Common use of Joint Benefit Clause in Contracts

Joint Benefit. Each Co-Borrower represents to Agent and each Lender that each Co-Borrower will receive direct and indirect benefits from the availability of the Loans, and from the ability to access the collective credit resources of Co-Borrowers. Each Co-Borrower irrevocably authorizes the Borrower to act on its behalf in requesting, authorizing, and directing the use of the proceeds of the Loan, and each Co-Borrower agrees to be bound by the acts of the Borrower in connection with the Loan Documents. It is expressly understood by each Co-Borrower that Agent and Lenders shall have no responsibility to inquire into the apportionment, allocation or disposition of any Loans among the Borrower and the Co-Borrowers; that all Loans or other credit accommodations are made for the account of the Borrower and the Co-Borrowers; that the handling of the Facility on a joint borrowing basis is solely as an accommodation to the Borrower and the Co-Borrowers; and neither Agent nor Lenders shall incur any liability to any Co-Borrower as a result thereof.