SECURED PARTIES SHALL, SUBJECT TO ANY DETERMINATION IN SUCH PROCEEDING,
SEVERALLY AND RESPECTIVELY BE RESTORED TO THEIR FORMER POSITIONS AND RIGHTS
HEREUNDER OR THEREUNDER WITH RESPECT TO THE COLLATERAL ESTATE AND IN ALL OTHER
RESPECTS, AND THEREAFTER ALL RIGHTS, REMEDIES AND POWERS OF THE COLLATERAL AGENT
SHALL CONTINUE AS THOUGH NO SUCH PROCEEDING HAD BEEN TAKEN.
SECTION 7.04.
WAIVER AND ESTOPPEL.
(A)
EACH GRANTOR, TO THE EXTENT IT MAY LAWFULLY
DO SO, ON BEHALF OF ITSELF AND ALL WHO MAY CLAIM THROUGH OR UNDER IT, INCLUDING
WITHOUT LIMITATION ANY AND ALL SUBSEQUENT CREDITORS, VENDEES, ASSIGNEES AND
LICENSORS, WAIVES AND RELEASES ALL RIGHTS TO DEMAND OR TO HAVE ANY MARSHALING OF
THE COLLATERAL UPON ANY SALE, WHETHER MADE UNDER ANY POWER OF SALE GRANTED
HEREIN OR IN ANY SECURITY DOCUMENT OR PURSUANT TO JUDICIAL PROCEEDINGS OR UPON
ANY FORECLOSURE OR ANY ENFORCEMENT OF THIS AGREEMENT OR ANY SECURITY DOCUMENT
AND CONSENTS AND AGREES THAT ALL THE COLLATERAL MAY AT ANY SUCH SALE BE OFFERED
AND SOLD AS AN ENTIRETY.
(B)
EACH GRANTOR WAIVES, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, PRESENTMENT, DEMAND, PROTEST AND ANY NOTICE OF ANY KIND
(EXCEPT NOTICES EXPLICITLY REQUIRED HEREUNDER OR UNDER ANY SECURITY DOCUMENT) IN
CONNECTION WITH THIS AGREEMENT AND THE SECURITY DOCUMENTS AND ANY ACTION TAKEN
BY THE COLLATERAL AGENT WITH RESPECT TO THE COLLATERAL.
SECTION 7.05.
LIMITATION ON COLLATERAL AGENT'S DUTY IN RESPECT
OF COLLATERAL. EXCEPT AS REQUIRED BY APPLICABLE LAW, BEYOND ITS DUTIES AS TO THE
CUSTODY THEREOF EXPRESSLY PROVIDED HEREIN OR IN ANY SECURITY DOCUMENT AND TO
ACCOUNT TO THE SECURED PARTIES AND THE GRANTORS FOR MONEYS AND OTHER PROPERTY
RECEIVED BY IT HEREUNDER OR UNDER ANY SECURITY DOCUMENT AND ANY OTHER EXPRESS
DUTIES SPECIFIED IN THE SECURITY DOCUMENTS, THE COLLATERAL AGENT SHALL NOT HAVE
ANY DUTY TO THE GRANTORS OR TO THE SECURED PARTIES AS TO ANY COLLATERAL IN ITS
POSSESSION OR CONTROL OR IN THE POSSESSION OR CONTROL OF ANY OF ITS AGENTS OR
NOMINEES, OR ANY INCOME THEREON OR AS TO THE PRESERVATION OF RIGHTS AGAINST
PRIOR PARTIES OR ANY OTHER RIGHTS PERTAINING THERETO.
SECTION 7.06.
LIMITATION BY LAW. ALL RIGHTS, REMEDIES AND POWERS
PROVIDED IN THIS AGREEMENT OR ANY SECURITY DOCUMENT MAY BE EXERCISED ONLY TO THE
EXTENT THAT THE EXERCISE THEREOF DOES NOT VIOLATE ANY APPLICABLE PROVISION OF
LAW, AND ALL THE PROVISIONS HEREOF ARE INTENDED TO BE SUBJECT TO ALL APPLICABLE
MANDATORY PROVISIONS OF LAW WHICH MAY BE CONTROLLING AND TO BE LIMITED TO THE
EXTENT NECESSARY SO THAT THEY WILL NOT RENDER THIS AGREEMENT INVALID,
UNENFORCEABLE IN WHOLE OR IN PART OR NOT ENTITLED TO BE RECORDED, REGISTERED OR
FILED UNDER THE PROVISIONS OF ANY APPLICABLE LAW.
SECTION 7.07.
RIGHTS OF SECURED PARTIES IN RESPECT OF
OBLIGATIONS. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT OR ANY
SECURITY DOCUMENT, THE RIGHT OF EACH SECURED PARTY TO RECEIVE PAYMENT OF THE
OBLIGATIONS HELD BY SUCH SECURED PARTY WHEN DUE (WHETHER AT THE STATED MATURITY
THEREOF, BY ACCELERATION OR OTHERWISE), AS EXPRESSED IN THE INSTRUMENTS
EVIDENCING OR AGREEMENTS