Common use of Obligations Unimpaired Clause in Contracts

Obligations Unimpaired. The provisions of this section 1 are solely ---------------------- for the purpose of defining the relative rights of the Senior Lenders, on the one hand, and the Subordinated Lenders, on the other hand, and (a) subject to - the rights, if any, under this section 1 of the Senior Lenders, nothing in this section 1 shall (i) impair as between either the Company and any Subordinated - Lender as to which the Company is liable, the obligation of the Company, which is unconditional and absolute, to pay to such Subordinated Lender all amounts due under any Subordinated Indebtedness in accordance with the terms of thereof or (ii) except as otherwise provided in section 1.11, prevent any Subordinated -- Lender from exercising all remedies available to such Subordinated Lender, whether arising under any agreement, document or instrument related thereto, applicable law or otherwise, and (b) no Person is entitled to any third party - beneficiary rights or other similar rights on account of or under this section 1 other than the Senior Lenders. The failure to make any payment due in respect of any of the Subordinated Indebtedness or to comply with any of the terms and conditions of any of the agreements, documents and instruments related to any of the Subordinated Indebtedness by reason of any provision of this section 1 shall not be construed as preventing the occurrence of any default or event of default with respect to the Subordinated Indebtedness.

Obligations Unimpaired. The provisions of this section 1 10 are solely ---------------------- for the purpose of defining the relative rights of the Senior Lenders, holders of Superior Indebtedness on the one hand, hand and the holders of Subordinated Lenders, Indebtedness on the other hand, and (a) subject to - the rights, if any, under this section 1 10 of the Senior Lenders- holders of Superior Indebtedness, nothing in this section 1 10 shall (i) impair as - between either the Company Note Issuers and the holder of any Subordinated - Lender as to which the Company is liable, Indebtedness the obligation of the CompanyNote Issuers, which is unconditional and absolute, to pay to such Subordinated Lender the holder thereof all amounts due under any Subordinated Indebtedness thereon in accordance with the terms of thereof or (ii) except as otherwise provided in section 1.1110.13, prevent the holder of any -- Subordinated -- Lender Indebtedness from exercising all remedies available to such Subordinated Lenderholder, whether arising under any agreement, document or instrument related theretothe Operative Documents, applicable law or otherwise, and (b) no Person is entitled to any third party - beneficiary rights or other similar - rights on account of or under this section 1 10 other than the Senior Lendersholders of the Superior Indebtedness. The failure to make any payment due in respect of any of the Subordinated Indebtedness or to comply with any of the terms and conditions of any of the agreements, documents and instruments related to any of the Subordinated Indebtedness by reason of any provision of this section 1 10 shall not be construed as preventing the occurrence of any default Default or event Event of default Default with respect to the Subordinated Indebtedness.

Obligations Unimpaired. The provisions of this section 1 are solely ---------------------- for the purpose of defining the relative rights of the Senior Lenders, holders of Superior Indebtedness on the one hand, hand and the holders of Subordinated Lenders, Indebtedness on the other hand, and (a) subject to - the rights, if any, under this section 1 of the Senior Lendersholders of Superior Indebtedness, nothing in this section 1 shall (i) impair as between either the Company Obligor and the holder of any Subordinated - Lender as to which the Company is liable, Indebtedness the obligation of the CompanyObligor, which is unconditional and absolute, to pay to such Subordinated Lender the holder thereof all amounts due under any Subordinated Indebtedness thereon in accordance with the terms of thereof or (ii) except as otherwise provided in section 1.11, prevent the holder of any Subordinated -- Lender Indebtedness from exercising all remedies available to such Subordinated Lenderholder, whether arising under any agreement, document or instrument related theretothe Operative Documents, applicable law or otherwise, and (b) no Person is entitled to any third party - beneficiary rights or other similar rights on account of or under this section 1 other than the Senior Lendersholders of the Superior Indebtedness. The failure to make any payment due in respect of any of the Subordinated Indebtedness or to comply with any of the terms and conditions of any of the agreements, documents and instruments related to any of the Subordinated Indebtedness by reason of any provision of this section 1 shall not be construed as preventing the occurrence of any default Default or event Event of default Default with respect to the Subordinated Indebtedness.