Common use of Joint and Several Creditorship Clause in Contracts

Joint and Several Creditorship. The Administrative Agent shall be the joint and several creditor together with each Lender and the Issuing Bank of each and every Obligation of any Borrower towards such Bank under this Agreement or any Loan Document so that accordingly the Administrative Agent in its individual capacity will have its own independent right to demand performance by the relevant Borrower of those Obligations, and such Obligations will be discharged by and to the extent of any discharge thereof either to the Administrative Agent in its capacity referred to above or to the Administrative Agent for itself or to the relevant Bank, as the case may be. In case of a resignation of the Administrative Agent pursuant to Section 8.1, the rights of the Administrative Agent hereunder shall be assigned by the retiring Administrative Agent to the successor Administrative Agent by an assignment not constituting a novation of debt.