Several Liability of Foreign Borrowers. Notwithstanding anything in this Agreement to the contrary: (a) Except as provided in Section 17.19(b), all Guarantors (including without limitation the Company and the Domestic Borrowing Subsidiaries) are unconditionally and absolutely liable for all Obligations and Hedging Liability, as set forth more fully in Section 16 hereof. (b) Each of the Foreign Borrowers shall be severally liable for its indebtedness and its other direct obligations under this Agreement and the other Loan Documents, and no Foreign Borrower shall be liable for the Obligations of any other Borrower under this Agreement and the other Loan Documents. Each Foreign Borrower shall be severally liable for all payments of the principal of and interest on Loans to and L/C Obligations of such Foreign Borrower, any amounts due with respect thereto pursuant to Sections 5.8 or 14.3 hereof and any other amount due hereunder that is specifically allocable to such Foreign Borrower or the Loans to or L/C Obligations of such Foreign Borrower. With respect to any other amount due hereunder, including fees, but excluding principal of and interest on any Loan or L/C Obligation, that is not specifically allocable to a particular Foreign Borrower, each Foreign Borrower shall be liable for such amount pro rata in the same proportion as such Foreign Borrower's outstanding Loans bear to the total of outstanding Loans to and L/C Obligations of all Borrowers (both Foreign and Domestic).
Appears in 2 contracts
Samples: Multicurrency Credit Agreement (General Binding Corp), Multicurrency Credit Agreement (General Binding Corp)
Several Liability of Foreign Borrowers. Notwithstanding anything in this Agreement to the contrary:
(a) Except as provided in Section 17.19(b), all All Guarantors (including without limitation the Company and the Domestic Borrowing Subsidiaries) are unconditionally and absolutely liable for all Obligations and Hedging LiabilityObligations, as set forth more fully in Section 16 hereof.
(b) Each of the Foreign Borrowers shall be severally liable for its indebtedness and its other direct obligations Obligations under this Agreement and the other Loan Credit Documents, and no Foreign Borrower shall be liable for the Obligations of any other Borrower under this Agreement and the other Loan Credit Documents. Each Foreign Borrower shall be severally liable for all payments of the principal of and interest on Loans to and L/C Obligations of such Foreign Borrower, any amounts due with respect thereto pursuant to Sections 5.8 or 14.3 hereof and any other amount due hereunder that is specifically allocable to such Foreign Borrower or the Loans to or L/C Obligations of such Foreign Borrower. With respect to any other amount due hereunder, including fees, but excluding principal of and interest on any Loan or L/C Obligation, that is not specifically allocable to a particular Foreign Borrower, each Foreign Borrower shall be liable for such amount pro rata in the same proportion as such Foreign Borrower's outstanding Loans bear to the total of outstanding Loans to and L/C Obligations of all Borrowers (both Foreign and Domestic).
Appears in 1 contract
Samples: Credit Agreement (Sickinger Co)
Several Liability of Foreign Borrowers. Notwithstanding anything in this Agreement to the contrary:
(a) Except as provided in Section 17.19(b), all Guarantors (including without limitation the Company and the Domestic Borrowing Subsidiaries) are unconditionally and absolutely liable for all Obligations and the Hedging Liability, as set forth more fully in Section 16 hereof.
(b) Each of the Foreign Borrowers shall be severally liable for its indebtedness and its other direct obligations under this Agreement and the other Loan Documents, and no Foreign Borrower shall be liable for the Obligations of any other Borrower under this Agreement and the other Loan Documents. Each Foreign Borrower shall be severally liable for all payments of the principal of and interest on Loans to and L/C Obligations of such Foreign Borrower, any amounts due with respect thereto pursuant to Sections 5.8 or 14.3 hereof and any other amount due hereunder that is specifically allocable to such Foreign Borrower or the Loans to or L/C Obligations of such Foreign Borrower. With respect to any other amount due hereunder, including fees, but excluding principal of and interest on any Loan or L/C Obligation, that is not specifically allocable to a particular Foreign Borrower, each Foreign Borrower shall be liable for such amount pro rata in the same proportion as such Foreign Borrower's outstanding Loans bear to the total of outstanding Loans to and L/C Obligations of all Borrowers (both Foreign and Domestic).
Appears in 1 contract
Samples: Multicurrency Credit Agreement (General Binding Corp)