Joint and Severally Liable definition

Joint and Severally Liable means where there are two or more Tenants, you will each be responsible for complying with the obligations in this Agreement both individually and together. We may seek to enforce these obligations or claim damages against any one or more of you. For example, if three Tenants are named on this Agreement and one Tenant does not pay their proportion of the Rent, we can recover the amount owed from any one of you or any group.
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Joint and Severally Liable is a legally binding phrase which means, among other obligations, each individual signing this Lease as a Tenant is legally responsible to the Landlord for any and all obligations required hereunder (rent, damages, etc.) versus a pro-rata share of any such obligation.
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Joint and Severally Liable. . This means you’re responsible (as individuals and together as a group) for making sure you don’t break your agreement with us
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Examples of Joint and Severally Liable in a sentence

  • Thus, Defendants’ Motion to Exclude all Evidence as to Count II against ICMC to the Extent that Bancroft Argues Defendants Patton and Bailey are Joint and Severally Liable Under Any Ownership Theory and to Dismiss Same With Prejudice will be GRANTED.

  • Where there is more than one Tenant you will all be Joint and Severally Liable for the obligations contained within this Agreement.

  • Joint and Severally Liable (JSL) occurs when two or more payers are ordered by the courts to pay restitution to the same payee for some or the entire restitution amounts ordered is to be paid as JSL.


More Definitions of Joint and Severally Liable

Joint and Severally Liable means that all tenants are jointly liable for the payment of all rent, bills and liabilities during the tenancy, in addition to any breach of the agreement. Each tenant is individually responsible for the whole rent until all payments have been made in full. (A maximum of four people can be joint tenants.)
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Joint and Severally Liable means that all tenants are jointly liable for the payment of all rent, bills and liabilities during the tenancy, in addition to any breach of the agreement. Each tenant is individually responsible for the whole rent until all payments have been made in full. (A maximum of four people can be joint tenants.) IF ANY ONE TENANT SERVES NOTICE TO END THE TENANCY THIS WILL END THE TENANCY FOR ALL TENANTS.
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Joint and Severally Liable means that each person will be responsible for complying with the obligations of and paying all charges and costs under this agreement both individually and together. ● ‘LANDLORD’, ‘YOU’ OR ‘YOUR’ means the Landlord, the owner of the property, or any other person with interest in the property, whether freehold or leasehold. ● ‘TENANT’ means anyone entitled to possession of the property under the agreement. ● ‘PROPERTY’ means any part or parts of the building, boundaries, fences, gardens, and outbuildings belonging to the Landlord. ● ‘INVENTORY’ or also known as Inventory and Schedule of Condition, means the document drawn up prior to the commencement of the tenancy by the Landlord or Agent, which includes all fixture, fittings, and condition of the property. ● ‘TERM’ OR ‘TENANCY’ means the fixed Term of the Tenancy Agreement and any extension or continuation of the tenancy whether fixed term or periodic arising after the expiry of the original term. ● ‘SUPERIOR LANDLORD’ means the person, company, or organisation to whom ownership of the property reverts at the end of the lease. ● ‘DEPOSIT’ means the money held by the Agent, to cover damage and dilapidations if the tenant fails to comply with the Tenancy Agreement.
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Joint and Severally Liable means where there are two or more Tenants, the Tenant(s) will each be responsible for complying with the obligations in this Agreement both individually and together. The Landlord(s) may seek to enforce these obligations or claim damages against any one or more of the Tenants. For example, if three Tenants are named on this Agreement and one Tenant does not pay their proportion of the Rent, the Landlord(s) can recover the amount owed from any one Tenant or any group of Tenant(s). If the Tenancy is periodic and one Tenant gives notice to quit, the notice will end the Tenancy for all Tenants.
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Related to Joint and Severally Liable

  • Joint and Several means if the Tenant is more than one person or entity forming the Tenant they are jointly and equally responsible for the payment of all Rent and liabilities or any breach of the obligations specified within the Tenancy Agreement during the Tenancy or any extension, or continuation of it as a fixed term or periodic tenancy. Individually each person forming the Tenant is responsible for payment of all rent and liabilities and compensation for any breach of the Tenancy Agreement.

  • Secondary obligor means an obligor to the extent that:

  • Contingent Obligations means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

  • Contingent Obligation is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement.

  • Qualified ECP Guarantor means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

  • primary obligor shall have the meaning assigned to such term in the definition of the term “Guarantee.”

  • Obligations means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.