Joint Borrower Provisions Sample Clauses
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Joint Borrower Provisions. (a) Each Borrower hereby agrees that such Borrower is jointly and severally liable for, and hereby absolutely and unconditionally guarantees to Lender and its successors and assigns, the full and prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of, all Obligations owed or hereafter owing to Lender by each other Borrower. Each Borrower agrees that its guaranty obligation hereunder is a continuing guaranty of payment and performance and not of collection, that its obligations under this Article IX shall not be discharged until payment and performance, in full, of the Obligations has occurred, and that its obligations under this Article IX shall be absolute and unconditional, irrespective of, and unaffected by,
(i) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, this Agreement, any other Loan Document or any other agreement, document or instrument to which any Borrower is or may become a party;
(ii) the absence of any action to enforce this Agreement (including this Article IX) or any other Loan Document or the waiver or consent by Lender with respect to any of the provisions thereof;
(iii) the existence, value or condition of, or failure to perfect its Lien against, any security for the Obligations or any action, or the absence of any action, by Lender in respect thereof (including the release of any such security);
(iv) the insolvency of any Borrower Party; or
(v) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. Each Borrower shall be regarded, and shall be in the same position, as principal debtor with respect to the Obligations guaranteed hereunder.
(b) Each Borrower expressly represents and acknowledges that it is part of a common enterprise with the other Borrowers and that any financial accommodations by Lender, to any other Borrower hereunder and under the other Loan Documents are and will be of direct and indirect interest, benefit and advantage to all Borrowers. Each of the Borrowers acknowledges and agrees that, for purposes of the Loan Documents, it receives a benefit from the availability of credit under this Agreement to all of the Borrowers.
Joint Borrower Provisions. Each Borrower acknowledges and agrees that it shall be jointly and severally liable for the Loan and all other Obligations arising under this Agreement and/or any of the other Loan Documents. In furtherance thereof, each Borrower acknowledges and agrees as follows:
(a) For the purpose of implementing the joint borrower provisions of the Loan Documents, each Borrower hereby irrevocably appoints each other Borrower as its agent and attorney-in-fact for all purposes of the Loan Documents, including the giving and receiving of notices and other communications.
(b) To induce the Lenders to make the Loan, and in consideration thereof, each Borrower hereby agrees to indemnify Administrative Agent and Lenders against, and hold the Administrative Agent and Lenders harmless from, any and all liabilities, expenses, losses, damages and/or claims of damage or injury asserted against Administrative Agent and/or Lenders by any Borrower or by any other Person arising from or incurred by reason of (i) reliance by the Administrative Agent and/or Lenders on any requests or instructions from any Borrower, or (ii) any other action taken by Administrative Agent and/or Lenders in good faith with respect to this Agreement or the other Loan Documents.
(c) Each Borrower acknowledges that the liens and security interests created or granted herein and by the other Loan Documents (as applicable, and expressly excluding the Indemnity and the Guaranties) will secure Obligations of all Borrowers under the Loan Documents (other than the Indemnity) and, in full recognition of that fact, each Borrower consents and agrees that the Administrative Agent and/or Lenders may, at any time and from time to time, without notice or demand, and without affecting the enforceability or security hereof or of any other Loan Document:
(i) agree with any Borrower to supplement, modify, amend, extend, renew, accelerate, or otherwise change the time for payment or the terms of the Obligations or any part thereof, including any increase or decrease of the rate(s) of interest thereon;
(ii) agree with any Borrower to supplement, modify, amend or waive, or enter into or give any agreement, approval or consent with respect to, the Obligations or any part thereof or any of the Loan Documents or any additional security or guaranties, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder;
(iii) accept new or additional instruments, documents or agreements in exchange for or ...
Joint Borrower Provisions. Section 10.13 of the Loan Agreement is hereby incorporated in this Security Instrument by reference as if more fully set forth herein.
