Common use of No Modification of Payment Obligations Clause in Contracts

No Modification of Payment Obligations. Nothing herein contained shall modify or otherwise alter the obligation of Borrower to make prompt payment of all principal and interest owing on the Obligations when and as the same become due regardless of whether the proceeds of the Hydrocarbons are sufficient to pay the same and the rights provided in accordance with the foregoing assignment provision shall be cumulative of all other security of any and every character now or hereafter existing to secure payment of the Obligations. Nothing in this ARTICLE II is intended to be an acceptance of collateral in satisfaction of the Obligations.

No Modification of Payment Obligations. Nothing herein contained shall modify or otherwise alter the obligation of Borrower the Mortgagor to make prompt payment of all principal and interest owing on the amounts constituting Obligations when and as the same become due regardless of whether the proceeds of the As-Extracted Collateral and Hydrocarbons are sufficient to pay the same and the rights provided in accordance with the foregoing assignment provision shall be cumulative of all other security of any and every character now or hereafter existing to secure payment of the Obligations. Nothing in this ARTICLE II Article III is intended to be an acceptance of collateral in satisfaction of the Obligations.