THE OBLIGATIONS, OR ANY OTHER AMENDMENT OR WAIVER OF OR
ANY CONSENT TO ANY DEPARTURE FROM THE LOAN AGREEMENT AND/OR ANY OTHER LOAN
DOCUMENT; OR
(III)
ANY EXCHANGE, SURRENDER, RELEASE OR NON-PERFECTION OF ANY COLLATERAL FOR
ALL OR ANY OF THE OBLIGATIONS; OR
(IV)
ANY OTHER CIRCUMSTANCE WHICH MIGHT OTHERWISE CONSTITUTE A DEFENSE
AVAILABLE TO, OR A DISCHARGE OF, PLEDGOR IN RESPECT OF THE OBLIGATIONS OR THIS
SECURITY AGREEMENT.
(K)
GENERAL PROVISIONS.
(I)
EXCEPT AS OTHERWISE PROVIDED HEREIN, THE LENDER MAY EXERCISE ITS RIGHTS
WITH RESPECT TO THE COLLATERAL HELD HEREUNDER WITHOUT FIRST OR SIMULTANEOUSLY
RESORTING TO ANY OTHER COLLATERAL OR SOURCES OF REPAYMENT OR REIMBURSEMENT, AND
WITHOUT BEING OBLIGATED TO CONSIDER OR TAKE NOTICE OF ANY RIGHT OF CONTRIBUTION,
REIMBURSEMENT, SUBROGATION OR MARSHALING OF ASSETS WHICH PLEDGOR MAY HAVE OR
CLAIM TO HAVE AGAINST ANY PERSON OR
4
PERSONS OR WITH RESPECT TO ANY OTHER COLLATERAL.
THE LENDER MAY RELEASE ANY AND
ALL OTHER COLLATERAL IT MAY NOW OR HEREAFTER HAVE TO SECURE REPAYMENT OF THE
OBLIGATIONS, ALL WITHOUT AFFECTING OR IMPAIRING ITS RIGHTS WITH RESPECT TO THE
COLLATERAL.
NO DELAY OR OMISSION ON THE PART OF THE LENDER IN EXERCISING ANY
RIGHT HEREUNDER SHALL OPERATE AS A WAIVER OF SUCH RIGHT OR ANY OTHER RIGHT UNDER
THIS SECURITY AGREEMENT.
A WAIVER ON ANY ONE OCCASION SHALL NOT BE CONSTRUED AS
A BAR TO OR WAIVER OF ANY RIGHT AND/OR REMEDY ON ANY FUTURE OCCASION.
(II)
IF PLEDGOR SHALL DEFAULT IN THE PERFORMANCE OF ANY PROVISION OF THIS
SECURITY AGREEMENT ON PLEDGOR'S PART TO BE PERFORMED, THE LENDER MAY PERFORM THE
SAME FOR PLEDGOR'S ACCOUNT AND ANY MONIES EXPENDED IN SO DOING SHALL BE
CHARGEABLE WITH INTEREST AT THE DEFAULT RATE SET FORTH IN THE NOTE AND ADDED TO
THE INDEBTEDNESS SECURED HEREBY.
(III)
IF IN CONNECTION WITH THE EXERCISE BY THE LENDER OF ANY POWER,
RIGHT, PROVISION OR REMEDY GRANTED PURSUANT TO THIS SECURITY AGREEMENT, OR IN
ORDER TO EFFECTUATE THE PURPOSES AND INTENT OF THIS SECURITY AGREEMENT, ANY
CONSENT, APPROVAL, REGISTRATION, FILING, QUALIFICATION OR AUTHORIZATION OF ANY
GOVERNMENTAL AUTHORITY IS REQUIRED, PLEDGOR WILL EXECUTE AND DELIVER ALL
APPLICATIONS, CERTIFICATES, INSTRUMENTS AND OTHER DOCUMENTS AND PAPERS THAT THE
LENDER MAY BE REQUIRED TO OBTAIN FOR SUCH GOVERNMENTAL CONSENT, APPROVAL,
REGISTRATION, FILING, QUALIFICATION OR AUTHORIZATION.
(IV)
THE RIGHTS AND POWERS GRANTED TO THE LENDER HEREUNDER ARE BEING GRANTED IN
ORDER TO PRESERVE AND PROTECT THE LENDER'S SECURITY INTEREST IN AND TO THE
COLLATERAL GRANTED HEREBY AND SHALL NOT BE INTERPRETED TO, AND SHALL NOT, IMPOSE
ANY DUTIES ON THE LENDER IN CONNECTION THEREWITH.
(V)
THE LENDER SHALL NOT HAVE ANY DUTY AS TO THE COLLECTION OR PROTECTION
OF THE COLLATERAL HELD HEREUNDER NOR OF ANY INCOME THEREON, NOR AS TO THE
PRESERVATION OF ANY RIGHTS PERTAINING THERETO, BEYOND THE SAFE CUSTODY OF THE
COLLATERAL.
THE LENDER SHALL BE DEEMED TO HAVE EXERCISED REASONABLE CARE IN THE
CUSTODY AND PRESERVATION OF THE COLLATERAL IF IT COMPLIES WITH PLEDGOR'S
REQUESTS IN SUCH REGARD MADE TO THE LENDER IN WRITING, BUT