Examples of Principal Borrower in a sentence
Notwithstanding anything contained herein to the contrary, to the extent any provision in this Agreement requires any Borrower to interact in any manner with the Administrative Agent or the Lenders, such Borrower shall do so through the Principal Borrower.
The Borrowers must act through the Principal Borrower for all purposes under this Agreement and the other Loan Documents.
Each of the Borrowers hereby appoints the Principal Borrower to act as its exclusive agent for all purposes under this Agreement and the other Loan Documents (including, without limitation, with respect to all matters related to the borrowing, repayment and administration of Credit Extensions as described in Articles II and III hereof).
Without initiating any CIRP against the Principal Borrower, it is always open to the Financial Creditor to initiate CIRP under Section 7 against the Corporate Guarantors, as the creditor is also the Financial Creditor qua Corporate Guarantor.
Once for same claim the CIRP is initiated against one of the Corporate Debtor after such initiation, the Financial Creditor cannot trigger CIRP against the other Corporate Debtor(s), for the same claim amount (debt).There is no bar in the Code for filing simultaneously two applications under Section 7 against the Principal Borrower as well as the Corporate Guarantor(s) or against both the Guarantors.