Relationship Among Borrowers Sample Clauses
The 'Relationship Among Borrowers' clause defines the legal and financial relationship between multiple parties who jointly take on a loan or credit obligation. Typically, this clause clarifies whether each borrower is individually and collectively responsible for repaying the debt, and may outline how decisions or communications with the lender are handled among the group. Its core function is to ensure all parties understand their rights and responsibilities, thereby preventing disputes and ensuring the lender can enforce the agreement against any or all borrowers as needed.
Relationship Among Borrowers. All obligations of the Borrowers under this Agreement shall be joint and several. Each of EOIC, EII and EUL hereby irrevocably appoints the Parent as its agent for giving and receiving notices in connection with this Agreement and each of the other Loan Documents. Any notice which might otherwise be valid or effective only if given by some or all Borrowers, or by any Borrower acting singly, shall be valid and effective if given only by the Parent, whether or not EOIC, EII or EUL joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Parent in accordance with the terms of this Agreement shall be deemed to have been delivered to each Borrower.
Relationship Among Borrowers. All obligations of the Borrowers under this Agreement shall be joint and several. Each Borrower (other than the Parent) hereby irrevocably appoints the Parent as its agent for giving and receiving notices in connection with this Agreement and each of the other Loan Documents. Any notice which might otherwise be valid or effective only if given by some or all Borrowers, or by any Borrower acting singly, shall be valid and effective if given only by the Parent, whether or not such other Borrower joins therein. Any notice, demand, consent, acknowledgement, direction, certification or other communication delivered to the Parent in accordance with the terms of this Agreement shall be deemed to have been delivered to each Borrower.
Relationship Among Borrowers. The Irish Borrower hereby appoints the Company, and the Company shall act under this Agreement, as the agent, attorney-in-fact and legal representative of the Irish Borrower for all purposes, including requesting Term Loans and receiving account statements and other notices and communications to the Borrowers (or any of them) from the Interim Administrative Agent or any Lender. The Interim Administrative Agent and the Lenders may rely, and shall be fully protected in relying, on any notice of borrowing, notice of continuation/conversion, disbursement instruction, report, information or any other notice or communication made or given by the Company, whether in its own name, as Borrowers’ agent, on behalf of the Irish Borrower or on behalf of the Borrowers, and neither the Interim Administrative Agent nor any Lender shall have any obligation to make any inquiry or request any confirmation from or on behalf of any other Borrower as to the binding effect on it of any such notice, request, instruction, report, information, other notice or communications, nor shall the character of the Borrowers’ obligations hereunder be affected, provided that the provisions of this Section 3.16 shall not be construed as to preclude any Borrower from taking actions permitted to be taken by a “Borrower” hereunder.
Relationship Among Borrowers