Common use of Separate Action Clause in Contracts

Separate Action. To the fullest extent permitted by law, the Administrative Agent (or if there is no Administrative Agent, the Required Lenders) may bring and prosecute a separate action or actions against the Guarantor whether or not the Borrower, any other guarantor or any other Person is joined in any such action or a separate action or actions are brought against the Borrower, any other guarantor, any other Person, or any collateral for all or any part of the Guarantied Obligations. The obligations of the Guarantor under, and the effectiveness of, this Guaranty are not conditioned upon the existence or continuation of any other guarantee (including any letter of credit) of all or any part of the Guarantied Obligations. By its acceptance hereof, each Lender agrees that this Guaranty may be enforced only by action of the Administrative Agent upon the instructions of the Required Lenders (or if there is no Administrative Agent, the Required Lenders) and that no Lender shall have any right individually to seek to enforce or to enforce this Guaranty.

Separate Action. To the fullest extent permitted by law, the Administrative Agent (or if there is no Administrative Agent, the Required Lenders) may bring and prosecute a separate action or actions against the Guarantor whether or not the Borrower, any other guarantor or any other Person is joined in any such action or a separate action or actions are brought against the Borrower, any other guarantor, any other Person, or any collateral for all or any part of the Guarantied Obligations. The obligations of the Guarantor under, and the effectiveness of, this Guaranty are not conditioned upon the existence or continuation of any other guarantee (including any letter of credit) of all or any part of the Guarantied Obligations. By its acceptance hereof, each Lender agrees that this Guaranty may be enforced only by action of the Administrative Agent upon the instructions of the Required Lenders (or if there is no Administrative Agent, the Required Lenders) and that no Lender shall have any right individually to seek to enforce or to enforce this Guaranty.