Joint and Several Obligations of Borrowers. (a) The Borrowers state and acknowledge that: (a) pursuant to this Agreement, the Borrowers desire to utilize their borrowing potential on a consolidated basis to the same extent possible if they were merged into a single entity and that this Agreement reflects the establishment of credit facilities which would not otherwise be available to such entity if each Borrower were not jointly and severally liable for payment of the Indebtedness; (b) each Borrower has determined that it will benefit specifically and materially from the advances of credit contemplated by this Agreement; (c) it is both a condition precedent to the obligations of the Lenders hereunder and a desire of the Borrowers that each Borrower execute and deliver this Agreement; and (d) each Borrower has requested and bargained for the structure and terms of and security for the advances contemplated by this Agreement.
Joint and Several Obligations of Borrowers. (a) Each Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each Borrower and in consideration of the undertakings of each other Borrower to accept joint and several liability for the Obligations under the Loan Documents.
Joint and Several Obligations of Borrowers. The Borrowers are interdependent for their operational and financial needs. Each Borrower (the “Joint and Several Borrowers”) jointly and severally irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Joint and Several Borrower with respect to the payment and performance of all of the Obligations under the Loan Documents, it being the intention of the parties hereto that all the obligations of the Joint and Several Borrowers under the Loan Documents shall be the joint and several obligations of each Joint and Several Borrower without preferences or distinction among them, and each Joint and Several Borrower further agrees that if any of the Obligations is not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the Joint and Several Borrowers will, jointly and severally, promptly pay the same. All the Joint and Several Borrowers acknowledge and agree that the delivery of funds to any Borrower under this Agreement shall constitute valuable consideration and reasonably equivalent value to all the Joint and Several Borrowers for the purpose of binding them and their assets on a joint and several basis for the obligations hereunder. The joint and several obligations of each Joint and Several Borrower hereunder are of payment and not of collection and are independent of the obligations of any other Borrower and a separate action or actions may be brought against a Borrower whether or not action is brought against any other Borrower. The Administrative Agent may enforce this Agreement and the other Loan Documents against any Borrower without first making demand upon or instituting collection proceedings against any other Borrower. Each Joint and Several Borrower hereby waives promptness, diligence, notice of acceptance and any other notice with respect to the obligations of any other Borrower and any requirement that any Lender or the Administrative Agent protect, secure, perfect or insure any security interest or Lien, or any property subject thereto, or exhaust any right or take any action against any other Borrower or entity. The unconditional liability of each Joint and Several Borrower for the Obligations of the other Borrower shall not be impaired by any event whatsoever, including, but not limited to, the merger, consolidation, dissolution, cessation of business or liquidation of any other Borrower; the financial decline o...
Joint and Several Obligations of Borrowers. All Obligations of Borrowers under the Credit Facilities, hereunder or under any of the Loan Documents shall be joint and several.
Joint and Several Obligations of Borrowers. Each and every agreement and obligation of Newco or any Borrower under this Agreement, any Note or any other Loan Document shall be the joint and several obligation of each Borrower.
Joint and Several Obligations of Borrowers. If this Agreement is signed by two or more Borrowers, (i) each shall be deemed a “Borrower” hereunder, and be jointly and severally liable for all the Obligations, (ii) the release, waiver, instruction or consent of any Borrower shall be sufficient to bind every Borrower with respect to this Agreement, the other Loan Documents, the Obligations or any claims arising under or in connection with this Agreement, the other Loan Documents or the Obligations, (iii) any Event of Default, regardless of fault, shall be deemed an Event of Default as to all Borrowers, (iv) delivery by the Lender of any document, notice or other communication to any Borrower shall be deemed delivery to every Borrower and shall satisfy any obligation of the Lender to deliver such document, notice or other communication to any other Borrower, and (v) the liability of any Borrower hereunder may from time to time, in whole or in part, be extended, modified, released or reduced by the Lender without affecting or releasing any liability of any other Borrower. Each Borrower signing this Agreement agrees that its obligations hereunder are primary, waives all discharge defenses available to a secondary obligor, and forgoes negotiation of a separate guaranty and security agreement providing for secondary liability to the Lender.
Joint and Several Obligations of Borrowers. (a) The Borrowers hereby irrevocably appoint and authorize the Company (i) to provide the Administrative Agent with all notices with respect to Extensions of Credit obtained for the benefit of either Borrower and all other notices and instructions under this Agreement and (ii) to take such action on behalf of the Borrowers as it deems appropriate to obtain Extensions of Credit and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement.
Joint and Several Obligations of Borrowers. Each Borrower jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower with respect to the payment and performance of all of the obligations arising under this Agreement, the other Loan Documents and the Secured Swap Agreements, it being the intention of the parties hereto that all of the Secured Obligations shall be the joint and several obligations of each Borrower without preferences or distinction between them. If and to the extent that any Borrower shall fail to make any payment with respect to any of the Secured Obligations as and when due or to perform any of the Secured Obligations in accordance with the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such obligation.
Joint and Several Obligations of Borrowers
