Obligation of Issuer Unconditional. Nothing contained in this Article or elsewhere in this Indenture or in the Securities or any Coupons is intended to or shall impair, as among the Issuer, its creditors other than the holders of Senior Indebtedness and the Holders, the obligation of the Issuer, which is absolute and unconditional, to pay to the Holders the principal of and interest on the Securities and the amounts owed pursuant to any Coupons as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Issuer other than the holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness in respect of cash, property or securities of the Issuer received upon the exercise of any such remedy. Upon payment or distribution of assets of the Issuer referred to in this Article, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Issuer is pending or upon a certificate of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other person making any payment or distribution, delivered to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or payable thereon, the amount paid or distributed thereon and all other facts pertinent thereto or to this Article.
Obligation of Issuer Unconditional. 77 SECTION 13.5 Payments on Securities and Coupons Permitted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 SECTION 13.6 Effectuation of Subordination by Trustee . . . . . . . . . . . . . . . 79 SECTION 13.7 Knowledge of Trustee . . . . . . . . . . . . . . . . . . . . . . . . . 79 SECTION 13.8 Trustee May Hold Senior Indebtedness . . . . . . . . . . . . . . . . . 79 SECTION 13.9 Rights of Holders of Senior Indebtedness Not Impaired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 SECTION 13.10 Article Applicable to Paying Agents . . . . . . . . . . . . . . . . . 80 SECTION 13.11
Obligation of Issuer Unconditional. 79 Section 13.05. Payments on Securities and Coupons Permitted..................79 Section 13.06. Effectuation of Subordination by Trustee......................80 Section 13.07. Knowledge of Trustee..........................................80 Section 13.08. Trustee May Hold Senior Indebtedness..........................80 Section 13.09. Rights of Holders of Senior Indebtedness Not Impaired.........80 Section 13.10. Article Applicable to Paying Agents...........................81 Section 13.11.
Obligation of Issuer Unconditional. 79 Section 13.05. Payments on Securities and Coupons Permitted....79 Section 13.06. Effectuation of Subordination by Trustee........80 Section 13.07.
Obligation of Issuer Unconditional. 73 Section 13.05. Payments on Securities and Coupons Permitted .............................................. 73 Section 13.06. Effectuation of Subordination by Indenture Trustee ........................................ 73 Section 13.07. Knowledge of Indenture Trustee ............................................................ 74 Section 13.08. Indenture Trustee May Hold Senior Indebtedness ............................................ 74 Section 13.09. Rights of Holders of Senior Indebtedness Not Impaired ..................................... 74 Section 13.10. Article Applicable to Paying Agents ....................................................... 74 Section 13.11. Indenture Trustee; Compensation Not Prejudiced ............................................ 75 THIS JUNIOR SUBORDINATED INDENTURE (this "INDENTURE"), is dated as of June __, 2006 between GREAT WOLF RESORTS, INC., a Delaware corporation (the "ISSUER"), and WILMINGTON TRUST COMPANY, as indenture trustee (the "INDENTURE TRUSTEE").
Obligation of Issuer Unconditional. Nothing contained in this Section 6 or in the Note is intended to or shall impair, as between the Issuer, its creditors other than the holders of the Senior Debt, and the Holder of the Note, the obligation of the Issuer, which is absolute and unconditional, to pay to the Holder of the Note the principal of, premium, if any, and interest on the Note, as and when the same shall become due and payable (except as provided in this Section 6), by lapse of time, acceleration or otherwise, in accordance with their terms, or is intended to or shall affect the relative rights of the Holder of the Note and other creditors of the Issuer other than the holders of the Senior Debt, nor shall anything herein or therein prevent the Holder of the Note (i) from taking all appropriate actions to preserve its rights under the Note not inconsistent with the rights of the holders of the Senior Debt under this Section 6, or (ii) from exercising all remedies otherwise permitted by applicable law upon default under the Note, subject to the rights, if any, under this Section 6 of the holders of the Senior Debt in respect of cash, property or securities of the Issuer otherwise payable or delivered to such holders upon the exercise of any such remedy.
Obligation of Issuer Unconditional. 81 Section 13.05. Payments on Securities and Coupons Permitted . . . . . . . 81 Section 13.06. Effectuation of Subordination by Trustee . . . . . . . . . 81 Section 13.07.
