Common use of RIGHTS UNIMPAIRED Clause in Contracts

RIGHTS UNIMPAIRED. Nothing contained in this Agreement is intended to or shall impair, as between the Company, its creditors other than the holder of the Senior Debt, and the Subordinated Lender, the obligation of the Company, which is absolute and unconditional, to pay to the Subordinated Lender the principal of and interest on the Subordinated Debt as and when the same shall become due and payable in accordance with its terms, or affect the relative rights of the Subordinated Lender and creditors of the Company other than the holder of the Senior Debt, nor shall anything herein prevent the Subordinated Lender from exercising all remedies otherwise permitted by applicable law upon default under the Subordinated Debt, subject to the rights, if any, under this Agreement of the holder of the Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

RIGHTS UNIMPAIRED. Nothing contained in this Agreement is intended to or shall impair, as between the Company, its creditors other than the holder of the Senior Debt, and the Subordinated Lender, the obligation of the Company, which is absolute and unconditional, to pay to the Subordinated Lender the principal of and interest on the Subordinated Debt as and when the same shall become due and payable in accordance with its terms, or affect the relative rights of the Subordinated Lender and creditors of the Company other than the holder of the Senior Debt, nor shall anything herein prevent the Subordinated Lender from exercising all remedies otherwise permitted by applicable law upon default under the Subordinated DebtDebt (other than the right to foreclose on the Collateral), subject to the rights, if any, under this Agreement of the holder of the Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy.

RIGHTS UNIMPAIRED. Nothing contained in this Agreement is intended to or shall impair, as between the Company, its creditors other than the holder of the Senior Debt, and the Subordinated LenderLenders, the obligation of the Company, which is absolute and unconditional, to pay to the Subordinated Lender Lenders the principal of and interest on the Subordinated Debt as and when the same shall become due and payable in accordance with its terms, or affect the relative rights of the Subordinated Lender Lenders and creditors of the Company other than the holder of the Senior Debt, nor shall anything herein prevent the Subordinated Lender Lenders from exercising all remedies otherwise permitted by applicable law upon default under the Subordinated DebtDebt (other than the right to foreclose on the Collateral), subject to the rights, if any, under this Agreement of the holder of the Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy.