FROM ANY GUARANTY, FOR ALL OR ANY OF THE SECURED OBLIGATIONS;
(D)
THE INSOLVENCY OF ANY LOAN PARTY; OR
(E)
ANY OTHER CIRCUMSTANCE WHICH MIGHT OTHERWISE CONSTITUTE A DEFENSE
AVAILABLE TO, OR A DISCHARGE OF, PLEDGOR OTHER THAN PAYMENT AND PERFORMANCE IN
FULL OF THE SECURED OBLIGATIONS.
13.
RELEASE.
PLEDGOR CONSENTS AND AGREES THAT AGENT MAY AT ANY TIME,
OR FROM TIME TO TIME, IN ITS DISCRETION WITH NOTICE IN ACCORDANCE WITH THE
CREDIT AGREEMENT:
(A)
RENEW, EXTEND OR CHANGE THE TIME OF PAYMENT, AND/OR THE MANNER,
PLACE OR TERMS OF PAYMENT OF ALL OR ANY PART OF THE SECURED OBLIGATIONS; AND
(B)
EXCHANGE, RELEASE AND/OR SURRENDER ALL OR ANY OF THE PLEDGED
COLLATERAL (INCLUDING THE PLEDGED COLLATERAL), OR ANY PART THEREOF, BY
WHOMSOEVER DEPOSITED, WHICH IS NOW OR MAY HEREAFTER BE HELD BY AGENT IN
CONNECTION WITH ALL OR ANY OF THE SECURED OBLIGATIONS; ALL IN SUCH MANNER AND
UPON SUCH TERMS AS AGENT MAY REASONABLY DEEM PROPER, AND WITHOUT NOTICE TO OR
FURTHER ASSENT FROM PLEDGOR, IT BEING HEREBY AGREED THAT PLEDGOR SHALL BE AND
REMAIN BOUND UPON
8
THIS AGREEMENT, IRRESPECTIVE OF THE VALUE OR CONDITION OF ANY OF THE PLEDGED
COLLATERAL, AND NOTWITHSTANDING ANY SUCH CHANGE, EXCHANGE, SETTLEMENT,
COMPROMISE, SURRENDER, RELEASE, RENEWAL OR EXTENSION, AND NOTWITHSTANDING ALSO
THAT THE SECURED OBLIGATIONS MAY, AT ANY TIME, EXCEED THE AGGREGATE PRINCIPAL
AMOUNT THEREOF SET FORTH IN THE CREDIT AGREEMENT, OR ANY OTHER AGREEMENT
GOVERNING ANY SECURED OBLIGATIONS.
PLEDGOR HEREBY WAIVES NOTICE OF ACCEPTANCE
OF THIS AGREEMENT, AND ALSO PRESENTMENT, DEMAND, PROTEST AND NOTICE OF DISHONOR
OF ANY AND ALL OF THE SECURED OBLIGATIONS, AND PROMPTNESS IN COMMENCING SUIT
AGAINST ANY PARTY HERETO OR LIABLE HEREON, AND IN GIVING ANY NOTICE TO OR OF
MAKING ANY CLAIM OR DEMAND HEREUNDER UPON PLEDGOR.
NO ACT OR OMISSION OF ANY
KIND ON AGENT'S PART SHALL IN ANY EVENT AFFECT OR IMPAIR THIS AGREEMENT.
14.
REINSTATEMENT.
THIS AGREEMENT SHALL REMAIN IN FULL FORCE AND
EFFECT AND CONTINUE TO BE EFFECTIVE SHOULD ANY PETITION BE FILED BY OR AGAINST
PLEDGOR OR BORROWER FOR LIQUIDATION OR REORGANIZATION, SHOULD PLEDGOR OR
BORROWER BECOME INSOLVENT OR MAKE AN ASSIGNMENT FOR THE BENEFIT OF CREDITORS OR
SHOULD A RECEIVER OR TRUSTEE BE APPOINTED FOR ALL OR ANY SIGNIFICANT PART OF
PLEDGOR'S OR BORROWER'S ASSETS, AND SHALL CONTINUE TO BE EFFECTIVE OR BE
REINSTATED, AS THE CASE MAY BE, IF AT ANY TIME PAYMENT AND PERFORMANCE OF THE
SECURED OBLIGATIONS, OR ANY PART THEREOF, IS, PURSUANT TO APPLICABLE LAW,
RESCINDED OR REDUCED IN AMOUNT, OR MUST OTHERWISE BE RESTORED OR RETURNED BY ANY
OBLIGEE OF THE SECURED OBLIGATIONS, WHETHER AS A "VOIDABLE PREFERENCE",
"FRAUDULENT CONVEYANCE", OR OTHERWISE, ALL AS THOUGH SUCH PAYMENT OR PERFORMANCE
HAD NOT BEEN MADE.
IN THE EVENT THAT ANY PAYMENT, OR ANY PART THEREOF, IS
RESCINDED, REDUCED, RESTORED OR RETURNED, THE SECURED OBLIGATIONS SHALL BE
REINSTATED AND DEEMED REDUCED ONLY BY SUCH AMOUNT PAID AND NOT SO RESCINDED,
REDUCED, RESTORED OR RETURNED.
15.
MISCELLANEOUS.
(A)
AGENT MAY EXECUTE ANY OF ITS DUTIES HEREUNDER