Joint and Several Obligations and Liabilities Clause Samples

The "Joint and Several Obligations and Liabilities" clause establishes that when multiple parties are responsible for fulfilling an obligation or liable for a debt, each party is individually and collectively responsible for the entire obligation. In practice, this means that a creditor or counterparty can demand full performance or payment from any one of the parties, rather than being limited to a proportional share from each. This clause ensures that the risk of non-performance or non-payment does not fall on the creditor, providing greater security and simplifying enforcement by allowing recourse against any or all responsible parties.
Joint and Several Obligations and Liabilities. If You are comprised of two or more persons (whether as a joint venture, consortium, partnership or other unincorporated grouping): (a) Your obligations and liabilities under this Agreement bind those persons jointly and severally; (b) those persons must notify Us of their leader, who must have authority to bind You and each of those persons; and (c) You must not alter its composition or legal status without Our prior written consent.
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Joint and Several Obligations and Liabilities. If the Subcontractor is comprised of two or more persons:
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Joint and Several Obligations and Liabilities. If Maker consists of more than one (1) person, corporation or other entity, the obligations and liabilities of such persons, corporations or other entities under this Note shall be joint and several, and the word "Maker" shall mean all or some or any of them.
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Joint and Several Obligations and Liabilities. 20.1. If the Member is comprised of two or more entities, then each of the Members or entities comprising the Member shall be bound to the Agreement jointly and severally.
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Joint and Several Obligations and Liabilities. If the Subcontractor is comprised of two or more persons: its obligations and liabilities under this Subcontract bind them jointly and severally; and the Subcontractor must not alter its composition or legal status without the prior written consent of the Contractor’s Representative.
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Joint and Several Obligations and Liabilities. Each of the Parties and SFO agrees that, from and after the Effective Date, the obligations of Royale under the Purchase Agreement are the joint and several obligations of RMX and Royale, but shall be primarily performed by RMX with respect to the Assigned Rights and Obligations. With respect to the period from the Effective Date (as defined in the Purchase Agreement) to the Closing Date (as defined in the Purchase Agreement), Royale shall receive all revenues, profits and income thereunder and shall pay all expenses with respect thereto.
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Related to Joint and Several Obligations and Liabilities

  • Joint and Several Obligations Except as otherwise stated herein, the obligations of NYISO, Developer and Connecting Transmission Owner are several, and are neither joint nor joint and several.

  • Joint and Several Obligation The obligations of the Guarantors under this Guaranty are joint and several obligations of each Guarantor and may be freely enforced against each Guarantor, for the full amount of the Guaranteed Obligations, without regard to whether enforcement is sought or available against any other Guarantor.

  • Several Obligations; No Liability Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Agent in its capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on a ratable basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 15.7, no member of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to any Borrower or any other Person for any failure by any other Lender (or Bank Product Provider) to fulfill its obligations to make credit available hereunder, nor to advance for such Lender (or Bank Product Provider) or on its behalf, nor to take any other action on behalf of such Lender (or Bank Product Provider) hereunder or in connection with the financing contemplated herein.

  • Obligations Joint and Several Should more than one person or entity sign this Note as a Borrower, the obligations of each such Borrower shall be joint and several.

  • Several Obligations No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other obligation to be made or performed by such other Lender.