Co-Lenders Clause Samples
The Co-Lenders clause defines the rights and obligations of multiple lenders who jointly provide financing to a borrower under a single loan agreement. It typically outlines how decisions are made among the lenders, how payments from the borrower are distributed, and the process for sharing information and coordinating actions, such as enforcing remedies or waiving terms. This clause ensures that all lenders act in a coordinated manner, reducing the risk of conflicting actions and providing clarity on how collective decisions are reached in the lending relationship.
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Co-Lenders. (a) Borrower hereby acknowledges and agrees that, prior to a Securitization of the entire Loan, all copies of documents, reports, requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to Servicer.
(b) Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations of Borrower for costs, expenses, damages or advances set forth herein shall run to and benefit each Lender based on the proportion of the Loan held by such Lender.
(c) Each Lender agrees that it has, independently and without reliance on the other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates and decision to enter into this Agreement and that it will, independently and without reliance upon the other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document.
Co-Lenders. (a) Borrower hereby acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization of the entire Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, Borrower shall be required to obtain the consent and approval of each Co-Lender and all copies of documents, reports, requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to each Co-Lender.
(b) Following the Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for the obligations of the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.
(c) Each Co-Lender agrees that it has, independently and without reliance on the other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates and decision to enter into this Agreement and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document.
Co-Lenders. (a) Each Co-Lender agrees that, prior to the Securitization of the entire Loan, (i) any Letter of Credit delivered to Lender in accordance with the terms of this Agreement shall name SG as the sole beneficiary thereunder for the benefit of the Lenders, and (ii) each Co-Lender authorizes SG to, and SG hereby agrees to, act as its agent with regard to the servicing and administration of all such Letters of Credit, and in the event SG draws upon any such Letter of Credit, each Co-Lender authorizes SG to, and SG hereby agrees to, deposit the proceeds into the Cash Management Account (or into one or more of the Cash Management Accounts) in the manner set forth herein. Upon the Securitization of the entire Loan, each Co-Lender authorizes SG to, and SG hereby agrees to, assign to the trustee of such Securitization all of SG’s right, title and interest in and to each Letter of Credit issued in accordance with the terms of this Agreement that is then in SG’s possession, whereupon without any further action by any of the Co-Lenders SG shall be released from any and all liability relating in any way to such Letter(s) of Credit.
(b) (i) The liabilities of Lender shall be several and not joint, (ii) no Co-Lender shall be responsible for the obligations of any other Co-Lender, and (iii) each Co-Lender shall be liable to Borrowers only for its respective Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrowers and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.
(c) Each Co-Lender agrees that it has, independently and without reliance on any other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrowers, Guarantor and their respective Affiliates and decision to enter into this Agreement and that it will, independently and without reliance upon any other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document.
Co-Lenders. The terms and provisions of Section 20.12 of the Loan Agreement are hereby incorporated by reference into this Security Instrument to the same extent and with the same force as if fully set forth herein.
Co-Lenders. (a) All copies of documents, reports, requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to each Co-Lender.
(b) Following the Closing Date (i) the liabilities of Lender shall be several and not joint, and (ii) neither Co-Lender shall be responsible for the obligations of the other Co-Lender. All indemnities by Borrower and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender.
Co-Lenders. NMCC Lender and LCD Lender shall act as Lenders hereunder in accordance with the terms of Section 12 of the Loan Agreement. Notwithstanding the foregoing, Guarantor is not a third party beneficiary of Section 12 of the Loan Agreement and Guarantor must satisfy its obligations to the Lenders pursuant to the terms of this Guaranty. If the Lenders provide written notice to Guarantor that it may rely on the signature of one designated representative on behalf of both Lenders (which designated representative may be one of the Lenders), then Guarantor may rely on any consent or notice given by such designated representative on behalf of both Lenders unless and until Guarantor receives a subsequent notice rescinding such delegation. Guaranty of Payment
Co-Lenders. (a) Borrower hereby acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization of the Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, Borrower shall be required to obtain the consent and approval of each Co- Lender and all copies of documents, reports, requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to each Co-Lender.
(b) Following the Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) no Co-Lender shall be responsible for the obligations of any other Co- Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable Share of the
Co-Lenders. (a) Following the date hereof, (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for the obligations of the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for its Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.