Liability for Certain Obligations Sample Clauses
The "Liability for Certain Obligations" clause defines which party is responsible for specific duties or debts arising under the agreement. Typically, it outlines the scope of liability for particular actions, omissions, or breaches, and may specify limits or exceptions to that liability. For example, it might state that one party is liable for damages resulting from their negligence or failure to perform certain contractual tasks. This clause serves to allocate risk between the parties, ensuring clarity about who bears responsibility for particular obligations and helping to prevent disputes over accountability.
Liability for Certain Obligations. 1 of the Agreement shall be deleted in its entirety and replaced with the following paragraph: The parties acknowledge that the Joint Venture will incur certain material long term obligations, including, but not limited to, obligations as lessee under leases for Restaurant premises; provided however, the Joint Venture shall borrow no money and incur no liabilities for any loans other than loans from Outback or its affiliates for equipment for the Restaurants. Roy’s and Outback agree that as to any obligation of the Joint Venture, including but not limited to liability under any lease, Roy’s and Outback shall each be proportionately liable to any third party for only up to such percentage of any amounts outstanding of such obligation as is equal to the Joint Venturer’s Percentage Interest. Roy’s and Outback shall not be jointly and severally liable for any obligation.
Liability for Certain Obligations. The parties acknowledge that the Joint Venture will incur certain material long term obligations, including, without limitation, liability as lessee under leases for Restaurant premises and liability on loans. Roy’s and Outback covenant and agree that as to any debt, liability, or obligation of the Joint Venture, including, without limitation, the liabilities described in the preceding sentence, Roy’s and Outback shall each be proportionately liable to the third party creditor for only up to fifty percent (50%) of amounts outstanding under such obligations and shall not be jointly and severally liable therefor.
Liability for Certain Obligations. Fleming's Principals and Outback covenant and agree that as to any guaranty of any debt, liability, or obligation of the Company, including, without limitation, material long-term obligations, such as liability as lessee under leases for Restaurant premises and liability on loans (collectively "Obligations"), Fleming's Principals and Outback's parent company, Outback Steakhouse, Inc., a Delaware corporation ("OSI"), shall guarantee such Obligations if required by the third party creditor; provided however, Fleming's Principals and OSI shall each be proportionately liable to any third party creditor for only up to fifty percent (50%) of the outstanding balance under such Obligations and shall not be jointly and severally liable therefor.
Liability for Certain Obligations. Fleming’s Principals and Outback covenant and agree that as to any guaranty of any debt, liability, or obligation of the Company, including, without limitation, material long-term obligations, such as liability as lessee under leases for Restaurant premises and liability on loans (collectively “Obligations”), Fleming’s Principals and Outback’s parent company, OSI, shall guarantee such Obligations if required by the third party creditor; provided however, Fleming’s Principals and OSI shall each be proportionately liable to any third party creditor for only up to the percentage of the outstanding balance under such Obligations as is equal to the applicable affiliated Member’s Percentage Interest in the Company at the time in question, and shall not be jointly and severally liable therefor.
Liability for Certain Obligations. Buyer covenants to assume the liability of, and make payment for, Principal Shareholder with respect to the following debts incurred by Principal Shareholder on behalf of the Target:
Liability for Certain Obligations. 13 6. Conditions to Obligation to Close.......................................14 (a) Conditions to Obligation of the Buyer..............................14 (b) Conditions to Obligation of the Target.............................15
Liability for Certain Obligations. Holdco agrees that it shall be and --------------------------------- become jointly and severally liable with the Company to the Warrant Agent for the performance of the obligations of the Company under Sections 5.05, 5.07 and 6.05 of the Warrant Agreement.
Liability for Certain Obligations. 5 3.6 Documentation........................................................................6 3.7
Liability for Certain Obligations. McLeodUSA agrees that it shall be --------------------------------- and become jointly and severally liable with the Company to the Warrant Agent for the performance of the obligations of the Company under Sections 5.05, 5.07 and 6.05 of the Warrant Agreement.