Common use of Payment, etc Clause in Contracts

Payment, etc. (a) In furtherance of the foregoing and not in limitation of any other right which the Banks or the Administrative Agent may have at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower to pay or perform any Obligation when and as the same shall become due, whether at Termination, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Banks or the Administrative Agent, forthwith pay, or cause to be paid, in cash, to the Administrative Agent, an amount equal to the sum of (i) the unpaid principal amount of such Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other unpaid Obligations of the Borrower to the Administrative Agent and the Banks. (b) Each Guarantor agrees that to the fullest extent permitted by applicable law, all rights against the Borrower arising as a result of any payment by any Guarantor under this guarantee by way of right of subrogation or otherwise shall in all respects be junior and subordinate in right of payment to the prior indefeasible payment in full of all the Obligations to the Administrative Agent for the benefit of the Banks. If after the Borrower has failed to pay any Obligation when due, any amount shall be paid to any Guarantor for the account of the Borrower, such amount shall be held in trust for the benefit of the Administrative Agent and shall forthwith be paid to the Administrative Agent on behalf of the Banks to be credited and applied to the Obligations when due and payable. (c) Each Guarantor waives notice of and hereby consents to any agreements or arrangements whatsoever by the Banks or the Administrative Agent with the Borrower, or anyone else, including agreements and arrangements for payment, extension, subordination, composition, arrangement, discharge or release of the whole or any part of the Obligations, or for the discharge or surrender of any or all security, or for compromise, whether by way of acceptance of part payment or otherwise, and the same shall in no way impair such Guarantor's liability hereunder. Nothing shall discharge or satisfy the liability of any Guarantor hereunder except the full performance and payment of the Obligations.

Payment, etc. (a) In furtherance of the foregoing and not in limitation of any other right which the Banks or the Administrative Agent may have at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrower to pay or perform any Obligation when and as the same shall become due, whether at Terminationmaturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Banks or the Administrative Agent, forthwith pay, or cause to be paid, in cash, to the Administrative Agent, an amount equal to the sum of (i) the unpaid principal amount of such Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other unpaid Obligations of the Borrower to the Administrative Agent and the Banks. (b) Each Guarantor agrees that to the fullest extent permitted by applicable law, all rights against the Borrower arising as a result of any payment by any Guarantor under this guarantee by way of right of subrogation or otherwise shall in all respects be junior and subordinate in right of payment to the prior indefeasible payment in full of all the Obligations to the Administrative Agent for the benefit of the Banks. If after the Borrower has failed to pay any Obligation when due, any amount shall be paid to any Guarantor for the account of the Borrower, such amount shall be held in trust for the benefit of the Administrative Agent and shall forthwith be paid to the Administrative Agent on behalf of the Banks to be credited and applied to the Obligations when due and payable. (c) Each Guarantor waives notice of and hereby consents to any agreements or arrangements whatsoever by the Banks or the Administrative Agent with the Borrower, or anyone else, including agreements and arrangements for payment, extension, subordination, composition, arrangement, discharge or release of the whole 237 or any part of the Obligations, or for the discharge or surrender of any or all security, or for compromise, whether by way of acceptance of part payment or otherwise, and the same shall in no way impair such Guarantor's liability hereunder. Nothing shall discharge or satisfy the liability of any Guarantor hereunder except the full performance and payment of the Obligations.

Payment, etc. (a) In furtherance All payments of principal and interest in respect of the foregoing Advance or Advances and not other charges made under this Agreement shall be made in limitation of any other right which the Banks or the Administrative Agent may have at law or in equity against any Guarantor by virtue hereof, upon the failure lawful money of the Borrower United States in immediately available funds to pay the designated agent of ▇▇▇▇▇▇ Mae. Interest on the Advances and other charges shall be calculated on the basis of actual days elapsed and a year of 365 days or perform 366 days, as applicable. If any Obligation when and as principal of or interest on the same shall become dueAdvances falls due on a Saturday, whether at Termination, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Banks or the Administrative Agent, forthwith paySunday, or cause legal holiday at the place of payment, then such due date shall be extended to be paidthe next succeeding full Business Day at such place, and interest, in cashthe case of a principal payment, shall be payable in respect of such extension. Borrower agrees, until all Obligations have been fully repaid, to cause the Administrative AgentTrustee to direct the Secretary, an amount equal to the sum of (i) the unpaid principal amount of such Obligations, (ii) accrued and unpaid interest any person or entity acting on such Obligations and (iii) all other unpaid Obligations behalf of the Borrower Secretary, to the Administrative Agent and the Banks. (b) Each Guarantor agrees make all payments that to the fullest extent permitted by applicable law, all rights against the Borrower arising as a result of any payment by any Guarantor under this guarantee by way of right of subrogation or would otherwise shall in all respects be junior and subordinate in right of payment to the prior indefeasible payment in full of all the Obligations to the Administrative Agent for the benefit of the Banks. If after the Borrower has failed to pay any Obligation when due, any amount shall be paid to any Guarantor for the account of the Borrower, such amount shall be held in trust for the benefit of the Administrative Agent and shall forthwith be paid to the Administrative Agent on behalf of Trustee or the Banks to be credited and applied Borrower pursuant to the Obligations when LARS form, to an account designated by ▇▇▇▇▇▇ ▇▇▇ in lieu of making such payments to the Trustee or the Borrower. To the extent ▇▇▇▇▇▇ Mae receives payment from the Secretary with respect to any particular calendar quarter (or part thereof) reflected on such LARS form before Borrower pays interest that is then owed on the Advances, and provided no affiliate of ▇▇▇▇▇▇ ▇▇▇ has purchased a participation interest in the Insured Loans, ▇▇▇▇▇▇ Mae will apply such LARS form payment against the interest payment that is due and payable. (c) Each Guarantor waives notice of and hereby consents to any agreements or arrangements whatsoever . If the LARS form payment received from the Secretary exceeds the amount that ▇▇▇▇▇▇ ▇▇▇ applies against the interest payment owed by the Banks or the Administrative Agent with the Borrower, or anyone else, including agreements and arrangements for payment, extension, subordination, composition, arrangement, discharge or release ▇▇▇▇▇▇ Mae will promptly refund the amount of the whole or any part excess to the Borrower by electronic transfer of funds to Borrower’s designated account. If the ObligationsLARS form payment received from the Secretary is insufficient to pay the interest payment that is owed by the Borrower, or for the discharge or surrender of any or all security, or for compromise, whether by way of acceptance of part Borrower will remain obligated to make such interest payment or otherwise, and the same shall in no way impair such Guarantor's liability hereunder. Nothing shall discharge or satisfy the liability of any Guarantor hereunder except the full performance and payment of the Obligationswhen due.