Common use of JOINT AND SEVERAL OBLIGATIONS OF GUARANTORS Clause in Contracts

JOINT AND SEVERAL OBLIGATIONS OF GUARANTORS. (a) Each of the Guarantors is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the holders of the Guaranteed Obligations, for the mutual benefit, directly and indirectly, of each of the Guarantors and in consideration of the undertakings of each of the Guarantors to accept joint and several liability for the obligations of each of them. (b) Each of the Guarantors 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 Guarantors with respect to the payment and performance of all of the Guaranteed Obligations arising under this Guaranty, the Loan Agreement, the other Loan Documents and any other documents relating to the Guaranteed Obligations, it being the intention of the parties hereto that all the Guaranteed Obligations shall be the joint and several obligations of each of the Guarantors without preferences or distinction among them. (c) Notwithstanding any provision to the contrary contained herein, in the Loan Agreement, in any other of the Loan Documents or in any other documents relating to the Guaranteed Obligations, the obligations of each Guarantor under the Loan Agreement and the other Loan Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable state law.

JOINT AND SEVERAL OBLIGATIONS OF GUARANTORS. (a) Each of the Guarantors is accepting hereby accepts joint and several liability hereunder under the Financing Documents in consideration of the financial accommodation accommodations to be provided to the Borrower by the holders of Lender under the Guaranteed ObligationsFinancing Documents, for the mutual benefit, directly and indirectly, of each of the Guarantors and in consideration of the undertakings of each of the other Guarantors to accept joint and several liability for the obligations of each of them. (b) Each of the Guarantors 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 Guarantors with respect to the payment and performance of all of the Guaranteed Obligations arising under this Guaranty, the Loan Agreement, the other Loan Documents and any other documents relating to the Guaranteed Obligations. The provisions of Article IV shall apply, it being the intention of the parties hereto that all the Guaranteed Obligations shall be the mutatis mutandis, to such joint and several obligations of each the Guarantors, with respect to such obligations of the Guarantors without preferences or distinction among them. Borrower, as if (ci) Notwithstanding any provision each reference therein to the contrary contained herein, in “Guarantors” or a “Guarantor” or the Loan Agreement, in any like shall be deemed to be a reference to the “Borrower” and (ii) each reference therein to the “Borrower” shall be deemed to be a reference to the “other Obligors”. Each Guarantor represents and warrants to the Lender that such Guarantor is currently informed of the Loan Documents or in any financial condition of the Borrower and of all other documents relating to circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor further represents and warrants to the Lender that such Guarantor has read and fully understands the terms and conditions of the Financing Documents. Each Guarantor hereby covenants that such Guarantor will continue to keep informed of the Borrower’s financial condition, the obligations financial condition of each Guarantor under the Loan Agreement and the other Loan Documents shall be limited to an aggregate amount equal to Guarantors, and of all other circumstances which bear upon the largest amount that would not render such obligations subject to avoidance under Section 548 risk of nonpayment or nonperformance of the Bankruptcy Code or any comparable provisions of any applicable state lawGuaranteed Obligations.

JOINT AND SEVERAL OBLIGATIONS OF GUARANTORS. (a) Each Subject to subsection (c) of this Section 7.16, each of the Guarantors is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the holders of the Guaranteed ObligationsParties, for the mutual benefit, directly and indirectly, of each of the Guarantors and in consideration of the undertakings of each of the Guarantors to accept joint and several liability for the obligations of each of them. (b) Each Subject to subsection (c) of this Section 7.16, each of the Guarantors 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 Guarantors with respect to the payment and performance of all of the Guaranteed Obligations arising under this Guaranty, the Loan Agreement, the other Loan Documents and any other documents relating to the Guaranteed Obligations, it being the intention of the parties hereto that all the Guaranteed Obligations shall be the joint and several obligations of each of the Guarantors without preferences or distinction among them. (c) Notwithstanding any provision to the contrary contained herein, in the Loan Agreement, in any other of the Loan Documents or in any other documents relating to the Guaranteed Obligations, the obligations of each Guarantor under the Loan Agreement and Credit Agreement, the other Loan Documents and the other documents relating to the Obligations shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of any applicable state law.