Loan Party Clause Samples
The 'Loan Party' clause defines which entities are considered parties to a loan agreement, typically including the borrower and any guarantors or affiliates who have obligations under the loan. In practice, this clause specifies the legal entities responsible for repaying the loan, providing collateral, or fulfilling other contractual duties, and may list them by name or reference their relationship to the borrower. Its core function is to clearly identify all parties bound by the agreement, ensuring that rights and obligations are properly allocated and enforceable, thereby reducing ambiguity and potential disputes.
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Loan Party. The Borrower and the Third Party Pledgors.
Loan Party the Parent, Guarantor and each Borrower.
Loan Party. The Borrower and each Guarantor. ----------
Loan Party. The Borrower.
Loan Party. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement.
Loan Party. (a) The definition of Loan Party is hereby amended by adding the following as the third sentence thereof: "For purposes of clarity, any Person which is a Loan Party solely by virtue of having guaranteed all or a portion of the Obligations and/or having pledged Collateral to secure all or a portion of the obligations shall cease to be a Loan Party upon the release of all of such Collateral and/or the release of such Person from all of its obligations under such guaranty."
(b) As of the date of this First Amendment, the Loan Parties, in addition to Borrower, are the Persons listed on Schedule 1.1 attached hereto.
Loan Party. The definition of “Loan Party” in Section 1 is deleted in its entirety and replaced with the following:
Loan Party. Each Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC, the PPSA or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral owned by such Loan Party, as and to the extent required under, and subject to the exceptions set forth in, the terms of this Agreement and the other Loan Documents.
Loan Party. The Borrower and Guarantor.
Loan Party. Each Borrower, each Guarantor, each “Obligor” under the Security Agreement and each “Pledgor” under the Pledge Agreement.