Common use of Obligations of Borrower Unconditional Clause in Contracts

Obligations of Borrower Unconditional. Nothing contained in this Section 9 or elsewhere in this Agreement or in the Note is intended to or shall impair or affect, as between Borrower, its creditors (other than the holders of Senior Debt) and Lender, the obligation of Borrower, which is absolute and unconditional, to pay to Lender the principal of, premium, if any, and interest on, the Note, as and when the same shall become due and payable in accordance wits terms, or to affect the relative rights of Lender and creditors of Borrower other than the holders of Senior Debt, nor shall anything herein or therein prevent or limit Lender from exercising all remedies otherwise permitted by applicable law upon the happening of an Event of Default hereunder, subject to the rights, if any, under this Section 9 of the holders of Senior Debt in respect of assets, whether in cash, property or securities, of Borrower received upon the exercise of any such remedy. Nothing contained in this Section 9 or elsewhere in this Agreement or in the Note, shall, except during the pendency of any dissolution, winding-up, total or partial liquidation, reorganization, recapitalization or readjustment of Borrower or its securities (whether voluntary or involuntary, or in bankruptcy, insolvency, reorganization, liquidation or receivership proceedings, or upon an assignment for the benefit of creditors, of any other marshalling of assets and liabilities of Borrower or otherwise), affect the obligation of Borrower to make, or prevent Borrower from making, at any time (except under the circumstances described in Section 9.5 hereof), payment of principal of, premium, if any, or interest on, the Note.

Obligations of Borrower Unconditional. Nothing contained in this Section 9 8 or elsewhere in this Agreement or in the Note Notes is intended to or shall impair or affectimpair, as between Borrower, its creditors (other than among Borrower and the holders of Senior Debt) and LenderLenders, the obligation of Borrower, which is absolute and unconditional, to pay to Lender the Lenders the principal of, premium, if any, of and interest on, on the Note, Loans and Notes as and when the same shall become due and payable in accordance wits with their terms, or is intended to or shall affect the relative rights of Lender the Lenders and creditors of Borrower other than the holders of the Senior DebtIndebtedness, nor shall anything herein or therein prevent the Lenders or limit Lender the Arranger on their behalf from exercising all remedies otherwise permitted by applicable law upon the happening of an Event of Default hereunderdefault under this Agreement, subject to the rights, if any, under this Section 9 8 of the holders of the Senior Debt Indebtedness in respect of assets, whether in cash, property or securities, securities of Borrower received upon the exercise of any such remedy. Nothing Without limiting the generality of the foregoing, nothing contained in this Section 9 8 shall restrict the right of the Arranger or elsewhere the Lenders to take any action to declare the Securities to be due and payable prior to their stated maturity pursuant to Section 7 or to pursue any rights or remedies hereunder; provided, however, that all Senior Indebtedness then due and payable shall first -------- ------- be paid in this Agreement full before the Lenders or in the Note, shall, except during the pendency of Arranger are entitled to receive any dissolution, winding-up, total direct or partial liquidation, reorganization, recapitalization or readjustment of indirect payment from Borrower or its securities (whether voluntary or involuntary, or in bankruptcy, insolvency, reorganization, liquidation or receivership proceedings, or upon an assignment for the benefit of creditors, of any other marshalling of assets and liabilities of Borrower or otherwise), affect the obligation of Borrower to make, or prevent Borrower from making, at any time (except under the circumstances described in Section 9.5 hereof), payment of principal of, premium, if any, of or interest on, on the NoteLoans and Notes.