DECISION OR OTHERWISE.
OTHER TRANSACTIONS.
THE LENDER IS EXPRESSLY AUTHORIZED TO EXCHANGE, SURRENDER
OR RELEASE WITH OR WITHOUT CONSIDERATION ANY OR ALL COLLATERAL AND SECURITY
WHICH MAY AT ANY TIME BE PLACED WITH IT BY THE LOAN PARTIES OR BY ANY OTHER
PERSON ON BEHALF OF THE LOAN PARTIES, OR TO FORWARD OR DELIVER ANY OR ALL SUCH
COLLATERAL AND SECURITY DIRECTLY TO THE LOAN PARTIES FOR COLLECTION AND
REMITTANCE OR FOR CREDIT.
NO INVALIDITY, IRREGULARITY OR UNENFORCEABILITY OF
ANY SECURITY FOR THE OBLIGATIONS OR OTHER RECOURSE WITH RESPECT THERETO SHALL
AFFECT, IMPAIR OR BE A DEFENSE TO THE LOAN PARTIES' OBLIGATIONS UNDER THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT. THE LIABILITIES OF EACH LOAN PARTY
HEREUNDER SHALL NOT BE AFFECTED OR IMPAIRED BY ANY FAILURE, DELAY, NEGLECT OR
OMISSION ON THE PART OF THE LENDER TO REALIZE UPON ANY OF THE OBLIGATIONS OF ANY
OTHER LOAN PARTY TO THE LENDER, OR UPON ANY COLLATERAL OR SECURITY FOR ANY OR
ALL OF THE OBLIGATIONS, NOR BY THE TAKING BY THE LENDER OF (OR THE FAILURE TO
TAKE) ANY GUARANTY OR GUARANTIES TO SECURE THE OBLIGATIONS, NOR BY THE TAKING BY
THE LENDER OF (OR THE FAILURE TO TAKE OR THE FAILURE TO PERFECT ITS SECURITY
INTEREST IN OR OTHER LIEN ON) COLLATERAL OR SECURITY OF ANY KIND.
NO ACT OR
OMISSION OF THE LENDER, WHETHER OR NOT SUCH ACTION OR FAILURE TO ACT VARIES OR
INCREASES THE RISK OF, OR AFFECTS THE RIGHTS OR REMEDIES OF A LOAN PARTY, SHALL
AFFECT OR IMPAIR THE OBLIGATIONS OF THE LOAN PARTIES HEREUNDER.
ACTIONS NOT REQUIRED.
EACH LOAN PARTY, TO THE EXTENT PERMITTED BY APPLICABLE
LAW, HEREBY WAIVES ANY AND ALL RIGHT TO CAUSE A MARSHALING OF THE ASSETS OF ANY
OTHER LOAN PARTY OR ANY OTHER ACTION BY ANY COURT OR OTHER GOVERNMENTAL BODY
WITH RESPECT THERETO OR TO CAUSE THE LENDER TO PROCEED AGAINST ANY SECURITY FOR
THE OBLIGATIONS OR ANY OTHER RECOURSE WHICH THE LENDER MAY HAVE WITH RESPECT
THERETO AND FURTHER WAIVES ANY
43
AND ALL REQUIREMENTS THAT THE LENDER INSTITUTE ANY ACTION OR PROCEEDING AT LAW
OR IN EQUITY, OR OBTAIN ANY JUDGMENT, AGAINST ANY OTHER LOAN PARTY OR ANY OTHER
PERSON, OR WITH RESPECT TO ANY COLLATERAL SECURITY FOR THE OBLIGATIONS, AS A
CONDITION PRECEDENT TO MAKING DEMAND ON OR BRINGING AN ACTION OR OBTAINING
AND/OR ENFORCING A JUDGMENT AGAINST, SUCH LOAN PARTY UNDER THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT.
NO SUBROGATION.
NOTWITHSTANDING ANY PAYMENT OR PAYMENTS MADE BY ANY LOAN PARTY
HEREUNDER OR ANY SETOFF OR APPLICATION OF FUNDS OF ANY LOAN PARTY BY THE LENDER,
SUCH LOAN PARTY SHALL NOT BE ENTITLED TO BE SUBROGATED TO ANY OF THE RIGHTS OF
THE LENDER AGAINST ANY OTHER LOAN PARTY OR ANY OTHER GUARANTOR OR ANY COLLATERAL
SECURITY OR GUARANTY OR RIGHT OF OFFSET HELD BY THE LENDER FOR THE PAYMENT OF
THE OBLIGATIONS, NOR SHALL SUCH LOAN PARTY SEEK OR BE ENTITLED TO SEEK ANY
CONTRIBUTION OR REIMBURSEMENT FROM ANY OTHER LOAN PARTY OR