Joint Borrower Provisions. Each Borrower acknowledges and agrees that it shall be jointly and severally liable for the Loans and all other indebtedness and obligations arising under this Agreement or under any of the other Loan Documents to which the Borrowers are party. In furtherance thereof, each Borrower acknowledges and agrees as follows:
a. For the purpose of implementing the joint borrower provisions of the Loan Documents, each Borrower hereby irrevocably appoints DT Media, as the borrowing agent and attorney-in-fact for all Borrowers (the "Administrative Borrower") for all purposes of the Loan Documents, including the giving and receiving of notices and other communications, which appointment shall remain in full force and effect unless and until Bank shall have received prior written notice signed by each Borrower that such appointment has been revoked and that another Borrower has been appointed Administrative Borrower.
b. Each Borrower hereby irrevocably appoints and authorizes the Administrative Borrower:
i. to provide Bank with all notices with respect to Loans obtained for the benefit of any Borrower and all other notices and instructions under this Agreement and the other Loan Documents (and any notice or instruction provided by Administrative Borrower or any other Borrower shall be deemed to be given by Borrowers hereunder and shall bind each Borrower);
ii. to receive notices and instructions from Bank (and any notice or instruction provided by Bank to the Administrative Borrower in accordance with the terms hereof shall be deemed to have been given to each Borrower); and
iii. to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Loans and to exercise such other powers as are reasonably incidental thereto to carry out the purposes of this Agreement.
c. It is understood that the handling of the Borrower's Account and Collateral in a combined fashion, as more fully set forth herein, is done solely as an accommodation to Borrowers in order to utilize the collective borrowing powers of Borrowers in the most efficient and economical manner and at their request, and that Bank shall not incur liability to any Borrower as a result hereof. To induce the Bank SMRH:4842-8303-7620.12 38 to make the Loans, and in consideration thereof, each Borrower hereby agrees to indemnify and defend each Indemnified Person against, and hold each Indemnified Person harmless from, any and all liabilities, expenses, losses, damages and/or claims of damage o...
Joint Borrower Provisions. The Joint Borrower Provisions set forth on Schedule 1 attached hereto are incorporated herein as if fully set forth are hereby made a part of this Agreement.
Joint Borrower Provisions. UK Borrowers acknowledge and agree that UK Borrowers shall be jointly and severally liable for all UK Obligations arising under the Loan Documents. In furtherance thereof, UK Borrowers acknowledge and agree as follows:
Joint Borrower Provisions. The Borrowers acknowledge that the Loans and Letters of Credit are being extended to the Borrowers on a joint and several basis at their request and as an accommodation to the Borrowers (rather than in separate credit facilities made available to the individual Borrowers) and, in furtherance thereof, hereby consent and agree to the Joint Borrower provisions attached hereto as Exhibit G and incorporated herein by this reference.
Joint Borrower Provisions. Each Borrower acknowledges and agrees that it shall be jointly and severally liable for the Loan and all other Obligations arising under this Agreement and/or any of the other Loan Documents. In furtherance thereof, each Borrower acknowledges and agrees as follows:
Joint Borrower Provisions. 33 ARTICLE III THE LETTERS OF CREDIT................................................. 34 3.01 The Letter of Credit Commitment....................................... 35 3.02 Issuance, Amendment and Renewal of Letters of Credit.................. 36 3.03 Risk Participations, Drawings and Reimbursements...................... 38 3.04
Joint Borrower Provisions. Borrowers acknowledge and agree that Borrowers shall be jointly and severally liable for all obligations arising under this Agreement, any/or Loan Documents. In furtherance thereof, Borrowers acknowledge and agree as follows:
(a) Any advance made by Bank hereunder shall be made jointly and severally to all of the Persons comprising Borrower (for purposes of this Section, each such Person being referred to as a "Borrowing Entity"). Any payments received by any Bank likewise shall be credited to all Borrowing Entities. While it is anticipated that SCC, Inc. will make Requests for Loans or for Standby Letters of Credit, Requests for Loans or for Standby Letters of Credit may be made by any Borrowing Entity and Agent and any