Common use of Absolute Rights of Secured Parties Clause in Contracts

Absolute Rights of Secured Parties. Notwithstanding any other provision of this Collateral Agency Agreement or any provision of any Collateral Document, the right of each Secured Party, which is absolute and unconditional, to receive payments of the Secured Obligations held by such Secured Party on or after the due date thereof as set forth in the applicable Basic Documents, to institute suit for the enforcement of such payment on or after such due date, or to assert its position as a secured creditor in a case under the Bankruptcy Code in which the Borrower is a debtor, or the obligation of any Person, which is also absolute and unconditional, to pay the Secured Obligations to the Secured Parties at the time and place expressed therein shall not be impaired or affected without the consent of such Secured Party. In addition, every right of each Secured Party to receive payment or security from sources other than the Collateral shall not be, and is not hereby, impaired or affected.