Common use of Limitation on Liability of EIP/WV Clause in Contracts

Limitation on Liability of EIP/WV. The liability of the Borrower under this Agreement for the Obligations shall be joint and several. The Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-current Total Value attributable to the Properties owned by EIP/WV exceeds (B) the then-current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' respective Percentages.

Appears in 2 contracts

Samples: Unsecured Revolving Credit Agreement (Equity Inns Inc), Assignment Agreement (Equity Inns Inc)

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Limitation on Liability of EIP/WV. The liability of the Borrower under this Agreement for the Obligations shall be joint and several. The Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-current Total Value attributable to the Properties owned by EIP/WV exceeds (B) the then-current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' respective Percentages. Article XV.

Appears in 1 contract

Samples: Assignment Agreement (Equity Inns Inc)

Limitation on Liability of EIP/WV. The liability of each entity comprising the Borrower under this Agreement for the Obligations shall be joint and several. The However, notwithstanding the foregoing, the Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-then current Total Value attributable to fair market value of the Properties owned by EIP/WV exceeds (B) the then-then current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' ’ respective Percentages. Article XV.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Equity Inns Inc)

Limitation on Liability of EIP/WV. The liability of the Borrower under this Agreement for the Obligations shall be joint and several. The Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-current Total Value attributable to fair market value of the Properties owned by EIP/WV exceeds (B) the then-current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' respective Percentages.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Equity Inns Inc)

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Limitation on Liability of EIP/WV. The liability of each entity comprising the Borrower under this Agreement for the Obligations shall be joint and several. The However, notwithstanding the foregoing, the Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-current Total Value attributable to fair market value of the Properties owned by EIP/WV exceeds (B) the then-current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' respective Percentages.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Equity Inns Inc)

Limitation on Liability of EIP/WV. The liability of each entity comprising the Borrower under this Agreement for the Obligations shall be joint and several. The However, notwithstanding the foregoing, the Lenders agree that, the liability of EIP/WV under this Agreement shall not exceed the amount by which (A) the portion of the then-then current Total Value attributable to fair market value of the Properties owned by EIP/WV exceeds (B) the then-then current outstanding principal balance of all Indebtedness (other than the Obligations) of EIP/WV permitted under this Agreement, calculated in each case as of the Maturity Date or the date of any earlier acceleration of the Obligations, as applicable. Such maximum liability of EIP/WV shall be allocated on a pro rata basis among the Notes in accordance with the Lenders' respective Percentages.

Appears in 1 contract

Samples: Credit Agreement (Equity Inns Inc)

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