Common use of Unconditional Liability Clause in Contracts

Unconditional Liability. From time to time, without affecting the obligation of Borrower or any sureties, guarantors, endorsers, accommodation parties or other persons liable or to become liable on the Notes to pay the outstanding principal balance of the Notes and observe the covenants of Borrower contained herein, without giving notice to or obtaining the consent of Borrower or any such sureties, guarantors, endorsers, accommodation parties or other persons, and without liability on the part of Agent and Lenders, Agent and Lenders may, at the option of Agent and Lenders, grant extensions or postponements of the time for payment of said outstanding principal balance, interest or any part thereof, release anyone liable on any of said outstanding principal balance, accept a renewal of the Notes, release or accept a substitution of all or any collateral given to secure the Notes, join in any extension or subordination agreement, agree in writing with Borrower to modify the rate of interest or terms and time of payment of said outstanding principal balance or period of amortization of the Notes or change the amount of the monthly installments payable hereunder, or grant any other indulgence or forbearance whatsoever. No one or more of such actions shall constitute a novation.