(D) ARE INTENDED TO BE, AND SHALL BE, NONEXCLUSIVE.
NO ACTION BY
BENEFICIARY OR TRUSTEE IN THE ENFORCEMENT OF ANY RIGHTS, REMEDIES OR RECOURSES
UNDER THE LOAN DOCUMENTS OR OTHERWISE AT LAW OR EQUITY SHALL BE DEEMED TO CURE
ANY EVENT OF DEFAULT.
SECTION 4.4
RELEASE OF AND RESORT TO COLLATERAL.
BENEFICIARY MAY
RELEASE, REGARDLESS OF CONSIDERATION AND WITHOUT THE NECESSITY FOR ANY NOTICE TO
OR CONSENT BY THE HOLDER OF ANY SUBORDINATE LIEN ON THE TRUST PROPERTY, ANY PART
OF THE TRUST PROPERTY WITHOUT, AS TO THE REMAINDER, IN ANY WAY IMPAIRING,
AFFECTING, SUBORDINATING OR RELEASING THE LIEN OR SECURITY INTEREST CREATED IN
OR EVIDENCED BY THE LOAN DOCUMENTS OR THEIR STATUS AS A FIRST AND PRIOR LIEN AND
SECURITY INTEREST IN AND TO THE TRUST PROPERTY.
FOR PAYMENT OF THE OBLIGATIONS,
BENEFICIARY OR TRUSTEE MAY RESORT TO ANY OTHER SECURITY IN SUCH ORDER AND MANNER
AS BENEFICIARY MAY ELECT.
SECTION 4.5
WAIVER OF REDEMPTION, NOTICE AND MARSHALLING OF ASSETS.
TO THE FULLEST EXTENT PERMITTED BY LAW, TRUSTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES AND RELEASES (A) TO THE EXTENT NOT INCONSISTENT WITH THE
TERMS OF THE CREDIT AGREEMENT AND THE GUARANTEE, ALL BENEFIT THAT MIGHT ACCRUE
TO TRUSTOR BY VIRTUE OF ANY PRESENT OR FUTURE STATUTE OF LIMITATIONS OR LAW OR
JUDICIAL DECISION EXEMPTING THE TRUST PROPERTY FROM ATTACHMENT, LEVY OR SALE ON
EXECUTION OR PROVIDING FOR ANY STAY OF EXECUTION, EXEMPTION FROM CIVIL PROCESS,
REDEMPTION OR EXTENSION OF TIME FOR PAYMENT, (B) ALL NOTICES OF ANY EVENT OF
DEFAULT OTHER THAN ANY NOTICES SPECIFICALLY REQUIRED TO BE GIVEN UNDER ANY LOAN
DOCUMENT, (C) ALL NOTICES OF BENEFICIARY'S OR TRUSTEE'S ELECTION TO EXERCISE OR
THE ACTUAL EXERCISE OF ANY RIGHT, REMEDY
5
OR RECOURSE PROVIDED FOR UNDER ANY LOAN DOCUMENT, OTHER THAN ANY NOTICES
SPECIFICALLY REQUIRED TO BE GIVEN UNDER ANY LOAN DOCUMENT, AND (D) ANY RIGHT TO
A MARSHALLING OF ASSETS OR A SALE IN INVERSE ORDER OF ALIENATION.
SECTION 4.6
DISCONTINUANCE OF PROCEEDINGS.
IF BENEFICIARY OR TRUSTEE
OR ANY OTHER SECURED PARTY SHALL HAVE PROCEEDED TO INVOKE ANY RIGHT, REMEDY OR
RECOURSE PERMITTED UNDER THE LOAN DOCUMENTS AND SHALL THEREAFTER ELECT TO
DISCONTINUE OR ABANDON IT FOR ANY REASON, BENEFICIARY OR TRUSTEE OR SUCH OTHER
SECURED PARTY, AS THE CASE MAY BE, SHALL HAVE THE UNQUALIFIED RIGHT TO DO SO
AND, IN SUCH AN EVENT, TRUSTOR, TRUSTEE, BENEFICIARY AND THE OTHER SECURED
PARTIES SHALL BE RESTORED TO THEIR FORMER POSITIONS WITH RESPECT TO THE
OBLIGATIONS, THE LOAN DOCUMENTS, THE TRUST PROPERTY AND OTHERWISE, AND THE
RIGHTS, REMEDIES, RECOURSES AND POWERS OF BENEFICIARY AND TRUSTEE AND THE OTHER
SECURED PARTIES SHALL CONTINUE AS IF THE RIGHT, REMEDY OR RECOURSE HAD NEVER
BEEN INVOKED, BUT NO SUCH DISCONTINUANCE OR ABANDONMENT SHALL WAIVE ANY EVENT OF
DEFAULT WHICH MAY THEN EXIST OR THE RIGHT OF BENEFICIARY OR TRUSTEE OR ANY OTHER
SECURED PARTY THEREAFTER TO EXERCISE ANY RIGHT, REMEDY OR RECOURSE UNDER THE
LOAN DOCUMENTS FOR SUCH EVENT OF DEFAULT.
SECTION 4.7
APPLICATION OF PROCEEDS.
THE PROCEEDS OF ANY