Principal debtors Sample Clauses
The 'Principal debtors' clause establishes that certain parties are directly responsible for fulfilling the obligations under an agreement, typically referring to those who owe a debt or are primarily liable for repayment. In practice, this clause clarifies which individuals or entities are considered the main debtors, distinguishing them from guarantors or secondary obligors, and may specify that their liability is not contingent on the actions or defaults of others. Its core function is to ensure clarity regarding who holds the primary responsibility for the debt, thereby reducing ambiguity and potential disputes over liability.
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Principal debtors. Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower shall in any circumstances be construed to be a surety for the obligations of any other Borrower under this Agreement.
Principal debtors. Each of the Account Parties declares that it is and will, throughout the Security Period, remain a principal debtor for the payment of the Outstanding Indebtedness and none of the Account Parties shall in any circumstances be construed to be a surety for the obligations of any other Account Parties hereunder.
Principal debtors. Subject to Clause 29.2, each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower shall in any circumstances be construed to be a surety for the obligations of any other Borrower under this Agreement.
Principal debtors. Each of the Borrowers declares that it is and will, throughout the Security Period, remain a principal debtor for the payment of the Outstanding Indebtedness and neither of the Borrowers shall in any circumstances be construed to be a surety for the obligations of the other Borrower hereunder.
Principal debtors. Each of the Account Parties declares that it is and will, throughout the Security Period, remain a principal debtor for the payment of the Outstanding Indebtedness and none of the Account Parties shall in any circumstances be construed to be a surety for the obligations of any other Account Parties hereunder.