LAW.
5.
RIGHTS OF SECURED CREDITORS.
SUBJECT TO SECTION 4, ANY SECURED CREDITOR MAY
(EXCEPT AS SHALL BE REQUIRED BY APPLICABLE LAW AND CANNOT BE WAIVED) AT ANY TIME
AND FROM TIME TO TIME WITHOUT THE CONSENT OF, OR NOTICE TO, ANY GUARANTOR,
WITHOUT INCURRING RESPONSIBILITY TO SUCH GUARANTOR, WITHOUT IMPAIRING OR
RELEASING THE OBLIGATIONS OR LIABILITIES OF SUCH GUARANTOR HEREUNDER, UPON OR
WITHOUT ANY TERMS OR CONDITIONS AND IN WHOLE OR IN PART:
(A)
CHANGE THE MANNER, PLACE OR TERMS OF PAYMENT OF, AND/OR CHANGE,
INCREASE OR EXTEND THE TIME OF PAYMENT OF, RENEW, INCREASE, ACCELERATE OR ALTER,
ANY OF THE GUARANTEED OBLIGATIONS (INCLUDING, WITHOUT LIMITATION, ANY INCREASE
OR DECREASE IN THE RATE OF INTEREST THEREON OR THE PRINCIPAL AMOUNT THEREOF),
ANY SECURITY THEREFOR, OR ANY LIABILITY INCURRED DIRECTLY OR INDIRECTLY IN
RESPECT THEREOF, AND THE GUARANTY HEREIN MADE SHALL APPLY TO THE GUARANTEED
OBLIGATIONS AS SO CHANGED, EXTENDED, INCREASED, ACCELERATED, RENEWED OR ALTERED;
(B)
TAKE AND HOLD SECURITY FOR THE PAYMENT OF THE GUARANTEED
OBLIGATIONS AND SELL, EXCHANGE, RELEASE, SURRENDER, IMPAIR, REALIZE UPON OR
OTHERWISE DEAL WITH IN ANY MANNER AND IN ANY ORDER ANY PROPERTY OR OTHER
COLLATERAL BY WHOMSOEVER AT ANY TIME
5
PLEDGED OR MORTGAGED TO SECURE, OR HOWSOEVER SECURING, THE GUARANTEED
OBLIGATIONS OR ANY LIABILITIES (INCLUDING ANY OF THOSE HEREUNDER) INCURRED
DIRECTLY OR INDIRECTLY IN RESPECT THEREOF OR HEREOF, AND/OR ANY OFFSET
THEREAGAINST;
(C)
EXERCISE OR REFRAIN FROM EXERCISING ANY RIGHTS AGAINST THE
BORROWER, ANY OTHER CREDIT PARTY, ANY SUBSIDIARY THEREOF, ANY OTHER GUARANTOR OF
THE BORROWER OR OTHERS OR OTHERWISE ACT OR REFRAIN FROM ACTING;
(D)
RELEASE OR SUBSTITUTE ANY ONE OR MORE ENDORSERS, GUARANTORS, OTHER
GUARANTORS, THE BORROWER OR OTHER OBLIGORS;
(E)
SETTLE OR COMPROMISE ANY OF THE GUARANTEED OBLIGATIONS, ANY
SECURITY THEREFOR OR ANY LIABILITY (INCLUDING ANY OF THOSE HEREUNDER) INCURRED
DIRECTLY OR INDIRECTLY IN RESPECT THEREOF OR HEREOF, AND MAY SUBORDINATE THE
PAYMENT OF ALL OR ANY PART THEREOF TO THE PAYMENT OF ANY LIABILITY (WHETHER DUE
OR NOT) OF THE BORROWER TO CREDITORS OF THE BORROWER OTHER THAN THE SECURED
CREDITORS;
(F)
APPLY ANY SUMS BY WHOMSOEVER PAID OR HOWSOEVER REALIZED TO ANY
LIABILITY OR LIABILITIES OF THE BORROWER TO THE SECURED CREDITORS REGARDLESS OF
WHAT LIABILITIES OF THE BORROWER REMAIN UNPAID;
(G)
CONSENT TO OR WAIVE ANY BREACH OF, OR ANY ACT, OMISSION OR DEFAULT
UNDER, ANY OF THE SECURED INTEREST RATE AGREEMENTS, THE CREDIT DOCUMENTS OR ANY
OF THE INSTRUMENTS OR AGREEMENTS REFERRED TO THEREIN, OR OTHERWISE AMEND, MODIFY
OR SUPPLEMENT ANY OF THE SECURED INTEREST RATE AGREEMENTS, THE CREDIT DOCUMENTS
OR ANY OF SUCH OTHER INSTRUMENTS OR AGREEMENTS;
(H)
ACT OR FAIL TO ACT IN ANY MANNER WHICH MAY DEPRIVE SUCH GUARANTOR
OF ITS RIGHT TO SUBROGATION AGAINST THE BORROWER TO RECOVER FULL INDEMNITY FOR
ANY PAYMENTS MADE PURSUANT TO THIS GUARANTY; AND/OR
(I)
TAKE ANY OTHER ACTION OR OMIT TO TAKE ANY OTHER ACTION WHICH
WOULD, UNDER OTHERWISE APPLICABLE PRINCIPLES OF COMMON LAW, GIVE RISE TO A LEGAL
OR EQUITABLE DISCHARGE OF SUCH GUARANTOR