Severally Enforceable Clause Samples
The "Severally Enforceable" clause establishes that each party's obligations under the agreement can be independently enforced, regardless of the actions or compliance of other parties. In practice, this means that if one party fails to fulfill their responsibilities, the other parties can still be held accountable for their own obligations, and legal action can be taken against any individual party without affecting the others. This clause is particularly useful in multi-party contracts, as it ensures that the failure or default of one party does not invalidate the enforceability of the agreement against the remaining parties, thereby reducing risk and maintaining contractual integrity.
Severally Enforceable. This Guaranty may be enforced severally and successively by any one or more of the Holders of Guaranteed Obligations in one or more actions, whether independent, concurrent, joint, successive or otherwise. The claims, rights and remedies of any Holder of Guaranteed Obligations (i) may not be modified or waived by any other Holder, except as set forth in Section 3.2(a), and (ii) shall not be reduced, discharged, affected or impaired by any deed, act or omission, whether or not wrongful, of any other Holder.
Severally Enforceable. This Guaranty may be enforced severally and successively by the Lender in one or more actions, whether independent, concurrent, joint, successive or otherwise.