Joint and Several; Context Sample Clauses
The "Joint and Several; Context" clause establishes that when multiple parties are responsible for an obligation, each party is individually and collectively liable for the full performance of that obligation. In practice, this means that a creditor or counterparty can seek full satisfaction of a debt or duty from any one of the responsible parties, rather than being limited to a proportional share from each. This clause is commonly used in contracts involving multiple guarantors or co-borrowers, ensuring that the failure of one party to perform does not limit the recourse available to the other party. Its core function is to allocate risk and provide assurance that obligations will be met, regardless of the actions or solvency of individual parties.
Joint and Several; Context. If Borrower consists of more than one person or entity their liability shall be joint and several. The provisions hereof shall apply to the parties according to the context thereof and without regard to the number or gender of words or expressions used.
Joint and Several; Context. If Borrower consists of more than one person or entity their liability shall be joint and several. The provisions hereof shall apply to the parties according to the context thereof and without regard to the number or gender of words or expressions used. References herein to Borrower shall mean each entity comprising Borrower individually and all entities comprising Borrower collectively. References herein to Guarantor shall mean each entity comprising Guarantor individually and all entities comprising Guarantor collectively.