NATURE OF RIGHTS AND OBLIGATIONS OF BANKS. The rights and obligations of the Banks pursuant to this agreement are different and several particularly in the following sense: the failure by any Bank or the Agent to perform its obligations hereunder shall not affect the validity or the amount of the liabilities of other Banks, the Agent or the Borrower hereunder, none of the Banks or the Agent shall be liable for the failure by any other Bank, the Agent or the Borrower to perform its obligations hereunder, the Participation of each Bank in the Loan represents an independent claim against the Borrower and each Bank and the Agent may, save if otherwise expressly stipulated by this agreement, separately exercise and enforce its rights in accordance with this agreement regardless of the exercise and enforcement of rights of other Banks or Agent, however, the Banks hereby agree that they shall in case the liabilities of the Borrower shall not be paid timely, endeavour to reach an agreement on the manner of recovery of unsatisfied liabilities and if necessary appoint a common attorney at law for representing at the courts and the Participation of each Bank in the Loan and/or each amount paid by a particular Bank under this agreement for the Borrower, represents an independent credit claim of such Bank against the Borrower under the conditions of this agreement and that each Bank or the Agent may, save if otherwise stipulated by this agreement, exercise its rights (including in court procedures) regardless of the exercise and enforcement of rights of other Banks or Agent, provided that each Bank immediately notifies the Agent about such enforcement of its rights under this agreement, and the Agent notifies thereof the other Banks.
