Common use of Acknowledgement of Joint and Several Liability Clause in Contracts

Acknowledgement of Joint and Several Liability. Each of the US Borrowers acknowledges that it is jointly and severally liable for all of the Obligations under the Loan Documents. Each of the US Borrowers expressly understands, agrees and acknowledges that (a) US Borrowers are all Affiliated entities by common ownership, (b) each of the US Borrowers desires to have the availability of one common credit facility instead of separate credit facilities, (c) each of the US Borrowers has requested that Lender extend such a common credit facility on the terms herein provided, (d) Lenders will be lending against, and relying on a lien upon, all of US Borrowers' assets that are pledged as Collateral hereunder, even though the proceeds of any particular loan made hereunder may not be advanced directly to a particular US Borrower, (e) each of the US Borrowers will nonetheless benefit by the making of all such loans by ▇▇▇▇▇▇▇ and the availability of a single credit facility of a size greater than each could independently warrant, and (f) all of the representations, warranties, covenants, obligations, conditions, agreements and other terms contained in the Loan Documents shall be applicable to and shall be binding upon each of the US Borrowers.