Common use of Irrevocable Obligation Clause in Contracts

Irrevocable Obligation. The obligations of the Partners under this Agreement are for the benefit of the Lenders under the Credit Agreement as well as the Partnership, are irrevocable and unconditional, shall be paid without set-off or counterclaim and shall not be reduced, terminated or otherwise affected as a result of any event with respect to the Partnership of a type referred to in Section 8(f) of the Credit Agreement or for any other reason. Each Partner waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Partnership or any Partner with respect to the obligations of the Partners under this Agreement. This Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon the Partners and their successors and assigns thereof until each Partner shall have paid in full its pro rata portion of the Partnership Obligations.