OBLIGOR’S AGREEMENT Sample Clauses

OBLIGOR’S AGREEMENT. The undersigned Obligor hereby acknowledges receipt of a copy of the foregoing Subordination Agreement and agrees not to pay any Junior Debt, except as provided therein. In the event Obligor breaches this Agreement or any of the provisions of the foregoing Subordination Agreement, Obligor agrees that, in addition to all other rights and remedies Bank has, all of the Senior Debt shall, at Bank’s option and without notice or demand, become immediately due and payable, unless Bank expressly agrees in writing to waive such breach. No waiver by Bank of any breach shall be effective unless in writing signed by one of Bank’s authorized officers, and no such waiver shall be deemed to extend to or waive any other or subsequent breach. Obligor further agrees that, at any time and from time to time, the foregoing Subordination Agreement may be altered, modified or amended by Bank and the Creditor without notice to Obligor and without further consent by Obligor.