OBLIGATIONS JOINT AND SEVERAL; SEPARATE ACTIONS. WAIVER OF STATUTE OF LIMITATIONS; REINSTATEMENT OF LIABILITY. The obligations hereunder are joint and several and independent of the obligations of Borrowers, and a separate action or actions may be brought and prosecuted against Owner whether action is brought against any of the Borrowers or any other person, or whether any of the Borrowers or any other person is joined in any such action or actions. Owner acknowledges that this Agreement is absolute and unconditional, there are no conditions precedent to the effectiveness of this Agreement, and this Agreement is in full force and effect and is binding on Owner as of the date written below, regardless of whether Bank obtains collateral or any guaranties from others or takes any other action contemplated by Owner. Owner waives the benefit of any statute of limitations affecting Owner’s liability hereunder or the enforcement thereof, and Owner agrees that any payment of any Indebtedness or other act which shall toll any statute of limitations applicable thereto shall similarly operate to toll such statute of limitations applicable to Owner’s liability hereunder. The liability of Owner hereunder shall be reinstated and revived and the rights of Bank shall continue if and to the extent that for any reason any amount at any time paid on account of any Indebtedness secured hereby is rescinded or must be otherwise restored by Bank, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, all as though such amount had not been paid. The determination as to whether any amount so paid must be rescinded or restored shall be made by Bank in its sole discretion; provided however, that if Bank chooses to contest any such matter at the request of Owner, Owner agrees to indemnify and hold Bank harmless from and against all costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Bank’s in-house counsel), expended or incurred by Bank in connection therewith, including without limitation, in any litigation with respect thereto.
OBLIGATIONS JOINT AND SEVERAL; SEPARATE ACTIONS. Waiver of Statute of Limitations. The obligations hereunder are joint and several and independent of the obligations of the Trust Company and the Owner Trustee and a separate action or actions may be brought and prosecuted against the Guarantor whether action is brought against the Trust Company, the Owner Trustee or any other Person, or whether the Trust Company, the Owner Trustee or any other Person is joined in any such action or actions. The Guarantor acknowledges that there are no conditions precedent to the effectiveness of this Guaranty, and that this Guaranty is in full force and effect and is binding on the Guarantor as of the date written below, regardless of whether the Beneficiary obtains collateral or any guaranties from others or take any other action contemplated by the Guarantor. The Guarantor waives the benefit of any statute of limitations affecting the Guarantor's liability hereunder or the enforcement thereof except to the extent that a statute of limitations shall affect the obligations of the Trust Company or the Owner Trustee, and the Guarantor agrees that any payment or performance of any obligation of the Trust Company or the Owner Trustee or other act which shall toll any statute of limitations applicable thereto shall similarly operate to toll such statute of limitations applicable to the Guarantor's liability hereunder.
