Common use of Obligations of Borrower Unconditional Clause in Contracts

Obligations of Borrower Unconditional. Nothing contained in this Section 10 or elsewhere in this Agreement or in the Note is intended to or shall impair, as between Borrower and Lender, the obligations of Borrower, which are absolute and unconditional, to pay to Lender the principal of (premium, if any), and interest on, the Loan as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of Lender and creditors of Borrower other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent any Holder from exercising all remedies otherwise permitted by applicable law upon the occurrence of a default or event of default under this Agreement, subject to the rights, if any, under this Section 10 of the holders of Senior Indebtedness in respect of cash, property or securities of Borrower received upon the exercise of any such remedy. The failure to make a payment on account of principal of, or interest on, the Loan by reason of any provision of this Section 10 shall not be construed as preventing the occurrence of a Default or an Event of Default hereunder.

Obligations of Borrower Unconditional. Nothing ------------------------------------- contained in this Section 10 or elsewhere in this Agreement or in the Note is intended to or shall impair, as between Borrower and Lender, the obligations of Borrower, which are absolute and unconditional, to pay to Lender the principal of (premium, if any), and interest on, the Loan as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of Lender and creditors of Borrower other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent any Holder from exercising all remedies otherwise permitted by applicable law upon the occurrence of a default or event of default under this Agreement, subject to the rights, if any, under this Section 10 of the holders of Senior Indebtedness in respect of cash, property or securities of Borrower received upon the exercise of any such remedy. The failure to make a payment on account of principal of, or interest on, the Loan by reason of any provision of this Section 10 shall not be construed as preventing the occurrence of a Default or an Event of Default hereunder.

Obligations of Borrower Unconditional. Nothing contained in this Section 10 or elsewhere in this Agreement or in the Note is intended to or shall impair, as between Borrower and Lender, the obligations of Borrower, which are absolute and unconditional, to pay to Lender the principal of (premium, if any), and interest on, the Loan and all other monetary Obligations as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of Lender and creditors of Borrower other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent any Holder from exercising all remedies otherwise permitted by applicable law upon the occurrence of a default Default or event Event of default Default under this Agreement, subject to the rights, if any, under this Section 10 of the holders of Senior Indebtedness in respect of cash, property or securities of Borrower received upon the exercise of any such remedy. The failure to make a payment on account of principal of, or interest on, the Loan by reason of any provision of this Section 10 shall not be construed as preventing the occurrence of a Default or an Event of Default hereunder.