SUCH BORROWER BY THE OPERATION OF SECTION 580D OF THE CALIFORNIA CODE OF
CIVIL PROCEDURE OR OTHERWISE.
(H)
EACH BORROWER WAIVES ALL RIGHTS AND DEFENSES THAT SUCH BORROWER MAY HAVE
BECAUSE THE OBLIGATIONS ARE SECURED BY REAL PROPERTY.
THIS MEANS, AMONG OTHER
THINGS:
(I)
AGENT AND LENDERS MAY COLLECT FROM SUCH
BORROWER WITHOUT FIRST FORECLOSING ON ANY REAL PROPERTY OR OTHER COLLATERAL
PLEDGED BY BORROWERS.
(II)
IF AGENT OR ANY LENDER FORECLOSES ON ANY
REAL PROPERTY PLEDGED BY BORROWERS:
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(A)
THE AMOUNT OF THE OBLIGATIONS MAY BE REDUCED ONLY BY THE PRICE FOR WHICH
THAT COLLATERAL IS SOLD AT THE FORECLOSURE SALE, EVEN IF THE COLLATERAL IS WORTH
MORE THAN THE SALE PRICE.
(B)
AGENT AND LENDERS MAY COLLECT FROM SUCH BORROWER EVEN IF AGENT OR LENDERS,
BY FORECLOSING ON THE REAL PROPERTY, HAS DESTROYED ANY RIGHT SUCH BORROWER MAY
HAVE TO COLLECT FROM THE OTHER BORROWERS.
This is an unconditional and irrevocable waiver of any rights and defenses such
Borrower may have because the Obligations are secured by Real Property.
These
rights and defenses include, but are not limited to, any rights or defenses
based upon Section 580a, 580b, 580d or 726 of the California Code of Civil
Procedure.
(I)
THE PROVISIONS OF THIS SECTION 2.15 ARE MADE FOR THE BENEFIT OF AGENT,
LENDERS AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, AND MAY BE ENFORCED BY IT
OR THEM FROM TIME TO TIME AGAINST ANY OR ALL BORROWERS AS OFTEN AS OCCASION
THEREFOR MAY ARISE AND WITHOUT REQUIREMENT ON THE PART OF ANY SUCH AGENT,
LENDER, SUCCESSOR OR ASSIGN FIRST TO MARSHAL ANY OF ITS OR THEIR CLAIMS OR TO
EXERCISE ANY OF ITS OR THEIR RIGHTS AGAINST ANY BORROWER OR TO EXHAUST ANY
REMEDIES AVAILABLE TO IT OR THEM AGAINST ANY BORROWER OR TO RESORT TO ANY OTHER
SOURCE OR MEANS OF OBTAINING PAYMENT OF ANY OF THE OBLIGATIONS HEREUNDER OR TO
ELECT ANY OTHER REMEDY.
THE PROVISIONS OF THIS SECTION 2.15 SHALL REMAIN IN
EFFECT UNTIL ALL OF THE OBLIGATIONS SHALL HAVE BEEN PAID IN FULL OR OTHERWISE
FULLY SATISFIED.
IF AT ANY TIME, ANY PAYMENT, OR ANY PART THEREOF, MADE IN
RESPECT OF ANY OF THE OBLIGATIONS, IS RESCINDED OR MUST OTHERWISE BE RESTORED OR
RETURNED BY ANY AGENT OR LENDER UPON THE INSOLVENCY, BANKRUPTCY OR
REORGANIZATION OF ANY BORROWER, OR OTHERWISE, THE PROVISIONS OF THIS
SECTION 2.15 WILL FORTHWITH BE REINSTATED IN EFFECT, AS THOUGH SUCH PAYMENT HAD
NOT BEEN MADE.
(J)
EACH BORROWER HEREBY AGREES THAT IT WILL NOT ENFORCE ANY OF ITS RIGHTS OF
CONTRIBUTION OR SUBROGATION AGAINST ANY OTHER BORROWER WITH RESPECT TO ANY
LIABILITY INCURRED BY IT HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS, ANY
PAYMENTS MADE BY IT TO AGENT OR LENDERS WITH RESPECT TO ANY OF THE OBLIGATIONS
OR ANY COLLATERAL SECURITY THEREFOR UNTIL SUCH TIME AS ALL OF THE OBLIGATIONS
HAVE BEEN PAID IN FULL IN CASH.
ANY CLAIM WHICH ANY BORROWER MAY HAVE AGAINST
ANY OTHER BORROWER WITH RESPECT TO ANY PAYMENTS TO ANY