Common use of Acknowledgement by Borrower Clause in Contracts

Acknowledgement by Borrower. The Borrower acknowledges the subordination and assignment of the Subordinated Indebtedness and warrants and undertakes throughout the continuance of this Deed and so long as the Secured Obligations or any part thereof remains owing that:- (a) after the occurrence of a Default it will make all payments in full without set-off or counterclaim due in respect of the Subordinated Indebtedness to the Security Trustee or as the Security Trustee shall direct and it will comply with all the other provisions of this Deed and it will not do, take part in or take the benefit of anything which would or may breach the provisions of this Deed; (b) it will promptly notify the Security Trustee whenever it incurs any Subordinated Indebtedness; and (c) it has no notice of any prior disposal of or charge or encumbrance over the Subordinated Indebtedness or any part thereof to any other person.

Acknowledgement by Borrower. The Borrower acknowledges the subordination and assignment of the Subordinated Indebtedness and warrants and undertakes throughout the continuance of this Deed and so long as the Secured Obligations or any part thereof remains owing that:- (a) after the occurrence of a Default it will make all payments in full without set-off or counterclaim due in respect of the Subordinated Indebtedness to the Security Trustee Agent or as the Security Trustee Agent shall direct and it will comply with all the other provisions of this Deed and it will not do, take part in or take the benefit of anything which would or may breach the provisions of this Deed; (b) it will promptly notify the Security Trustee Agent whenever it incurs any Subordinated Indebtedness; and (c) it has no notice of any prior disposal of or charge or encumbrance over the Subordinated Indebtedness or any part thereof to any other person.