OF THE GUARANTEE
GIVING RISE TO THE GUARANTEED OBLIGATIONS AND/OR OF ANY OTHER SECURITY OR OF ANY
OTHER DOCUMENT REFERRED TO IN THE CREDIT AGREEMENT OR REFERRING TO THE CREDIT
AGREEMENT OR ITS SCHEDULES, IN PARTICULAR IN GUARANTEE OF ANY RESTITUTION
OBLIGATION OF THE PLEDGOR.
11.3
THIS PLEDGE SHALL NOT BE EXTINGUISHED OR RELEASED, EITHER IN FULL OR IN PART, AS
A RESULT OF ANY PARTIAL PAYMENT TO THE BENEFICIARY OF THE GUARANTEED
OBLIGATIONS.
11.4
THE RIGHTS OF THE BENEFICIARY PURSUANT TO THIS AGREEMENT OR TO ANY DOCUMENT
ISSUED PURSUANT TO THIS AGREEMENT, AND ANY RIGHT, REMEDY OR OTHER SECURITY
GRANTED BY THE PLEDGOR IN FAVOR OF THE BENEFICIARY OR PROVIDED BY LAW, MAY BE
EXERCISED AS OFTEN AS NECESSARY AND ARE CUMULATIVE. THE BENEFICIARY MAY EXERCISE
ITS RIGHTS UNDER THIS AGREEMENT REGARDLESS OF WHETHER OR NOT ITS OTHER RIGHTS,
REMEDIES OR SECURITIES WITH RESPECT TO THE GUARANTEED OBLIGATIONS HAVE BEEN
EXERCISED.
11.5
SUBJECT TO APPLICABLE LIMITATION PERIODS, THE FAILURE BY THE BENEFICIARY AND/OR
THE ADMINISTRATIVE AGENT, ACTING IN THE NAME AND ON BEHALF OF THE BENEFICIARY,
TO EXERCISE ANY RIGHT OR ACTION HEREUNDER OR ANY DELAY IN EXERCISING SUCH RIGHTS
OR ACTIONS SHALL NOT CONSTITUTE A WAIVER THEREOF, NOR SHALL ANY SINGLE OR
PARTIAL EXERCISE OF ANY SUCH RIGHT PRECLUDE ANY OTHER OR FURTHER EXERCISE OF THE
SAME, OR THE EXERCISE OF ANY OTHER RIGHT. NO WAIVER SHALL BE BINDING UNLESS
EFFECTED BY WRITTEN INSTRUMENT SIGNED BY ALL OF THE PARTIES AND REFERRING
EXPRESSLY TO THIS AGREEMENT. THE BENEFICIARY SHALL HAVE NO LIABILITY TOWARDS THE
PLEDGOR WITH RESPECT TO THE LATE EXERCISE OR THE NON-EXERCISE OF THEIR RIGHTS
UNDER THIS AGREEMENT.
11.6
IN THE EVENT THAT ANY PROVISION OF THIS AGREEMENT SHALL BE DEEMED TO BE NULL AND
VOID OR NOT BINDING DUE TO THE EFFECT OF ANY LAW OR DUE TO THE INTERPRETATION OF
SUCH PROVISION, THE INVALIDITY OF SUCH PROVISION SHALL NOT AFFECT THE VALIDITY
OF ANY OTHER PROVISION OF THIS AGREEMENT. IN SUCH A CASE, THE PARTIES SHALL
NEGOTIATE IN GOOD FAITH TO REPLACE THE RELEVANT PROVISION BY A NEW PROVISION
WHICH SHALL BE VALID, BINDING, ENFORCEABLE AND COMPLIANT WITH THE ORIGINAL
INTENTION OF THE PARTIES.
12
SUCCESSORS AND ASSIGNS
12.1
ALL THE RIGHTS AND LIABILITIES OF THE BENEFICIARY UNDER THIS AGREEMENT WILL
BENEFIT TO ITS SUCCESSORS, TRANSFEREES AND ASSIGNS, AS WELL AS TO ANY OF THEIR
OWN SUCCESSORS, TRANSFEREES AND ASSIGNS, AND TO THEIR OWN SUCCESSORS AND ASSIGNS
AND ALL THE TERMS, CONDITIONS, PROMISES, REPRESENTATIONS AND WARRANTIES
HEREUNDER WILL BE BINDING ON THE PLEDGOR AND ON ITS SUCCESSORS AND ASSIGNS
12.2
THE PLEDGOR ACKNOWLEDGES THAT THE BENEFICIARY IS ENTITLED, PURSUANT TO THE
PROVISIONS OF THE CREDIT AGREEMENT, TO ASSIGN ALL OR PART OF ITS RIGHTS UNDER
THE CREDIT AGREEMENT, AND AGREES THAT THE PROVISIONS OF THIS AGREEMENT WILL RUN
TO THE BENEFIT OF ANY ASSIGNEE OF THE BENEFICIARY.
12.3
THE PLEDGOR SHALL NOT BE ENTITLED TO ASSIGN OR TRANSFER IN WHOLE OR IN PART ITS
RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT.
12.4
The security under