TO THE INDEBTEDNESS OF THE PURCHASER.
IN THE EVENT THE
PURCHASER OF THE COLLATERAL FAILS TO FULLY PAY FOR THE COLLATERAL, LENDER MAY
RESELL THE COLLATERAL AND BORROWER WILL BE CREDITED WITH THE PROCEEDS OF SUCH
SALE.
SECTION 3.03.
NO CONDITIONS PRECEDENT TO EXERCISE OF LENDER'S REMEDIES.
BORROWER WAIVES ANY AND ALL LEGAL REQUIREMENTS THAT LENDER INSTITUTE ANY ACTION
OR PROCEEDING AT LAW OR IN EQUITY AGAINST BORROWER OR ANY OTHER PARTY OR EXHAUST
ITS REMEDIES AGAINST BORROWER OR ANY OTHER PARTY IN RESPECT OF ANY OTHER
SECURITY HELD BY LENDER FOR THE DEBT OR ANY PORTION THEREOF AS A CONDITION
PRECEDENT TO EXERCISING ITS RIGHT AND REMEDIES PURSUANT TO THIS AGREEMENT.
SECTION 3.04.
ADDITIONAL SECURITY.
BORROWER AUTHORIZES LENDER WITHOUT NOTICE
OR DEMAND AND WITHOUT AFFECTING ITS LIABILITY UNDER THIS AGREEMENT OR UNDER THE
NOTE (I) TO TAKE AND HOLD SECURITY IN ADDITION TO THE SECURITY INTEREST IN THE
COLLATERAL GRANTED BY BORROWER TO LENDER PURSUANT TO THIS AGREEMENT, FOR THE
PAYMENT OF THE DEBT OR ANY PART THEREOF, AND TO EXCHANGE, WAIVE OR RELEASE ANY
SUCH OTHER SECURITY AND (II) TO RELEASE OR SUBSTITUTE BORROWER.
SECTION 3.05.
RIGHTS AND REMEDIES CONTINUE.
UNTIL THE DEBT SHALL HAVE BEEN
PAID IN FULL, ALL RIGHTS, POWERS AND REMEDIES GRANTED TO LENDER UNDER THIS
AGREEMENT SHALL CONTINUE TO EXIST AND MAY BE EXERCISED BY LENDER AT ANY TIME AND
FROM TIME TO TIME IRRESPECTIVE OF THE FACT THAT THE DEBT OR ANY PART THEREOF MAY
HAVE BECOME BARRED BY ANY STATUTE OF LIMITATIONS OR THAT THE LIABILITY OF
BORROWER THEREFOR MAY HAVE CEASED.
SECTION 3.06.
RIGHT TO TERMINATE PROCEEDINGS.
LENDER MAY TERMINATE OR RESCIND
ANY PROCEEDING OR OTHER ACTION BROUGHT IN CONNECTION WITH ITS EXERCISE OF THE
REMEDIES PROVIDED IN SECTION 3.02 AT ANY TIME BEFORE THE CONCLUSION THEREOF, AS
DETERMINED IN LENDER'S SOLE DISCRETION AND WITHOUT PREJUDICE TO LENDER.
SECTION 3.07.
NO WAIVER OR RELEASE.
THE FAILURE OF LENDER TO EXERCISE ANY
RIGHT, REMEDY OR OPTION PROVIDED IN THE LOAN DOCUMENTS SHALL NOT BE DEEMED A
WAIVER OF SUCH RIGHT, REMEDY OR OPTION OR OF ANY COVENANT OR OBLIGATION
CONTAINED IN THE LOAN DOCUMENTS.
NO ACCEPTANCE BY LENDER OF ANY PAYMENT AFTER
THE OCCURRENCE OF AN EVENT OF DEFAULT AND NO PAYMENT BY LENDER OF ANY PAYMENT OR
OBLIGATION FOR WHICH BORROWER IS LIABLE HEREUNDER SHALL BE DEEMED TO WAIVE OR
CURE ANY EVENT OF DEFAULT.
NO SALE OF ALL OR ANY PORTION OF THE COLLATERAL, NO
FORBEARANCE ON THE PART OF LENDER, AND NO EXTENSION OF TIME FOR THE PAYMENT OF
THE WHOLE OR ANY PORTION OF THE LOAN OR ANY OTHER INDULGENCE GIVEN BY LENDER TO
BORROWER OR ANY OTHER PERSON, SHALL OPERATE TO RELEASE OR IN ANY MANNER AFFECT
THE INTEREST OF LENDER IN THE COLLATERAL OR THE LIABILITY OF BORROWER TO PAY THE
LOAN.
NO WAIVER BY LENDER SHALL BE EFFECTIVE UNLESS IT IS IN WRITING AND THEN
ONLY TO THE EXTENT SPECIFICALLY STATED.
SECTION 3.08.
PAYMENT OF DEBT AFTER DEFAULT.
IF FOLLOWING THE OCCURRENCE OF
ANY EVENT