RIGHT
TO REVOKE THIS GUARANTY AS TO FUTURE TRANSACTIONS GIVING RISE TO ANY GUARANTIED
OBLIGATIONS.
SECTION 2.9
AUTHORITY OF THE GUARANTOR OR BORROWER.
IT IS NOT
NECESSARY FOR ANY BENEFICIARY TO INQUIRE INTO THE CAPACITY OR POWERS OF THE
GUARANTOR OR THE BORROWER OR THE OFFICERS, DIRECTORS OR ANY AGENTS ACTING OR
PURPORTING TO ACT ON BEHALF OF ANY OF THEM.
SECTION 2.10
FINANCIAL CONDITION OF BORROWER.
ANY ADVANCES MAY BE
GRANTED TO THE BORROWER OR CONTINUED FROM TIME TO TIME WITHOUT NOTICE TO OR
AUTHORIZATION FROM THE GUARANTOR REGARDLESS OF THE FINANCIAL OR OTHER CONDITION
OF THE BORROWER AT THE TIME OF ANY SUCH GRANT OR CONTINUATION.
NO BENEFICIARY
SHALL HAVE ANY OBLIGATION TO DISCLOSE OR DISCUSS WITH THE GUARANTOR ITS
ASSESSMENT, OR THE GUARANTOR'S ASSESSMENT, OF THE FINANCIAL CONDITION OF THE
BORROWER.
THE GUARANTOR HAS ADEQUATE MEANS TO OBTAIN INFORMATION FROM THE
BORROWER ON A CONTINUING BASIS CONCERNING THE FINANCIAL CONDITION OF THE
BORROWER AND ITS ABILITY TO PERFORM ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS,
AND THE GUARANTOR ASSUMES THE RESPONSIBILITY FOR BEING AND KEEPING INFORMED OF
THE FINANCIAL CONDITION OF THE BORROWER AND OF ALL CIRCUMSTANCES BEARING UPON
THE RISK OF NONPAYMENT OF THE GUARANTIED OBLIGATIONS.
THE GUARANTOR HEREBY
WAIVES AND RELINQUISHES ANY DUTY ON THE PART OF ANY BENEFICIARY TO DISCLOSE ANY
MATTER, FACT OR THING RELATING TO THE BUSINESS, OPERATIONS OR CONDITIONS OF THE
BORROWER NOW KNOWN OR HEREAFTER KNOWN BY ANY BENEFICIARY.
SECTION 2.11
RIGHTS CUMULATIVE.
THE RIGHTS, POWERS AND REMEDIES GIVEN TO
BENEFICIARIES BY THIS GUARANTY ARE CUMULATIVE AND SHALL BE IN ADDITION TO AND
INDEPENDENT OF ALL
7
RIGHTS, POWERS AND REMEDIES GIVEN TO BENEFICIARIES BY VIRTUE OF ANY STATUTE OR
RULE OF LAW OR IN ANY OF THE OTHER LOAN DOCUMENTS OR ANY AGREEMENT BETWEEN THE
GUARANTOR AND ANY BENEFICIARY OR BENEFICIARIES OR BETWEEN THE BORROWER AND ANY
BENEFICIARY OR BENEFICIARIES.
ANY FORBEARANCE OR FAILURE TO EXERCISE, AND ANY
DELAY BY ANY BENEFICIARY IN EXERCISING, ANY RIGHT, POWER OR REMEDY HEREUNDER
SHALL NOT IMPAIR ANY SUCH RIGHT, POWER OR REMEDY OR BE CONSTRUED TO BE A WAIVER
THEREOF, NOR SHALL IT PRECLUDE THE FURTHER EXERCISE OF ANY SUCH RIGHT, POWER OR
REMEDY.
SECTION 2.12
BANKRUPTCY; POST-PETITION INTEREST; REINSTATEMENT OF
GUARANTY.
(A)
SO LONG AS ANY GUARANTIED OBLIGATIONS REMAIN OUTSTANDING, THE
GUARANTOR SHALL NOT, WITHOUT THE PRIOR WRITTEN CONSENT OF GUARANTIED PARTY
ACTING PURSUANT TO THE INSTRUCTIONS OF ALL LENDERS, COMMENCE OR JOIN WITH ANY
OTHER PERSON IN COMMENCING ANY BANKRUPTCY, REORGANIZATION OR INSOLVENCY
PROCEEDINGS OF OR AGAINST THE BORROWER.
THE OBLIGATIONS OF THE GUARANTOR UNDER
THIS GUARANTY SHALL NOT BE REDUCED, LIMITED, IMPAIRED, DISCHARGED, DEFERRED,
SUSPENDED OR TERMINATED BY ANY PROCEEDING, VOLUNTARY OR INVOLUNTARY, INVOLVING
THE BANKRUPTCY, INSOLVENCY, RECEIVERSHIP, REORGANIZATION, LIQUIDATION OR
ARRANGEMENT OF THE BORROWER OR BY ANY DEFENSE WHICH THE BORROWER MAY HAVE BY
REASON OF THE ORDER, DECREE OR DECISION OF ANY COURT OR ADMINISTRATIVE BODY
RESULTING FROM ANY SUCH PROCEEDING.
(B)
THE GUARANTOR ACKNOWLEDGES AND AGREES THAT ANY INTEREST ON ANY
PORTION OF THE GUARANTIED OBLIGATIONS