Several Obligation Clause Samples
A Several Obligation clause defines that each party to an agreement is responsible only for fulfilling its own obligations, rather than being collectively liable for the obligations of all parties. In practice, this means that if one party fails to perform, the other parties are not required to cover or remedy that failure; for example, in a multi-lender loan, each lender is only responsible for its own portion of the loan. This clause is essential for limiting the risk exposure of each party and ensuring that liability is not unfairly distributed among all participants.
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Several Obligation. No Loan Allottee shall be liable under its respective WGFP Allotment Contract for the obligations of any other Loan Allottee except as expressly set forth in Section 5.4 hereof. Each Loan Allottee shall be solely responsible and liable for performance of its obligations under its respective WGFP Allotment Contract. The obligation of each Loan Allottee to make payments under its respective WGFP Allotment Contract is a several obligation and not a joint obligation with those of the other WGFP Allottees.
Several Obligation. The obligations of RBS, each Consenting EPL Bank, each Significant Creditor, each Consenting Bondholder and BNFL under this Agreement are several. No Consenting EPL Bank, Significant Creditor, Consenting Bondholder, RBS or BNFL shall be liable for any breach by any other such party of that party’s obligations under this Agreement.
Several Obligation. The obligations of the Underwriters herein are several and not joint or joint and several. No Underwriter will be liable for any act, omission, default or conduct by any other Underwriter or any Selling Firm appointed by any other Underwriter.
Several Obligation. Nothing in this Section or elsewhere in this Agreement or the other Loan Documents shall be deemed to require Administrative Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Commitments hereunder or to prejudice any rights that any Borrower may have against any Lender as a result of any default by any Lender hereunder in fulfilling its Commitments. The obligation of each Lender hereunder is several, and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder. Nothing contained in this Agreement or any of the other Loan Documents and no action taken by the Lenders pursuant hereto or thereto shall be deemed to constitute the Lenders to be a partnership, an association, a joint venture or any other kind of entity.
Several Obligation. [Imperative]
Several Obligation. Each of the Stockholders has signed this letter agreement intending to be bound severally thereby and not to be bound as joint obligors. * * * * Please confirm our agreement with you by signing a copy of this letter. STOCKHOLDER NUMBER OF NAME AND ADDRESS SHARES SIGNATURES ---------------- --------- ---------- ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 11,551 ______________________________ ▇▇▇▇▇▇▇ ▇▇▇▇▇ 40,000 (Options) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Centerpoint Bank ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ______________________________ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇ ▇. Bethke 89,496 ______________________________ President ▇▇▇▇▇▇ ▇▇▇▇▇▇, individually Concord Oil Company and as Trustee of Musterfield 147 ▇▇▇▇▇▇ Road Realty Trust ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ______________________________ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Trustee of ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ Revocable Trust Concord Oil Company By: __________________________ President ▇▇. ▇▇▇▇▇▇ ▇. Bogers 20,383 ▇▇▇▇▇▇ ▇▇▇▇▇▇ ______________________________ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, individually ▇ ▇▇▇▇▇▇▇▇ ▇▇▇ and as custodian for ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and ▇▇▇▇▇▇▇ ______________________________ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ______________________________ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ 30,500 ______________________________ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, individually and as beneficiary of ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ 57 STOCKHOLDER NUMBER OF NAME AND ADDRESS SHARES SIGNATURES ---------------- --------- ---------- ▇▇. ▇▇▇▇ ▇. Clarke, Jr. 7,499 _________________________________ ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇. Epping, New Hampshire 03042 ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇ 10,000 _________________________________ Lighthouse Press ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ individually and as Trustee of ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ d'Argent Financial Trust ▇▇▇▇ ▇. ▇▇▇▇▇ 7,500 (options) _________________________________ ▇▇▇▇ ▇. ▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ 35,833 _________________________________ Hemming Associates ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ North Bridge Business Center ▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Several Obligation. The obligation of each Bank and each Noteholder to purchase assignments of Financial Obligations in accordance with the terms of this Agreement is a several and not a joint obligation.
Several Obligation. It is expressly acknowledged and agreed that DLJ Guarantor’s obligation to make the DLJ Contribution and Morgans Guarantor’s obligation to make the Morgans Contribution shall be several obligations of the applicable Guarantor, and not joint or joint and several obligations of the Guarantors. Notwithstanding the above, in the event of non-payment at Closing by a Guarantor of its respective portion of the Guarantor Contribution, the other Guarantor may (but shall not be obligated to) make such payment of the unpaid portion of the Guarantor Contribution, and the requirements of Sections 2.1 and 2.2 shall be deemed satisfied so long as the entire Guarantor Contribution is paid at the Closing, regardless of the source. In such event, the non-paying Guarantor shall be obligated to reimburse immediately the paying Guarantor for the amount of the non-paying Guarantor’s portion of the Guarantor Contribution paid by the paying Guarantor.
Several Obligation. No Project Agreement Member shall be liable under this Project Agreement for the obligations of any other Project Agreement Member except as expressly set forth in Section 6.3 hereof in the case of Step-Up Project Agreement Members. Each Project Agreement Member shall be solely responsible and liable for performance of its obligations under this Project Agreement. The obligation of each Project Agreement Member to make payments under this Project Agreement is a several obligation and not a joint obligation with those of the Project Agreement Members.