Joint and Several Liability Suretyship Waivers. (a) Global Motorsport Group, Inc. ("Parent Company") and CSI Acquisition Sub, Inc. ("Acquisition Subsidiary") shall have joint and several liability with respect to the Obligations.
(b) The obligations of the Parent Company hereunder are independent of the obligations of the Acquisition Subsidiary hereunder, and the obligations of the Acquisition Subsidiary hereunder are independent of the obligations of the Parent Company hereunder, and a separate action or actions may be brought and prosecuted against the Parent Company whether action is brought against Acquisition Subsidiary or whether the Acquisition Subsidiary be joined in any such action or actions, and a separate action or actions may be brought and prosecuted against the Acquisition Subsidiary whether action is brought against the Parent Company or whether the Parent Company be joined in any such action or actions.
(c) Each of the Parent Company and the Acquisition Subsidiary authorizes the Agent and each Bank, without notice or demand and without affecting its liability hereunder, from time to time:
(i) to renew, compromise, extend, accelerate or otherwise change the time for payment, or otherwise change the terms, of the Obligations, including increase or decrease of the rate of interest thereon, or otherwise change the terms of this Agreement or any other Loan Document as permitted by the terms thereof;
(ii) to receive and hold security for the payment of this Agreement or the Obligations and exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any such security;
(iii) to apply such security and direct the order or manner of sale thereof as the Agent, or any Bank, as the case may be, in its or their discretion may determine; and
(iv) to release or substitute any one or more of any endorsers or guarantors of the Obligations. The Parent Company further agrees the performance or occurrence of any of the acts or events described in clauses (i), (ii), (iii), and (iv) above with respect to indebtedness or other obligations of the Acquisition Subsidiary, other than the Obligations, to the Agent or any Bank, shall not affect the liability of the Parent Company hereunder, and the Acquisition Subsidiary further agrees the performance or occurrence of any of the acts or events described in clauses (i), (ii), (iii), and (iv) above with respect to indebtedness or other obligations of the Parent Company, other than the Obligations, to the Agent or any Bank, shall not affect the li...
Joint and Several Liability Suretyship Waivers. 13.1 Independent Obligations; Subrogation. The Obligations of each Borrower hereunder are joint and several. To the maximum extent permitted by law, each Borrower hereby waives any claim, right or remedy which such Borrower now has or hereafter acquires against any other Borrower that arises hereunder including, without limitation, any claim, remedy or right of subrogation, reimbursement, exoneration, contribution, indemnification, or participation in any claim, right or remedy of Agent or any Lender against any Borrower or any Collateral which Agent or any Lender now has or hereafter acquires, whether or not such claim, right or remedy arises in equity, under contract, by statute, under common law or otherwise until the Obligations are fully paid and finally discharged. In addition, each Borrower hereby waives any right to proceed against the other Borrowers, now or hereafter, for contribution, indemnity, reimbursement, and any other suretyship rights and claims, whether direct or indirect, liquidated or contingent, whether arising under express or implied contract or by operation of law, which any Borrower may now have or hereafter have as against the other Borrowers with respect to the Obligations until the Obligations are fully paid and finally discharged. Each Borrower also hereby waives any rights of recourse to or with respect to any asset of the other Borrowers until the Obligations are fully paid and finally discharged.
Joint and Several Liability Suretyship Waivers. Each of VML, the Borrower, the Cotai Subsidiary and each other Additional Cotai Subsidiary are jointly and severally liable for all obligations hereunder. Each of the Cotai Subsidiary, the Borrower, VCL and each other Additional Cotai Subsidiary hereby waives any and all defenses available to a surety or guarantor, whether arising as a result of the joint and several liability hereunder or otherwise, and each hereby grants, provides and confirms all rights, liens, security and waivers as if given by each separately and singly. Without limiting the generality of the foregoing, the waivers of the guarantors under the Guaranty are hereby incorporated herein by this reference mutatis mutandis and such waivers shall be deemed to be made by VML, the Borrower, the Cotai Subsidiary and each other Additional Cotai Subsidiary hereunder as if such waivers had been expressly set forth herein.
Joint and Several Liability Suretyship Waivers
