Separate Actions; Waiver of Statute of Limitations; Reinstatement of Liability. The obligations hereunder are independent of the obligations of the Borrower, and a separate action or actions may be brought and prosecuted against the Guarantor whether action is brought against the Borrower or any other person, or whether the Borrower or any other person is joined in any such action or actions. A separate action or actions may be bought and prosecuted against the Guarantor by the either Bank; the Banks do not need to join each other in any such action. The Guarantor acknowledges that there are no conditions precedent to the effectiveness of this Guaranty, and this Guaranty is in full force and effect and is binding on the Guarantor as of the date first written above, regardless of whether either Bank obtains collateral or any guaranties from others or takes any other action contemplated by the Guarantor. The Guarantor waives, to the extent permitted under applicable law, the benefit of any statute of limitations affecting the Guarantor’s liability hereunder or the enforcement thereof, and the Guarantor agrees that any payment of any Obligations 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. The liability of the Guarantor hereunder shall be reinstated and revived and the rights of the Banks shall continue if and to the extent for any reason any amount at any time paid on account of any Obligations guaranteed hereby is rescinded or must otherwise be restored by either Bank, whether as a result of any proceeding in bankruptcy or reorganization or otherwise, all as though such amount had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 The determination as to whether any amount so paid must be rescinded or restored shall be made by each Bank in its sole discretion; provided, however, that if a Bank chooses to contest any such matter at the request of the Guarantor, the Guarantor agrees to indemnify and hold the Banks harmless from and against all costs and expenses, including reasonable attorneys’ fees expended or incurred by the Banks in connection therewith, including, without limitation, in any litigation with respect thereto.
Separate Actions; Waiver of Statute of Limitations; Reinstatement of Liability. This Agreement is in full force and effect and is binding on Pledgor as of the date written below, regardless of whether Secured Party obtains additional collateral or any guaranties from others or takes any other action contemplated by Pledgor. Pledgor waives the benefit of any statute of limitations affecting Pledgor's liability hereunder or the enforcement thereof, and Pledgor agrees that any payment of any Obligations or other act which shall toll any statute of limitations applicable thereto shall similarly operate to toll such statute of limitations applicable to Pledgor's liability under this Agreement.
