Common use of Payments Assigned; Obligations of Company Unconditional Clause in Contracts

Payments Assigned; Obligations of Company Unconditional. It is understood and agreed that all right, title and interest of the Issuer to this Agreement and the First Mortgage Bonds (except the right to receive payments, if any, under Sections 5.3, 5.4, 5.8 and 6.4 hereof) are assigned to the Trustee as security for the payment of the Bonds. The Company assents to such assignment, and hereby agrees that the obligations of the Company to make the payments required by Sections 4.2, 4.3 and 4.8 hereof and to perform its other agreements contained in this Agreement and under the First Mortgage Bonds shall be absolute and unconditional and the Company (a) will not suspend or discontinue any payments provided for in such Sections and (b) will not terminate this Agreement for any reason. The obligations of the Company to make the payments required under Section 4.2 hereof and under the First Mortgage Bonds shall be absolute and unconditional, without defense, recoupment or set-off by reason of any default by the Issuer under this Agreement or under any other agreement between the Company and the Issuer or for any other reason, including, without limitation, any acts or circumstances that may constitute failure of consideration, destruction over damage to the Project, condemnation, failure of title or commercial frustration of purpose, or failure by the Issuer to perform and observe any agreement, whether express or implied, or any duty, liability or obligation to the Company, whether or not arising out of or connected with this Agreement, it being the intention of the parties that the payments required by the First Mortgage Bonds will be paid in full when due without any delay or diminution whatsoever.

Payments Assigned; Obligations of Company Unconditional. It is understood and agreed that all right, title and interest of the Issuer to this Agreement and the First Mortgage Bonds (except the right to receive payments, if any, under Sections 5.3, 5.4, 5.8 and 6.4 hereof) are assigned to the Trustee as security for the payment of the Bonds. The Company assents to such assignment, and hereby agrees that the obligations of the Company to make the payments required by Sections 4.2, 4.3 and 4.8 4.7 hereof and to perform its other agreements contained in this Agreement and under the First Mortgage Bonds shall be absolute and unconditional and the Company (a) will not suspend or discontinue any payments provided for in such Sections and (b) will not terminate this Agreement for any reason. The obligations of the Company to make the payments required under Section 4.2 hereof and under the First Mortgage Bonds shall be absolute and unconditional, without defense, recoupment or set-off by reason of any default by the Issuer under this Agreement or under any other agreement between the Company and the Issuer or for any other reason, including, without limitation, any acts or circumstances that may constitute failure of consideration, destruction over damage to the Project, condemnation, failure of title or commercial frustration of purpose, or failure by the Issuer to perform and observe any agreement, whether express or implied, or any duty, liability or obligation to the Company, whether or not arising out of or connected with this Agreement, it being the intention of the parties that the payments required by the First Mortgage Bonds will be paid in full when due without any delay or diminution whatsoever.