any document or instrument executed in respect of
the Guaranty Obligations, or any further advances to BLFC.
SECTION 4.
WAIVER. THE GUARANTOR
HEREBY WAIVES (A) PROMPTNESS, DILIGENCE, NOTICE OF ACCEPTANCE, PRESENTMENT,
DEMAND, PROTEST, NOTICE OF PROTEST AND DISHONOR, NOTICE OF DEFAULT, NOTICE OF
INTENT TO ACCELERATE, NOTICE OF ACCELERATION AND ANY OTHER NOTICE WITH RESPECT
TO ANY OF THE GUARANTY OBLIGATIONS AND THIS GUARANTY, AND (B) ANY REQUIREMENT
THAT THE ADMINISTRATIVE AGENT OR THE LENDERS PROTECT, SECURE, PERFECT OR INSURE
ANY SECURITY INTEREST OR LIEN ON ANY PROPERTY SUBJECT THERETO OR EXHAUST ANY
RIGHT OR TAKE ANY ACTION AGAINST BLFC OR ANY OTHER PERSON OR ENTITY OR ANY
COLLATERAL OR THAT BLFC OR ANY OTHER PERSON OR ENTITY BE JOINED IN ANY ACTION
HEREUNDER. ALL DEALINGS BETWEEN THE BORROWER OR THE GUARANTOR, ON THE ONE HAND,
AND THE ADMINISTRATIVE AGENT AND THE LENDERS, ON THE OTHER HAND, SHALL LIKEWISE
BE CONCLUSIVELY PRESUMED TO HAVE BEEN HAD OR CONSUMMATED IN RELIANCE UPON THIS
GUARANTY. SHOULD THE ADMINISTRATIVE AGENT SEEK TO ENFORCE THE OBLIGATIONS OF THE
GUARANTOR HEREUNDER BY ACTION IN ANY COURT, THE GUARANTOR WAIVES ANY NECESSITY,
SUBSTANTIVE OR PROCEDURAL, THAT A JUDGMENT PREVIOUSLY BE RENDERED AGAINST BLFC
OR ANY OTHER PERSON, OR THAT ANY ACTION BE BROUGHT AGAINST BLFC OR ANY OTHER
PERSON, OR THAT BLFC OR ANY OTHER PERSON SHOULD BE JOINED IN SUCH CAUSE. SUCH
WAIVER SHALL BE WITHOUT PREJUDICE TO THE ADMINISTRATIVE AGENT AT ITS OPTION TO
PROCEED AGAINST BLFC OR ANY OTHER PERSON, WHETHER BY SEPARATE ACTION OR BY
JOINDER. THE GUARANTOR FURTHER EXPRESSLY WAIVES EACH AND EVERY RIGHT TO WHICH IT
MAY BE ENTITLED BY VIRTUE OF THE SURETYSHIP LAW OF THE STATE OF NEW YORK OR ANY
OTHER APPLICABLE JURISDICTION.
SECTION 5.
SEVERAL OBLIGATIONS. THE
OBLIGATIONS OF THE GUARANTOR HEREUNDER ARE SEPARATE AND APART FROM BLFC OR ANY
OTHER PERSON (OTHER THAN THE GUARANTOR), AND ARE PRIMARY OBLIGATIONS CONCERNING
WHICH THE GUARANTOR IS THE PRINCIPAL OBLIGOR. THE GUARANTOR AGREES THAT THIS
GUARANTY SHALL NOT BE DISCHARGED EXCEPT BY PAYMENT IN FULL OF THE GUARANTY
OBLIGATIONS, TERMINATION OF THE COMMITMENTS AND COMPLETE PERFORMANCE OF THE
OBLIGATIONS OF THE GUARANTOR HEREUNDER. THE OBLIGATIONS OF THE GUARANTOR
HEREUNDER SHALL NOT BE AFFECTED IN ANY WAY BY THE RELEASE OR DISCHARGE OF BLFC
FROM THE PERFORMANCE OF ANY OF THE GUARANTY OBLIGATIONS, WHETHER OCCURRING BY
REASON OF LAW OR ANY OTHER CAUSE, WHETHER SIMILAR OR DISSIMILAR TO THE
FOREGOING.
SECTION 6.
SUBROGATION RIGHTS. IF ANY
AMOUNT SHALL BE PAID TO THE GUARANTOR ON ACCOUNT OF SUBROGATION RIGHTS AT ANY
TIME WHEN ALL THE GUARANTY OBLIGATIONS SHALL NOT HAVE BEEN PAID IN FULL, SUCH
AMOUNT SHALL BE HELD IN TRUST FOR THE BENEFIT OF THE ADMINISTRATIVE AGENT AND
SHALL FORTHWITH BE PAID TO THE ADMINISTRATIVE AGENT TO BE APPLIED TO THE
GUARANTY OBLIGATIONS AS
3
SPECIFIED IN THE LOAN DOCUMENTS. IF (A) THE GUARANTOR MAKES A PAYMENT TO THE
ADMINISTRATIVE AGENT OF ALL OR ANY PART OF THE GUARANTY OBLIGATIONS AND (B) ALL
THE GUARANTY OBLIGATIONS HAVE BEEN