Common use of Obligations of Borrowers Clause in Contracts

Obligations of Borrowers. Except as otherwise provided in section 15.23, all obligations, liabilities, covenants and agreements of the Borrowers in this Agreement and any other Credit Document shall be joint and several, whether or not expressly so stated, and the joint obligation of each Borrower shall be unconditional and absolute and, without limiting the generality of the foregoing, except in the case of payment in full of all Obligations, shall not be released, discharged or otherwise affected by the occurrence, one or more times, of any act or omission to act or delay of any kind by the other Borrower, either Administrative Agent, any Lender or any other person or any other circumstance whatsoever which might, but for the provisions of this section, constitute a legal or equitable discharge of that Borrowers’ obligations under this Agreement and the other Credit Documents. Any right exercisable, direction or notice that may be given or request that may be made by the Borrowers under or in respect of this Agreement or any other Credit Document may be exercised, given or made by any other Borrower, and the other Borrower acknowledges and agrees that in that case it shall be bound by the other Borrower. In the event that any exercise of a right, direction, notice or request made by a Borrower violates or in any manner conflicts with or is inconsistent with that of the other Borrower, the Administrative Agents and the Lenders will deem the exercise, direction, notice or request of Genlyte Group as binding on the Borrowers and may ignore those of any other Borrower. Notwithstanding anything to the contrary contained in this Section 15.22 or any other provision of this Agreement or in any other Credit Document, with respect to any Borrowings or other Obligations at any time of Lumec Holding, Genlyte Intangible Inc., or any other Person that shall then be a shareholder of Lumec or a shareholder of Lumec’s parent legal Person (within the meaning of Section 123.66 of the Companies Act (Quebec)), Lumec shall only be liable, directly or indirectly, for the maximum amount of such Borrowings or other Obligations for which it may be liable at such time without contravening the provisions of Section 123.66 of the Companies Act (Quebec).

Obligations of Borrowers. Except as otherwise provided in section 15.23, all All obligations, liabilities, covenants and agreements of the Borrowers in this Agreement and any other Credit Document shall be joint and several, whether or not expressly so stated, and the joint obligation of each Borrower shall be unconditional and absolute and, without limiting the generality of the foregoing, except in the case of payment in full of all Obligations, foregoing shall not be released, discharged or otherwise affected by the occurrence, one or more times, of any act or omission to act or delay of any kind by the other Borrower, either the Administrative Agent, any Lender or any other person or any other circumstance whatsoever which might, but for the provisions of this section, constitute a legal or equitable discharge of that Borrowers’ ' obligations under this Agreement and the other Credit Documents. Any right exercisable, direction or notice that may be given or request that may be made by the Borrowers under or in respect of this Agreement or any other Credit Document may be exercised, given or made by any other either Borrower, and the other Borrower acknowledges and agrees that in that case it shall be bound by the other Borrower. In the event that any exercise of a right, direction, notice or request made by a Borrower violates or in any manner conflicts with or is inconsistent with that of the other Borrower, the Administrative Agents Agent and the Lenders will deem the exercise, direction, notice or request of Genlyte Group the Parent as binding on the Borrowers and may ignore those of any other Borrower. Notwithstanding anything to the contrary contained in this Section 15.22 or any other provision [The balance of this Agreement or in any other Credit Document, with respect to any Borrowings or other Obligations at any time of Lumec Holding, Genlyte Intangible Inc., or any other Person that shall then be a shareholder of Lumec or a shareholder of Lumec’s parent legal Person (within the meaning of Section 123.66 of the Companies Act (Quebec)), Lumec shall only be liable, directly or indirectly, for the maximum amount of such Borrowings or other Obligations for which it may be liable at such time without contravening the provisions of Section 123.66 of the Companies Act (Quebec)page is intentionally blank.]

Obligations of Borrowers. Except as otherwise provided provide in section 15.2313.23, all obligations, liabilities, covenants and agreements of the Borrowers in this Agreement and any other Credit Document shall be joint and several, whether or not expressly so stated, and the joint obligation of each Borrower shall be unconditional and absolute and, without limiting the generality of the foregoing, except in the case of payment in full of all Obligations, shall not be released, discharged or otherwise affected by the occurrence, one or more times, of any act or omission to act or delay of any kind by the other Borrower, either Administrative Agent, any Lender or any other person or any other circumstance whatsoever which might, but for the provisions of this section, constitute a legal or equitable discharge of that Borrowers’ obligations under this Agreement and the other Credit Documents. Any right exercisable, direction or notice that may be given or request that may be made by the Borrowers under or in respect of this Agreement or any other Credit Document may be exercised, given or made by any other Borrower, and the other Borrower acknowledges and agrees that in that case it shall be bound by the other Borrower. In the event that any exercise of a right, direction, notice or request made by a Borrower violates or in any manner conflicts with or is inconsistent with that of the other Borrower, the Administrative Agents and the Lenders will deem the exercise, direction, notice or request of Genlyte Group Xxxxxx as binding on the Borrowers and may ignore those of any other Borrower. Notwithstanding anything to the contrary contained in this Section 15.22 or any other provision of this Agreement or in any other Credit Document, with respect to any Borrowings or other Obligations at any time of Lumec Holding, Genlyte Intangible Inc., or any other Person that shall then be a shareholder of Lumec or a shareholder of Lumec’s parent legal Person (within the meaning of Section 123.66 of the Companies Act (Quebec)), Lumec shall only be liable, directly or indirectly, for the maximum amount of such Borrowings or other Obligations for which it may be liable at such time without contravening the provisions of Section 123.66 of the Companies Act (Quebec).

Obligations of Borrowers. Except as otherwise provided provide in section 15.23, all obligations, liabilities, covenants and agreements of the Borrowers in this Agreement and any other Credit Document shall be joint and several, whether or not expressly so stated, and the joint obligation of each Borrower shall be unconditional and absolute and, without limiting the generality of the foregoing, except in the case of payment in full of all Obligations, shall not be released, discharged or otherwise affected by the occurrence, one or more times, of any act or omission to act or delay of any kind by the other Borrower, either Administrative Agent, any Lender or any other person or any other circumstance whatsoever which might, but for the provisions of this section, constitute a legal or equitable discharge of that Borrowers’ obligations under this Agreement and the other Credit Documents. Any right exercisable, direction or notice that may be given or request that may be made by the Borrowers under or in respect of this Agreement or any other Credit Document may be exercised, given or made by any other Borrower, and the other Borrower acknowledges and agrees that in that case it shall be bound by the other Borrower. In the event that any exercise of a right, direction, notice or request made by a Borrower violates or in any manner conflicts with or is inconsistent with that of the other Borrower, the Administrative Agents and the Lenders will deem the exercise, direction, notice or request of Genlyte Group as binding on the Borrowers and may ignore those of any other Borrower. Notwithstanding anything to the contrary contained in this Section 15.22 or any other provision of this Agreement or in any other Credit Document, with respect to any Borrowings or other Obligations at any time of Lumec Holding, Genlyte Intangible Inc., or any other Person that shall then be a shareholder of Lumec or a shareholder of Lumec’s parent legal Person (within the meaning of Section 123.66 of the Companies Act (Quebec)), Lumec shall only be liable, directly or indirectly, for the maximum amount of such Borrowings or other Obligations for which it may be liable at such time without contravening the provisions of Section 123.66 of the Companies Act (Quebec).