TO ACCEPT JOINT AND SEVERAL LIABILITY FOR THE OBLIGATIONS OF EACH OTHER
BORROWER.
(B)
EACH BORROWER JOINTLY AND SEVERALLY
IRREVOCABLY AND UNCONDITIONALLY ACCEPTS, NOT MERELY AS A SURETY BUT ALSO AS A
CO-DEBTOR, JOINT AND SEVERAL LIABILITY WITH THE OTHER BORROWERS WITH RESPECT TO
THE PAYMENT AND PERFORMANCE OF ALL OF THE OBLIGATIONS, IT BEING THE INTENTION OF
THE PARTIES HERETO THAT ALL THE OBLIGATIONS SHALL BE THE JOINT AND SEVERAL
OBLIGATIONS OF EACH AND ALL OF THE BORROWERS WITHOUT PREFERENCES OR DISTINCTION
AMONG THEM.
(C)
IF AND TO THE EXTENT THAT ANY BORROWER SHALL
FAIL TO MAKE ANY PAYMENT WITH RESPECT TO ANY OF THE OBLIGATIONS AS AND WHEN DUE
OR TO PERFORM ANY OF THE OBLIGATIONS IN ACCORDANCE WITH THE TERMS THEREOF, THEN
IN EACH SUCH EVENT, THE OTHER BORROWERS WILL MAKE SUCH PAYMENT WITH RESPECT TO,
OR PERFORM, SUCH OBLIGATION.
(D)
THE OBLIGATIONS OF EACH BORROWER UNDER ANY
LOAN DOCUMENT CONSTITUTE FULL RECOURSE OBLIGATIONS OF SUCH BORROWER, ENFORCEABLE
AGAINST IT TO THE FULL EXTENT OF ITS PROPERTIES AND ASSETS, IRRESPECTIVE OF THE
VALIDITY, REGULARITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY OTHER
CIRCUMSTANCES WHATSOEVER.
(E)
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN
ANY LOAN DOCUMENT, EACH BORROWER HEREBY WAIVES NOTICE OF ACCEPTANCE OF ITS JOINT
AND SEVERAL LIABILITY, NOTICE OF ANY BORROWING MADE UNDER THIS AGREEMENT, NOTICE
OF OCCURRENCE OF ANY DEFAULT OR EVENT OF DEFAULT, OR OF ANY DEMAND FOR ANY
PAYMENT UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, NOTICE OF ANY ACTION AT
ANY TIME TAKEN OR OMITTED BY BANK UNDER OR IN RESPECT OF ANY OF THE OBLIGATIONS,
ANY REQUIREMENT OF DILIGENCE AND, GENERALLY, ALL DEMANDS, NOTICE AND OTHER
FORMALITIES OF EVERY KIND IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT.
EACH BORROWER HEREBY ASSENTS TO, AND WAIVES NOTICE OF, ANY EXTENSION
OR POSTPONEMENT OF THE TIME FOR THE PAYMENT OF ANY OF THE OBLIGATIONS, THE
ACCEPTANCE OF ANY PARTIAL PAYMENT THEREON, ANY WAIVER, CONSENT OR OTHER ACTION
OR ACQUIESCENCE BY BANK AT ANY TIME OR TIMES IN RESPECT OF ANY DEFAULT BY ANY
BORROWER IN THE PERFORMANCE OR SATISFACTION OF ANY TERM, COVENANT, CONDITION OR
PROVISION OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, ANY AND ALL OTHER
INDULGENCES WHATSOEVER BY BANK IN RESPECT OF ANY OF THE OBLIGATIONS, AND THE
TAKING, ADDITION, SUBSTITUTION OR RELEASE, IN WHOLE OR IN PART, AT ANY TIME OR
TIMES, OF ANY SECURITY FOR ANY OF THE OBLIGATIONS OR IN PART, AT ANY TIME OR
TIMES, OF ANY SECURITY FOR ANY OF THE OBLIGATIONS OR THE ADDITION, SUBSTITUTION
OR RELEASE, IN WHOLE OR IN PART, OF ANY BORROWER.
WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, EACH BORROWER ASSENTS TO ANY OTHER ACTION OR DELAY
IN ACTING OR FAILURE TO ACT ON THE PART OF BANK, INCLUDING, WITHOUT LIMITATION,
ANY FAILURE STRICTLY OR DILIGENTLY TO ASSERT ANY RIGHT OR TO PURSUE ANY REMEDY
OR TO COMPLY FULLY WITH THE APPLICABLE LAWS OR REGULATIONS THEREUNDER WHICH
MIGHT, BUT FOR THE PROVISIONS OF THIS SECTION, AFFORD GROUNDS FOR