Joint and Several Obligations of the Borrowers Sample Clauses

Joint and Several Obligations of the Borrowers. (a) Each Borrower is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of the other Borrower and in consideration of the undertakings of the other Borrower to accept joint and several liability for such Borrower. (b) Each Borrower jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower with respect to the payment and performance of all of the Obligations, it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction between them. (c) If and to the extent that either Borrower shall fail to make any payment with respect to any Obligation as and when due or to perform any Obligation in accordance with the terms thereof, then in each such event, the other Borrower will make such payment with respect to, or perform, such Obligation. (d) The obligations of each Borrower under the provisions of this Section 2.23 constitute full recourse obligations of such Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or any other circumstances whatsoever. (e) Except as otherwise expressly provided herein, each Borrower hereby waives, to the extent permitted by applicable law, notice of acceptance of its joint and several liability. Except as otherwise expressly provided herein, each of the Borrowers hereby waives, to the extent permitted by law, notice of any Revolving Loan made under this Agreement, notice of occurrence of any Event of Default or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by any Lender under or in respect of any of the Obligations, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement. Each of the Borrowers hereby assents to, and waives notice of, to the extent permitted by applicable law, any extension or postponement of the time for the payment of any Obligation, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by any Lender at any time or times in respect of any default by the other Borrower in the perf...

Joint and Several Obligations of the Borrowers. To the extent any of the Borrowers' joint liability under this Agreement or the Finance Documents covering: (a) any part of the Loans applied to finance the acquisition of any Collateral Vessel owned by any of the other Borrowers; and/or (b) any liabilities under any Hedging Agreements entered into by any of the other Borrowers, are considered or deemed to represent a guarantee by any of the Borrowers, then the provisions under this Clause 20, including the maximum guaranteed amount under Clause 20.9, shall apply mutatis mutandis to such joint liability of the Borrowers, however, for the avoidance of doubt, not to any part of a Borrower's liability for any part of the Loans applied to finance the Collateral Vessel owned by such Borrower or to any Hedging Agreement which, irrespective of any agreement on joint liability, would have been such Borrower's own and sole liability.