Common use of Debtor-Creditor Relationship Clause in Contracts

Debtor-Creditor Relationship. Each Lender has and shall maintain a direct creditor-debtor relationship with Borrower and will have direct recourse, singly or in the aggregate, against Borrower and Guarantors, subject to the terms and conditions of the Loan Documents. Notwithstanding the foregoing, any right, remedy, action, omission or waiver respecting this Agreement, the Notes, the Security Documents and the other Loan Documents shall only be exercised, made, taken, or permitted by Administrative Agent, acting upon the direction of the Required Lenders, as the agent for all Lenders; provided, however, that if the Required Lenders have elected and directed Administrative Agent to institute suit against Borrower or any Guarantor for payment of any past due amounts under the Notes or any other Obligations for which Lenders have recourse against Borrower or any Guarantor, or in the event of any bankruptcy proceedings or other legal proceedings relating to this Agreement against Borrower or any Guarantor, each Lender shall be entitled, at its option, to bring or join in such proceedings in its own name.

Debtor-Creditor Relationship. Each Lender has and shall maintain a direct creditor-debtor relationship with Borrower Borrowers and will have direct recourse, singly or in the aggregate, against Borrower and GuarantorsBorrowers, subject to the terms and conditions of the Loan Documents. Notwithstanding the foregoing, any right, remedy, action, omission or waiver respecting this Agreement, the Notes, the Security Documents and the other Loan Documents shall only be exercised, made, taken, or permitted by Administrative Agent, acting upon the direction of the Required Lenders, as the agent for all Lenders; provided, however, that if the Required Lenders have elected and directed Administrative Agent to institute suit against any Borrower or any Guarantor for payment of any past due amounts under the Notes or any other Obligations for which Lenders have recourse against Borrower or any GuarantorBorrower, or in the event of any bankruptcy proceedings or other legal proceedings relating to this Agreement against Borrower or any GuarantorBorrower, each Lender shall be entitled, at its option, to bring or join in such proceedings in its own name.

Debtor-Creditor Relationship. Each Lender has and shall ---------------------------- maintain a direct creditor-debtor relationship with Borrower Borrowers and will have direct recourse, singly or in the aggregate, against Borrower and GuarantorsBorrowers, subject to the terms and conditions of the Loan Documents. Notwithstanding the foregoing, any right, remedy, action, omission or waiver respecting this Agreement, the Notes, the Security Documents and the other Loan Documents shall only be exercised, made, taken, or permitted by Administrative Agent, acting upon the direction of the Required Lenders, as the agent for all Lenders; provided, however, that if the Required Lenders have elected and directed Administrative Agent to institute suit against Borrower or any Guarantor of the Borrowers for payment of any past due amounts under the Notes or any other Obligations for which Lenders have recourse against Borrower or any Guarantorof the Borrowers, or in the event of any bankruptcy proceedings or other legal proceedings relating to this Agreement against Borrower or any Guarantorof the Borrowers, each Lender shall be entitled, at its option, to bring or join in such proceedings in its own name.

Debtor-Creditor Relationship. Each Lender has and shall maintain a direct creditor-debtor relationship with Borrower and will have direct recourse, singly or in the aggregate, against Borrower and Guarantors, subject to the terms and conditions of the Loan Documents. Notwithstanding the foregoing, any right, remedy, action, omission or waiver respecting this Agreement, the Notes, the Security Documents and the other Loan Documents shall only be exercised, made, taken, or permitted by Administrative Agent, acting upon the direction of the Required Lenders, as the agent for all Lenders; provided, however, that if the Required Lenders have elected and directed Administrative Agent to institute suit against Borrower or any Guarantor for payment of any past due amounts under the Notes or any other Obligations for which Lenders have recourse against Borrower or any Guarantor, or in the event of any bankruptcy proceedings or other legal proceedings relating to this Agreement against Borrower or any Guarantor, each Lender shall be entitled, at its option, to bring or join in such proceedings in its own name.

Debtor-Creditor Relationship. Each Lender has and shall maintain a direct creditor-debtor relationship with Borrower and will have direct recourse, singly or in the aggregate, against Borrower and GuarantorsBorrower, subject to the terms and conditions of the Loan Documents. Notwithstanding the foregoing, any right, remedy, action, omission or waiver respecting this Agreement, the Notes, the Security Documents and the other Loan Documents shall only be exercised, made, taken, or permitted by Administrative Agent, acting upon the direction of the Required Lenders, as the agent Administrative Agent for all Lenders; provided, however, that if the Required Lenders have elected and directed Administrative Agent to institute suit against Borrower or any Guarantor for payment of any past due amounts under the Notes or any other Obligations for which Lenders have recourse against Borrower or any Guarantor, or in the event of any bankruptcy proceedings or other legal proceedings relating to this Agreement against Borrower or any Guarantor, each Lender shall be entitled, at its option, to bring or join in such proceedings in its own name.