Common use of More than One Borrower Clause in Contracts

More than One Borrower. The obligations of Maritrans Inc. ("Maritrans"), and Maritrans Navigator Co. ("Navigator Co.") are joint and several. Each reference to the term "Borrower" shall be deemed to refer to each of Maritrans, and Navigator Co.; each representation and warranty made by Borrower shall be deemed to have been made by each such party; each covenant and undertaking on the part of Borrower shall be determined individually and applied with respect to each such party; and each event constituting a Default under this Agreement shall be determined with respect to each such party. A separate action or actions may be brought and prosecuted against any such party whether an action is brought against any other party or whether any other party is joined in any such action or actions. Each such party waives any right to require Lender to: (a) proceed against any other party; (b) proceed against or exhaust any security held from any other party; or (c) pursue any other remedy in Lender's power whatsoever. Notices hereunder required to be provided to Borrower shall be effective if provided to Maritrans. In the event any obligation of Borrower under this Agreement is deemed to be an agreement by any individual Borrower to answer for the debt or default of another individual Borrower (including each other) or as an accommodation or as an hypothecation of property as security therefor, each Borrower represents and warrants that: (x) no representation has been made to it as to the creditworthiness of any other obligor, and (y) it has established adequate means of obtaining from each other obligor on a continuing basis, financial or other information pertaining to each other obligor's financial condition. Each Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, or the alteration or release in any manner of any security now or hereafter held in connection with any obligations now or hereafter secured by this Agreement. Should any default by made in the payment of any such obligations or in the terms or conditions of any security held, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of this Agreement independently of any other remedy or security it may at any time hold in connection with such obligations secured and it shall not be necessary for Lender to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce its rights against any Borrower. Each Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid to Lender by any Borrower.

More than One Borrower. The obligations of Maritrans Inc. ("“Maritrans"”), and Maritrans Navigator Honour Co. ("Navigator “Honour Co."”) are joint and several. Each reference to the term "“Borrower" ” shall be deemed to refer to each of Maritrans, and Navigator Honour Co.; each representation and warranty made by Borrower shall be deemed to have been made by each such party; each covenant and undertaking on the part of Borrower shall be determined individually and applied with respect to each such party; and each event constituting a Default under this Agreement shall be determined with respect to each such party. A separate action or actions may be brought and prosecuted against any such party whether an action is brought against any other party or whether any other party is joined in any such action or actions. Each such party waives any right to require Lender to: (a) proceed against any other party; (b) proceed against or exhaust any security held from any other party; or (c) pursue any other remedy in Lender's ’s power whatsoever. Notices hereunder required to be provided to Borrower shall be effective if provided to Maritrans. In the event any obligation of Borrower under this Agreement is deemed to be an agreement by any individual Borrower to answer for the debt or default of another individual Borrower (including each other) or as an accommodation or as an hypothecation of property as security therefor, each Borrower represents and warrants that: (x) no representation has been made to it as to the creditworthiness of any other obligor, and (y) it has established adequate means of obtaining from each other obligor on a continuing basis, financial or other information pertaining to each other obligor's ’s financial condition. Each Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, or the alteration or release in any manner of any security now or hereafter held in connection with any obligations now or hereafter secured by this Agreement. Should any default by made in the payment of any such obligations or in the terms or conditions of any security held, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of this Agreement independently of any other remedy or security it may at any time hold in connection with such obligations secured and it shall not be necessary for Lender to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce its rights against any Borrower. Each Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid to Lender by any Borrower.

More than One Borrower. The obligations of Maritrans Inc. ("“Maritrans"”), and Maritrans Navigator 196 Co. ("Navigator “196 Co."”) are joint and several. Each reference to the term "“Borrower" ” shall be deemed to refer to each of Maritrans, and Navigator 196 Co.; each representation and warranty made by Borrower shall be deemed to have been made by each such party; each covenant and undertaking on the part of Borrower shall be determined individually and applied with respect to each such party; and each event constituting a Default under this Agreement shall be determined with respect to each such party. A separate action or actions may be brought and prosecuted against any such party whether an action is brought against any other party or whether any other party is joined in any such action or actions. Each such party waives any right to require Lender to: (a) proceed against any other party; (b) proceed against or exhaust any security held from any other party; or (c) pursue any other remedy in Lender's ’s power whatsoever. Notices hereunder required to be provided to Borrower shall be effective if provided to Maritrans. In the event any obligation of Borrower under this Agreement is deemed to be an agreement by any individual Borrower to answer for the debt or default of another individual Borrower (including each other) or as an accommodation or as an hypothecation of property as security therefor, each Borrower represents and warrants that: (x) no representation has been made to it as to the creditworthiness of any other obligor, and (y) it has established adequate means of obtaining from each other obligor on a continuing basis, financial or other information pertaining to each other obligor's ’s financial condition. Each Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, or the alteration or release in any manner of any security now or hereafter held in connection with any obligations now or hereafter secured by this Agreement. Should any default by made in the payment of any such obligations or in the terms or conditions of any security held, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of this Agreement independently of any other remedy or security it may at any time hold in connection with such obligations secured and it shall not be necessary for Lender to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce its rights against any Borrower. Each Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid to Lender by any Borrower.

More than One Borrower. The obligations of Maritrans Inc. ("Maritrans"), Xxxxxxxxx 000 Xx. ("000 Xx."), and Maritrans Navigator Intrepid Co. ("Navigator Intrepid Co.") are joint and several. Each reference to the term "Borrower" shall be deemed to refer to each of Maritrans, 250 Co. and Navigator Intrepid Co.; each representation and warranty made by Borrower shall be deemed to have been made by each such party; each covenant and undertaking on the part of Borrower shall be determined individually and applied with respect to each such party; and each event constituting a Default under this Agreement shall be determined with respect to each such party. A separate action or actions may be brought and prosecuted against any such party whether an action is brought against any other party or whether any other party is joined in any such action or actions. Each such party waives any right to require Lender to: (a) proceed against any other party; (b) proceed against or exhaust any security held from any other party; or (c) pursue any other remedy in Lender's power whatsoever. Notices hereunder required to be provided to Borrower shall be effective if provided to Maritrans. In the event any obligation of Borrower under this Agreement is deemed to be an agreement by any individual Borrower to answer for the debt or default of another individual Borrower (including each other) or as an accommodation or as an hypothecation of property as security therefor, each Borrower represents and warrants that: (x) no representation has been made to it as to the creditworthiness of any other obligor, and (y) it has established adequate means of obtaining from each other obligor on a continuing basis, financial or other information pertaining to each other obligor's financial condition. Each Borrower expressly waives diligence, demand, presentment, protest and notice of every kind and nature whatsoever, or the alteration or release in any manner of any security now or hereafter held in connection with any obligations now or hereafter secured by this Agreement. Should any default by made in the payment of any such obligations or in the terms or conditions of any security held, Lender is hereby expressly given the right, at its option, to proceed in the enforcement of this Agreement independently of any other remedy or security it may at any time hold in connection with such obligations secured and it shall not be necessary for Lender to proceed upon or against and/or exhaust any other security or remedy before proceeding to enforce its rights against any Borrower. Each Borrower further waives any right of subrogation, reimbursement, exoneration, contribution, indemnification, setoff or other recourse in respect to sums paid to Lender by any Borrower.