Joint Creditor Sample Clauses
The Joint Creditor clause establishes that two or more parties are collectively recognized as creditors in relation to a particular debt or obligation. In practice, this means that all named joint creditors have equal rights to demand payment, enforce the terms of the agreement, or receive any benefits owed under the contract. This clause is essential for clarifying the legal standing of multiple creditors, ensuring that each has the authority to act on behalf of the group and preventing disputes over entitlement or enforcement.
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Joint Creditor. To the extent the Security Trustee is not a creditor itself, it shall be the joint creditor (together with the relevant Creditor) of each and every obligation of the Company and the Obligors in full towards each of the Creditors under each Credit Document and accordingly will have its own independent right to demand performance by the Company or the Obligors of those obligations in accordance with Clause 16.2 (Security Trustee as joint creditor) of the Agreement.
Joint Creditor. For the sole and limited purpose of complying with the laws of The Netherlands applicable to creditors and security interests created in favor of creditors, the Company, each of the Banks and the Administrative Agent agree that the Administrative Agent shall be a joint creditor (together with each such Bank) with respect to each and every Obligation (as hereinafter defined) of the Company to each such Bank arising under or in connection with this Agreement, and that, to the extent that a Bank has the right hereunder to demand performance by the Company of such Obligations, the Administrative Agent shall also have the independent right to demand performance by the Company of such Obligations, but only if such Bank first consents thereto in writing. Nothing set forth in this Section 1.5 shall impose any additional obligations or duties on the Administrative Agent or any Bank, or shall cause the alteration or modification of any term defined in this Agreement (i.e. "Commitment Percentage," "Loan Commitment," "Required Banks," etc.). INTEREST RATES, PREPAYMENT; FEES AND COSTS.