Common use of Obligations of Borrower Unconditional Clause in Contracts

Obligations of Borrower Unconditional. Nothing contained in this Section 8 or elsewhere in this Agreement or in the Notes is intended to or shall impair, as among Borrower and the Lenders, the obligation of Borrower, which is absolute and unconditional, to pay to the Lenders the principal of and interest on the Loans and Notes 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 Lenders and creditors of Borrower other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent the Lenders or the Arranger on their behalf from exercising all remedies otherwise permitted by applicable law upon default under this Agreement, subject to the rights, if any, under this Section 8 of the holders of the Senior Indebtedness in respect of cash, property or securities of Borrower received upon the exercise of any such remedy. Without limiting the generality of the foregoing, nothing contained in this Section 8 shall restrict the right of the Arranger or the Lenders to take any action to declare the Securities to be due and payable prior to their stated maturity pursuant to Section 7 or to pursue any rights or remedies hereunder; provided, however, that all Senior Indebtedness then due and payable shall first -------- ------- be paid in full before the Lenders or the Arranger are entitled to receive any direct or indirect payment from Borrower of principal of or interest on the Loans and Notes.

Obligations of Borrower Unconditional. Nothing contained in this Section 8 9 or elsewhere in this Agreement or in the Notes Note is intended to or shall impairimpair or affect, as among Borrower between Borrower, its creditors (other than the holders of Senior Debt) and the LendersLender, the obligation of Borrower, which is absolute and unconditional, to pay to the Lenders Lender the principal of of, premium, if any, and interest on on, the Loans and Notes Note, as and when the same shall become due and payable in accordance with their wits terms, or is intended to or shall affect the relative rights of the Lenders Lender and creditors of Borrower other than the holders of the Senior IndebtednessDebt, nor shall anything herein or therein prevent the Lenders or the Arranger on their behalf limit Lender from exercising all remedies otherwise permitted by applicable law upon default under this Agreementthe happening of an Event of Default hereunder, subject to the rights, if any, under this Section 8 9 of the holders of the Senior Indebtedness Debt in respect of assets, whether in cash, property or securities securities, of Borrower received upon the exercise of any such remedy. Without limiting the generality of the foregoing, nothing Nothing contained in this Section 8 shall restrict 9 or elsewhere in this Agreement or in the right Note, shall, except during the pendency of any dissolution, winding-up, total or partial liquidation, reorganization, recapitalization or readjustment of Borrower or its securities (whether voluntary or involuntary, or in bankruptcy, insolvency, reorganization, liquidation or receivership proceedings, or upon an assignment for the Arranger benefit of creditors, of any other marshalling of assets and liabilities of Borrower or otherwise), affect the Lenders obligation of Borrower to take make, or prevent Borrower from making, at any action to declare time (except under the Securities to be due and payable prior to their stated maturity pursuant to circumstances described in Section 7 or to pursue any rights or remedies hereunder; provided9.5 hereof), however, that all Senior Indebtedness then due and payable shall first -------- ------- be paid in full before the Lenders or the Arranger are entitled to receive any direct or indirect payment from Borrower of principal of of, premium, if any, or interest on on, the Loans and NotesNote.