Several Obligations of the Borrowers. Except as otherwise expressly set forth herein, the obligations of each of the Borrowers (other than the Company) under this Agreement and the Loan Documents are several and not joint and several obligations. Without limiting the generality of the preceding sentence, no Borrower (other than the Company) shall be responsible for or be deemed to have guaranteed the obligations of any other Borrower hereunder or under any of the other Loan Documents.
Several Obligations of the Borrowers. The obligations of the Borrowers, as Borrowers, are several and not joint obligations of each of the Borrowers.
Several Obligations of the Borrowers. All obligations hereunder which are stated to be obligations of each Borrower are its several obligations.
Several Obligations of the Borrowers. (a) The respective obligations of the Borrowers hereunder are several and not joint. References herein to “Obligations of the Borrowers” or similar words of import are used solely for administrative convenience and are not intended to create liability that is joint and several. (b) Each Borrower hereby agrees that, after the occurrence and during the continuance of any Default or Event of Default, the payment of any amounts due with respect to the indebtedness owing by any Borrower to any other Borrower is hereby subordinated to the prior payment in full in cash of the Obligations. Each Borrower hereby agrees that after the occurrence and during the continuance of any Default or Event of Default, such Borrower will not demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the Obligations shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for the Administrative Agent, and such Borrower shall deliver any such amounts to the Administrative Agent for application to the Obligations in accordance with Section 8.3. (c) Each entity composing the Borrower and each other Loan Party hereby irrevocably appoints Pagaya Technologies Ltd. as the borrowing agent and attorney-in-fact for all entities composing the Borrower (the “Administrative Borrower”), which appointment shall remain in full force and effect unless and until the Administrative Agent shall have received prior written notice signed by each entity composing the Borrower that such appointment has been revoked and that another entity composing the Borrower has been appointed Administrative Borrower. Each entity composing the Borrower hereby irrevocably appoints and authorizes the Administrative Borrower (a) to provide the Administrative Agent with all notices with respect to Loans and Letters of Credit obtained for the benefit of any entity composing the Borrower and all other notices and instructions under this Agreement and the other Loan Documents,
Several Obligations of the Borrowers. The obligations of each Borrower with respect to all principal, interest, indemnities, fees, costs, expenses and other amounts payable under this Agreement and the other Loan Documents shall be several and neither joint nor joint and several.
