Common use of Nature of Obligation Clause in Contracts

Nature of Obligation. You acknowledge that, subject to the terms of Section 19 of this Agreement, the obligation to make payments due under this Unit Option agreement, if any, shall be the sole obligation of the Global Affiliate, but may be satisfied by any Affiliate on behalf of the Global Affiliate, and shall be unfunded and unsecured. In no event shall the Company be obligated to make payments due under this Unit Option Agreement. The Global Affiliate and you agree and acknowledge that, to the extent consistent with applicable law, neither the Unit Options, this Agreement, the Plan nor any rights, obligations, terms and conditions set forth therein or in connection therewith, constitute securities, negotiable instruments, or derivatives instruments or transactions.

Nature of Obligation. You acknowledge that, subject to the terms of Section 19 of this Agreement, the obligation to make payments due under this Unit Option agreementAgreement, if any, shall be the sole obligation of the Global Affiliate, but may be satisfied by any Affiliate on behalf of the Global Affiliate, and shall be unfunded and unsecured. In no event shall the Company be obligated to make payments due under this Unit Option Agreement. The Global Affiliate and you agree and acknowledge that, to the extent consistent with applicable law, neither the Unit OptionsPerformance Units, this Agreement, the Plan nor any rights, obligations, terms and conditions set forth therein or in connection therewith, constitute securities, negotiable instruments, or derivatives instruments or transactions.