Common use of Multiple Obligors Clause in Contracts

Multiple Obligors. When the Agreement is executed by more than one Borrower or Guarantor, then the words “Borrower”, “Guarantor” and “Obligor” shall mean all and any one or more of them (as applicable), and their respective successors and assigns, including debtors-in-possession and bankruptcy trustees. The obligations of each Obligor under the Agreement are joint and several. The following individuals shall sign the Agreement and become Guarantors thereby: (a) individuals responsible for the management and operations of Borrower’s business and holders of at least 20% of the economic or voting power of Borrower or Guarantor’s equity, if applicable, and (b) such other individuals as Lender, in its sole discretion, may deem acceptable as Guarantors.