Obligations Created by Article Sample Clauses
The "Obligations Created by Article" clause defines the specific duties and responsibilities that the parties must fulfill as set out in the article of the agreement. This clause typically outlines what actions or standards are required from each party, such as delivering goods, providing services, or maintaining confidentiality, depending on the subject matter of the article. By clearly stating these obligations, the clause ensures that all parties understand their commitments, thereby reducing the risk of disputes and promoting compliance with the contract's terms.
Obligations Created by Article. 5
(a) the provisions of this Article 5 are an inducement and consideration to each holder of Senior Indebtedness to give or continue credit to the Company or others or to acquire Senior Indebtedness;
(b) each holder of Senior Indebtedness may accept the benefit of this Article 5 on the terms and conditions set forth in this Article 5 by giving or continuing credit to the Company or others or by acquiring Senior Indebtedness, in each case without notice to the Trustees or any Holder and without establishing actual reliance on this Article 5; and
(c) each obligation created by this Article 5 is created for the benefit of the holders of Senior Indebtedness and is hereby declared to be created in trust for those holders by the Company, the Trustees and each Holder of Securities and shall be binding on the Company, the Trustees and each Holder of Securities whether or not the confirmation described in Section 5.10 is requested, executed or delivered.
Obligations Created by Article. 5
(a) the provisions of this Article 5 are an inducement and consideration to each holder of Senior Indebtedness to give or continue credit to the Corporation, the Corporation's Subsidiaries or others or to acquire Senior Indebtedness; and
(b) each holder of Senior Indebtedness may accept the benefit of this Article 5 on the terms and conditions set forth in this Article 5 by giving or continuing credit to the Corporation, the Corporation's Subsidiaries or others or by having outstanding or acquiring Senior Indebtedness, in each case without notice to the Debenture Trustee and without establishing actual reliance on this Article 5.
Obligations Created by Article. 5
5.17.1 the provisions of this Article 5 are an inducement and consideration to each holder of Senior Indebtedness to give or continue credit to the Corporation, the Corporation’s Subsidiaries or others or to acquire Senior Indebtedness;
5.17.2 each holder of Senior Indebtedness may accept the benefit of this Article 5 on the terms and conditions set forth in this Article 5 by giving or continuing credit to the Corporation, the Corporation’s Subsidiaries or others or by acquiring or having outstanding as of the date hereof Senior Indebtedness, in each case without notice to the Debenture Agent and without establishing actual reliance on this Article 5; and
5.17.3 each obligation created by this Article 5 is created for the benefit of the holders of Senior Indebtedness and is hereby declared to be created in trust for those holders by the Corporation, the Debenture Agent and each holder of a Debenture and shall be binding on the Corporation, the Debenture Agent and each holder of a Debenture whether or not any confirmation described in Section 5.7 is requested, executed or delivered.
Obligations Created by Article. 5 Each of the Company and the Trustee agrees, and each Holder of Securities, by its acceptance thereof, likewise agrees, that:
(a) the provisions of this Article 5 are an inducement and consideration to each holder of Senior Indebtedness to give or continue credit to the Company or others or to acquire Senior Indebtedness;
(b) each holder of Senior Indebtedness may accept the benefit of this Article 5 on the terms and conditions set forth in this Article 5 by giving or continuing credit to the Company or others or by acquiring Senior Indebtedness, in each case without notice to the Trustee or any Holder and without establishing actual reliance on this Article 5; and
(c) each obligation created by this Article 5 is created for the benefit of the holders of Senior Indebtedness and is hereby declared to be created in trust for those holders by the Company, the Trustee and each Holder of Securities and shall be binding on the Company, the Trustee and each Holder of Securities whether or not the confirmation described in Section 5.10 is requested, executed or delivered.
Obligations Created by Article. 5 The Corporation and the Note Trustee, in its capacity as trustee hereunder and not in its corporate personal capacity, agree, and each holder by its acceptance of a Note likewise agrees, that:
(a) the provisions of this Article 5 are an inducement and consideration to each holder of Senior Indebtedness to give or continue credit to the Corporation, the Corporation’s Subsidiaries or others or to acquire Senior Indebtedness;
(b) each holder of Senior Indebtedness may accept the benefit of this Article 5 on the terms and conditions set out in this Article 5 by giving or continuing credit to the Corporation, the Corporation’s Subsidiaries or others or by acquiring or having outstanding as of the date hereof Senior Indebtedness, in each case without notice to the Note Trustee and without establishing actual reliance on this Article 5; and
(c) each obligation created by this Article 5 is created for the benefit of the holders of Senior Indebtedness.
Obligations Created by Article. 5 The Corporation and the Trustee, in its capacity as trustee hereunder and not in its corporate or personal capacity, agree, and each holder by its acceptance of a Debenture, whether directly or on the holder's behalf, likewise agrees, that:
(a) the provisions of this Article 5 are an inducement and consideration to each Senior Creditor to give or continue credit to the Corporation, the Corporation's Subsidiaries or others or to acquire Senior Indebtedness; and
(b) each Senior Creditor may accept the benefit of this Article 5 on the terms and conditions set forth in this Article 5 by giving or continuing credit to the Corporation, the Corporation's Subsidiaries or others or by having outstanding or acquiring Senior Indebtedness, in each case without notice to the Trustee and without establishing actual reliance on this Article 5.