Loan Documents shall not release either Borrower from any of its duties or obligations under the contracts and agreements included in the Pledged Collateral, and (iii) neither the Collateral Agent, the Administrative Agent nor the Banks shall not have any obligation or liability under the contracts and agreements to which it is a party included in the Pledged Collateral by reason of this Agreement, Agreement or any of the other Loan Documents nor shall the Agent, the Administrative Agent or any such Person Bank be obligated to perform any of the obligations or duties of either Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder, except as otherwise provided in Section 7.08 hereof.