Common use of Nature of a Finance Party’s rights and obligations Clause in Contracts

Nature of a Finance Party’s rights and obligations. (a) Unless otherwise agreed in writing by all the Finance Parties: (i) the obligations of a Finance Party under the Finance Documents are several; (ii) failure by a Finance Party to perform its obligations does not affect the obligations of any other Party under the Finance Documents; (iii) no Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents; (iv) the rights of a Finance Party under the Finance Documents are separate and independent rights; (v) a Finance Party may, except as otherwise stated in the Finance Documents, separately enforce those rights; and (vi) a debt arising under the Finance Documents to a Finance Party is a separate and independent debt. (b) If at any time a Finance Party fails to pay when due its share of any Loan amount when required to do so, the Mandated Lead Arranger agrees that it shall consult with the Owner for a reasonable period of time and act in good faith to assist the Owner in resolving the matter, but at all times without any liability on the part of the Mandated Lead Arranger. (c) Each Swap Bank is a Party to this Agreement only in order to take the benefit of the rights given to the Finance Parties by this Agreement.