Direct Recourse Sample Clauses
The Direct Recourse clause grants a party the right to seek remedies or enforce obligations directly against another party, typically bypassing intermediaries or third parties. In practice, this means that if a borrower defaults on a loan, the lender can pursue claims directly against the guarantor or collateral provider without first exhausting remedies against the borrower. This clause is commonly used in finance and commercial agreements to streamline enforcement and reduce procedural delays. Its core function is to provide a more efficient and effective means of recovering losses or enforcing rights, thereby minimizing risk and uncertainty for the party entitled to recourse.
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Direct Recourse. Each Guarantor waives any right it may have of first requiring the Finance Parties to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 11 (Guarantee and Indemnity); provided that prior to making any demand on any Guarantor under this clause 11 Guarantee and Indemnity) demand shall first have been made on the Borrower and the Borrower shall have failed to pay the sum or perform the obligation demanded within the requisite period specified in such demand. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.
Direct Recourse. Advance may institute suit directly against IMARK to collect any Obligations without first foreclosing on or liquidating any Collateral.
Direct Recourse. If the Guarantor has the right to require the Creditors (or any of their trustees or agents) to claim or enforce any other right or security against any other person prior to making a claim against the Guarantor pursuant to the terms of this Guarantee, including but not limited to the provisions of Article 2 (Guarantee), the Guarantor hereby waives such right.
Direct Recourse. Institute suit directly against the Borrower; or
Direct Recourse. Neither Lender nor any Lender shall be required to pursue any other remedy before invoking the benefits of this Agreement, and specifically neither Lender nor any Lender shall be required to exhaust its remedies against any other Person or to proceed against any security now or hereafter existing for the payment of any of the Secured Indebtedness. If judicial action is instituted under this Agreement, such action may be maintained by Lender and/or any one or more of the Lenders whether or not any other Person is joined therein and whether or not separate action is brought against any other Person liable for payment of all or any portion of the Secured Indebtedness.