Multiple Borrowers; Borrowing Agent Clause Samples

Multiple Borrowers; Borrowing Agent. All Indebtedness, representations, warranties, covenants and indemnities of Borrowers set forth in the Loan Documents shall be joint and several. Each Borrower hereby irrevocably appoints Borrowing Agent as, and Borrowing Agent shall act under this Agreement as, the agent and representative of itself and each other Borrower for all purposes under this Agreement, including requesting borrowings, selecting whether any Loan or portion thereof is to bear interest as a Prime Rate Loan or a LIBOR Loan, and receiving account statements and other notices and communications to Borrowers from Bank. Bank may rely, and shall be fully protected in relying, on any Notice of Borrowing, disbursement instructions, reports, information or any other notice or communication made or given by Borrowing Agent, whether in its own name, on behalf of any individual Borrower or on behalf of “the Borrowers,” and Bank shall have no obligation to make any inquiry or request any confirmation from or on behalf of any other Borrower as to the binding effect on such Borrower of any such request, instruction, report, information, notice or communication, nor shall the joint and several character of Borrowers’ liability for the Indebtedness be affected, provided that the provisions of this Section 10.12 shall not be construed so as to preclude any Borrower from directly requesting borrowings or taking other actions permitted to be taken by “Borrower” hereunder. Bank may maintain a single Collections Account in the name of “JPS Industries, Inc.” hereunder, and each Borrower expressly agrees to such arrangement and confirms that such arrangement shall have no effect on the joint and several character of Borrowers’ liability for the Indebtedness. The foregoing is a material inducement to the agreement of Bank to enter into the terms hereof and to consummate the transactions contemplated hereby.