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SWY » Topics » 13.13 Obligations Several; Independent Nature of Lenders Rights and Borrowers Obligations .

This excerpt taken from the SWY 8-K filed Jun 7, 2005.

13.13 Obligations Several; Independent Nature of Lenders’ Rights and Borrowers’ Obligations.

 

A. The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitments of any other Lender hereunder. Nothing contained herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and, subject to Section 10, each Lender shall be entitled to protect and enforce its rights arising out of this Agreement and it shall not be necessary for any other Lender or Agent to be joined as an additional party in any proceeding for such purpose.

 

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