Common use of Several Obligations; Remedies Independent Clause in Contracts

Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any Loan on the date specified therefor shall not relieve any other Bank of its obligation to make the Loan to be made by it on such date, but neither any Bank nor the Agent shall be responsible for the failure of any other Bank to make any Loan. The amounts payable by the Borrower at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 5 contracts

Samples: Credit Agreement (Boston Private Financial Holdings Inc), Credit Agreement (Heartland Financial Usa Inc), Credit Agreement (Heartland Financial Usa Inc)

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Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any Loan or other extension of credit to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the its Loan to be made by it or other extension of credit on such date, but neither date and no Bank has any Bank nor obligation to the Agent shall be responsible or any other Bank for the failure of by any such other Bank to make any LoanLoan or other extension of credit required to be made by such other Bank. The amounts payable by the Borrower Company at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 3 contracts

Samples: Credit Agreement (Empire Resources Inc /New/), Credit Agreement (Empire Resources Inc /New/), Credit Agreement (Empire Resources Inc /New/)

Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any Loan to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the its Loan to be made by it on such date, but neither the Administrative Agent nor any Bank nor the Agent shall be responsible for the failure of any other Bank to make any Loana Loan to be made by such other Bank. The amounts payable by the Borrower Obligors at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall shall, subject to Section 10.01 hereof, be entitled to protect and enforce its rights arising out of this Agreement and the Notes, its Note and it shall not be necessary for any other Bank or the Administrative Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 2 contracts

Samples: Credit Agreement (CSC Holdings Inc), Credit Agreement (CSC Holdings Inc)

Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any Loan to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the its Loan to be made by it on such date, but neither the Administrative Agent nor any Bank nor the Agent shall be responsible for the failure of any other Bank to make any Loana Loan to be made by such other Bank. The amounts payable by the Borrower Company at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall shall, subject to Section 10.01 hereof, be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Administrative Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 2 contracts

Samples: Credit Agreement (CSC Holdings Inc), Credit Agreement (CSC Holdings Inc)

Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any the Loan to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the its Loan to be made by it on such date, but neither any Bank nor the Administrative Agent shall be responsible for the failure of any other Bank to make any Loanthe Loan to be made by such other Bank. The Subject to the last paragraph of Section 9, the amounts payable by the Borrower Company at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the NotesNotes held by it, and it shall not be necessary for any other Bank or the Administrative Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 1 contract

Samples: Credit Agreement (Penncorp Financial Group Inc /De/)

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Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any Bank to make any Loan or other extension of credit to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the its Loan to be made by it on such date, but neither date and no Bank shall have any Bank nor obligation to the Agent shall be responsible or any other Bank for the failure of by any such other Bank to make any LoanLoan or other extension of credit required to be made by such other Bank. The amounts payable by the Borrower Company at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Agent to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 1 contract

Samples: Credit Agreement (Empire Resources Inc /New/)

Several Obligations; Remedies Independent. The obligations of the Banks under this Agreement are several and the failure of any ----------------------------------------- Bank to make any Loan to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the any Loan to be made by it such other Bank on such date, but neither any no Bank nor the Agent shall be responsible for the failure of any other Bank to make any Loana Loan to be made by such other Bank. The amounts payable by the Borrower Company at any time hereunder and under the Notes to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notes, and it shall not be necessary for any other Bank or the Administrative Agent to Credit Agreement ---------------- - 41 - consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 1 contract

Samples: Credit Agreement (Northrop Grumman Corp)

Several Obligations; Remedies Independent. The Banks' ----------------------------------------- obligations of the Banks under this Agreement are several and the not joint. The failure of any Bank to make any Loan to be made by it on the date specified therefor shall not relieve any other Bank of its obligation to make the any Loan to be made by it on such date, but neither any no Bank nor the Agent shall be responsible for the failure of any other Bank to make any Loan. The amounts payable by the Borrower Company at any time hereunder and under the Notes a Revolving Credit Note to the Agent and each Bank shall be a separate and independent debt, and the Agent debt and each Bank shall be entitled to protect and enforce its rights arising out of this Agreement and the Notesits Revolving Credit Note, and it shall not be necessary for any other Bank or the Agent Bank to consent to, or be joined as an additional party in, any proceedings for such purposes.

Appears in 1 contract

Samples: Credit Agreement (Overhead Door Corp /In/)

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