RECOURSE TO THE NOTES, ANY OTHER OF THE LOAN DOCUMENTS OR THE COLLATERAL, AND
EACH GUARANTOR HEREBY WAIVES THE RIGHT TO REQUIRE THE LENDERS TO PROCEED AGAINST
THE BORROWER OR ANY OTHER PERSON (INCLUDING A CO-GUARANTOR) OR TO REQUIRE THE
LENDERS TO PURSUE ANY OTHER REMEDY OR ENFORCE ANY OTHER RIGHT.
EACH GUARANTOR
FURTHER AGREES THAT IT SHALL HAVE NO RIGHT OF SUBROGATION, INDEMNITY,
REIMBURSEMENT OR CONTRIBUTION AGAINST THE BORROWER OR ANY OTHER GUARANTOR OF THE
GUARANTEED OBLIGATIONS FOR AMOUNTS PAID UNDER THIS GUARANTY UNTIL SUCH TIME AS
THE LENDERS HAVE BEEN PAID IN FULL, ALL COMMITMENTS UNDER THIS AGREEMENT HAVE
BEEN TERMINATED, AND NO PERSON OR GOVERNMENTAL AUTHORITY SHALL HAVE ANY RIGHT TO
REQUEST ANY RETURN OR REIMBURSEMENT OF FUNDS FROM THE LENDERS IN CONNECTION WITH
MONIES RECEIVED UNDER THE LOAN DOCUMENTS.
EACH GUARANTOR FURTHER AGREES THAT
NOTHING CONTAINED HEREIN SHALL PREVENT THE AGENT OR THE LENDERS FROM SUING ON
THE NOTES OR ANY OF THE OTHER LOAN DOCUMENTS OR FORECLOSING THEIR SECURITY
INTEREST IN OR LIEN ON THE COLLATERAL OR FROM EXERCISING ANY OTHER RIGHTS
AVAILABLE TO THEM UNDER THIS AGREEMENT, THE NOTES, ANY OTHER OF THE LOAN
DOCUMENTS, OR ANY OTHER INSTRUMENT OF SECURITY, IF ANY, AND THE EXERCISE OF ANY
OF THE AFORESAID RIGHTS AND THE COMPLETION OF ANY FORECLOSURE PROCEEDINGS SHALL
NOT CONSTITUTE A DISCHARGE OF ANY GUARANTOR'S OBLIGATIONS HEREUNDER; IT BEING
THE PURPOSE AND INTENT OF EACH GUARANTOR THAT ITS OBLIGATIONS HEREUNDER SHALL BE
ABSOLUTE, INDEPENDENT AND UNCONDITIONAL UNDER ANY AND ALL CIRCUMSTANCES.
NEITHER ANY GUARANTOR'S OBLIGATIONS UNDER THIS GUARANTY NOR ANY REMEDY FOR THE
ENFORCEMENT THEREOF SHALL BE IMPAIRED, MODIFIED, CHANGED OR RELEASED IN ANY
MANNER WHATSOEVER BY AN IMPAIRMENT, MODIFICATION, CHANGE, RELEASE OR LIMITATION
OF THE LIABILITY OF THE BORROWER OR BY REASON OF THE BANKRUPTCY OR
65
INSOLVENCY OF THE BORROWER.
EACH GUARANTOR WAIVES ANY AND ALL NOTICE OF THE
CREATION, RENEWAL, EXTENSION OR ACCRUAL OF ANY OF THE GUARANTEED OBLIGATIONS AND
NOTICE OF OR PROOF OF RELIANCE OF BY, THE AGENT OR ANY LENDER UPON THIS GUARANTY
OR ACCEPTANCE OF THIS GUARANTY.
THE GUARANTEED OBLIGATIONS, AND ANY OF THEM,
SHALL CONCLUSIVELY BE DEEMED TO HAVE BEEN CREATED, CONTRACTED OR INCURRED, OR
RENEWED, EXTENDED, AMENDED OR WAIVED, IN RELIANCE UPON THIS GUARANTY.
ALL
DEALINGS BETWEEN THE BORROWERS AND ANY OF THE GUARANTORS, ON THE ONE HAND, AND
THE AGENT AND THE LENDERS, ON THE OTHER HAND, LIKEWISE SHALL BE CONCLUSIVELY
PRESUMED TO HAVE BEEN HAD OR CONSUMMATED IN RELIANCE UPON THIS GUARANTY.
§18.3.
MODIFICATIONS.
EACH GUARANTOR AGREES THAT (A) ALL OR ANY
PART OF THE SECURITY NOW OR HEREAFTER HELD FOR THE GUARANTEED OBLIGATIONS, IF
ANY, MAY BE EXCHANGED, COMPROMISED OR SURRENDERED FROM TIME TO TIME; (B) THE
LENDERS SHALL NOT HAVE ANY OBLIGATION TO PROTECT, PERFECT, SECURE OR INSURE ANY
SUCH SECURITY INTERESTS, LIENS OR ENCUMBRANCES NOW OR HEREAFTER HELD, IF ANY,
FOR THE GUARANTEED OBLIGATIONS OR THE PROPERTIES SUBJECT THERETO; (C) THE TIME
OR PLACE OF PAYMENT OF THE GUARANTEED OBLIGATIONS MAY BE CHANGED OR EXTENDED, IN
WHOLE