Common use of Obligations of Sponsors Absolute and Unconditional Clause in Contracts

Obligations of Sponsors Absolute and Unconditional. (a) The obligations of each of the Sponsors under this Agreement to make Sponsor Payments during the Agreement Term on or before the date the same become due, and to perform all of their respective other obligations, covenants and agreements hereunder shall, subject to the provision of subsection (b) hereof, be absolute and unconditional, without notice or demand, and without abatement, deduction, set-off, counterclaim, recoupment or defense whatsoever, whether now existing or hereafter arising, and irrespective of whether the Project shall have been started or completed, or whether the Authority’s title thereto or to any part thereof is defective or nonexistent, or whether any other Sponsor or the Authority is in default or has failed to perform any obligations hereunder, and notwithstanding any damage to, loss, theft or destruction of the Project or any part thereof, any failure of consideration, the taking by eminent domain of title to or of the right of temporary use of all or any part of the Project, legal curtailment of such Sponsor’s or any other Sponsor’s use thereof, the eviction or constructive eviction of such Sponsor or any other Sponsor, any change in the tax or other laws of the United States of America, the State or any political subdivision thereof, any change in the Authority’s legal organization or status, or any default of the Authority or any Sponsor hereunder, and regardless of the invalidity of any action of the Authority or any Sponsor, and regardless of the invalidity any portion of this Agreement.

Obligations of Sponsors Absolute and Unconditional. (a) The obligations of each of the Sponsors under this Agreement to make Sponsor Payments during the Agreement Term on or before the date the same become due, and to perform all of their respective other obligations, covenants and agreements hereunder shall, subject to the provision of subsection (b) hereof, be absolute and unconditional, without notice or demand, and without abatement, deduction, set-offset­off, counterclaim, recoupment or defense whatsoever, whether now existing or hereafter arising, and irrespective of whether the Project shall have been started or completed, or whether the Authority’s title thereto or to any part thereof is defective or nonexistent, or whether any other Sponsor or the Authority is in default or has failed to perform any obligations hereunder, and notwithstanding any damage to, loss, theft or destruction of the Project or any part thereof, any failure of consideration, the taking by eminent domain of title to or of the right of temporary use of all or any part of the Project, legal curtailment of such Sponsor’s or any other Sponsor’s use thereof, the eviction or constructive eviction of such Sponsor or any other Sponsor, any change in the tax or other laws of the United States of America, the State or any political subdivision thereof, any change in the Authority’s legal organization or status, or any default of the Authority or any Sponsor hereunder, and regardless of the invalidity of any action of the Authority or any Sponsor, and regardless of the invalidity any portion of this Agreement.

Obligations of Sponsors Absolute and Unconditional. (a) The From and after the date any of the Project Bonds are issued, the obligations of each of the Sponsors under this Agreement to make Sponsor Payments during the Agreement Term on or before the date the same become due, and to perform all of their respective other obligations, covenants and agreements hereunder hereunder, shall, subject to the provision of subsection (b) hereof, be absolute and unconditional, without notice or demand, and without abatement, deduction, set-off, counterclaim, recoupment or defense whatsoever, whether now existing or hereafter arising, and irrespective of whether the Project shall have been started or completed, or whether the Authority’s Authority has final title thereto or to any part thereof is defective or nonexistentthereto, or whether any the other Sponsor or the Authority is in default or has failed to perform any obligations hereunder, and notwithstanding any damage to, loss, theft or destruction of the Project or any part thereof, any failure of consideration, the taking by eminent domain of title to or of the right of temporary use of all or any part of the Project, legal curtailment of such Sponsor’s or any the other Sponsor’s use thereof, the eviction or constructive eviction of such Sponsor or any the other Sponsor, any change in the tax or other laws of the United States of America, the State or any political subdivision thereof, any change in the Authority’s legal organization or status, or any default of the Authority or any Sponsor hereunder, and regardless of the invalidity of any action of the Authority or any Sponsor, and regardless of the invalidity of any portion of this Agreement.