Common use of Absolute Interest Clause in Contracts

Absolute Interest. (a) All rights of the Collateral Agent hereunder, and all obligations of the Debtor hereunder, shall be absolute and unconditional irrespective of (i) any lack of validity or enforceability of any agreement with respect to the Indebtedness; (ii) any change in the time, manner or place of payment of or in any other term of, any payment required hereby or by any promissory note evidencing the Indebtedness or any part thereof, or any other amendment or waiver of or any consent to any departure from any agreement or instrument; (iii) any exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or any consent to or departure from, any guarantee for all or part of the Obligation; (iv) any other circumstance which might constitute a defense available to, or a discharge of, the Debtor or the Debtor in respect of the Indebtedness or any part thereof or this Pledge and Security Agreement. (b) This Pledge and Security Agreement shall not be construed as relieving the Debtor from full liability on the Obligations and for any deficiency thereon. (c) The Collateral Agent is hereby subrogated to all of the Debtor's interests, rights and remedies in respect to the Collateral and all security now or hereafter existing with respect thereto and all guaranties and endorsement thereof and with respect thereto, but only to the extent necessary to satisfy the Obligations in accordance with the terms of this Pledge and Security Agreement.

Absolute Interest. (a) All So long as any Obligations are unsatisfied, all rights of the Collateral Agent hereunder, and all obligations of the Debtor Pledgor hereunder, shall be absolute and unconditional irrespective of (i) any lack of validity or enforceability of any provision of the Credit Agreement, any agreement with respect to the Indebtedness; Obligations or any other agreement or instrument relating to any of the foregoing, (ii) any change in the time, manner or place of payment of of, or in any other term of, any payment required hereby or by any promissory note evidencing the Indebtedness all or any part thereofof the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement or any other agreement or instrument; , (iii) any exchange, release or non-perfection of any Pledged Collateral, or any release or amendment or waiver of or any consent to or departure fromfrom any guarantee, any guarantee for all or part any of the Obligation; Obligations or (iv) any other circumstance which might constitute a defense available to, or a discharge of, the Debtor or the Debtor Pledgor in respect of the Indebtedness or any part thereof Obligations or this Pledge and Security Agreement. (b) This Pledge and Security Agreement shall not be construed as relieving the Debtor Pledgor from full liability on the Obligations and any and all future and other indebtedness secured hereby and for any deficiency thereon. (c) The Collateral Agent is hereby subrogated to all of the DebtorPledgor's interests, rights and remedies in respect to the Pledged Collateral and all security now or hereafter existing with respect thereto and all guaranties and endorsement endorsements thereof and with respect thereto, but only to the extent necessary to satisfy the Obligations in accordance with the terms of this Pledge and Security Agreement.