Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights. (a) To the fullest extent permitted by law, the Holders of Notes, the Note Debt Trustee and the Collateral Agent agree not to assert or enforce at any time any Priority Obligations exist that have not been Discharged: (1) any right of subrogation to the rights or interests of holders of Priority Liens (or any claim or defense based upon impairment of any such right of subrogation); (2) any right of marshalling accorded to a junior lienholder, as against the holders of Priority Liens (as priority lienholders), under equitable principles; or (3) any statutory right of appraisal or valuation accorded under any applicable state law to a junior lienholder in a proceeding to foreclose a Priority Lien. (b) Without in any way limiting the generality of the foregoing, each holder of Priority Obligations or Priority Liens may at any time and from time to time, without the consent of or notice to any holder of Note Obligations or Note Liens, without incurring any responsibility or liability to any holder of Note Obligations or Note Liens, and without in any manner prejudicing, affecting or impairing the ranking agreements and other obligations set forth in this Article 3: (1) make loans and advances to the Borrower, JII Holdings or any of their respective Subsidiaries or issue, guaranty or obtain letters of credit for account of JII Holdings or any of its Subsidiaries or otherwise extend credit to the Borrower, JII Holdings or any of their respective Subsidiaries, in any amount (subject to the provisions of the Indenture relating to the maximum amount of the Priority Debt) and on any terms, whether pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing; (2) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or refinance, any Priority Obligations or any agreement, guaranty, Lien or obligation of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity in any manner related thereto, or otherwise amend, supplement or change in any manner any Priority Obligations or Priority Liens or any such agreement, guaranty, lien or obligation; (3) increase or reduce the amount of any Priority Lien Obligation (subject to the provisions of the Indenture relating to the maximum amount of the Priority Debt) or the interest, premium, fees or other amounts payable in respect thereof; (4) release or discharge any Priority Lien Obligation or any guaranty thereof or any agreement or obligation of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity with respect thereto; (5) take or fail to take any Priority Lien or any other collateral security for any Priority Lien Obligation or take or fail to take any action which may be necessary or appropriate to ensure that any Priority Lien or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any other Lien or to ensure that any proceeds of any property subject to any Lien are applied to the payment of any Priority Lien Obligation or any other obligation secured thereby; (6) release, discharge or permit the lapse of any or all Priority Liens or any other Liens upon any property at any time securing any Priority Lien Obligation; (7) exercise or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Borrower, JII Holdings or any other Obligor or any collateral security or any other person, entity or property in respect of any Priority Lien Obligation or any Priority Lien or other Lien securing any Priority Lien Obligation or any right or power under this Article 3, and apply any payment or proceeds of collateral in any order of application; or (8) sell, exchange, release, foreclose upon or otherwise deal with any property that may at any time be subject to any Priority Lien or any other Lien securing any Priority Lien Obligation. (c) No exercise, delay in exercising or failure to exercise any right arising under this Article 3, no act or omission of any holder of Priority Liens or Priority Obligations in respect of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity or any Collateral or any right arising under this Article 3, no change, impairment, or suspension of any right or remedy of any holder of any Priority Liens or Priority Obligations, and no other lawful act, failure to act, circumstance, occurrence or event which, but for this provision, would or could act as a release or exoneration of any obligation under this Article 3 will in any way affect, decrease, diminish or impair any of the ranking agreements and other obligations of the Holders of Notes, the Note Debt Trustee and the Collateral Agent set forth in this Article 3. (d) The Lenders, the Priority Lien Collateral Agent and the other holders of Priority Liens or Priority Obligations will not have any duty whatsoever, express or implied, fiduciary or otherwise, to any holder of Note Obligations or Note Liens. (e) To the maximum extent permitted by law, each of the Holders of Notes, the Note Debt Trustee and the Collateral Agent waives any claim it may at any time have against the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Obligations with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Obligations or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the Priority Liens or the Priority Obligations or under the Priority Lien Documents or any transaction relating to the Collateral. Neither any Lender nor any Priority Lien Collateral Agent nor any other holder of Priority Liens or Priority Obligations nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct (as determined by a final judgment of a court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent or other holder or its directors, officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of JII Holdings or any other Obligor or upon the request of any holder of Note Obligations, or Note Liens or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. (f) The holders of Priority Liens and Priority Obligations, on the one hand, and the holders of Note Obligations, or Note Liens, on the other hand, shall each be responsible for keeping themselves informed of the financial condition of the Borrower, JII Holdings and their respective Subsidiaries and all other circumstances bearing upon the risk of nonpayment of the Priority Obligations or Note Obligations. The holders of Priority Liens and Priority Obligations and the Priority Lien Collateral Agent shall have no duty to advise the Note Debt Trustee or any holder of Note Obligations, Note Liens of information regarding such condition or circumstances or as to any other matter. If any holder of Priority Liens or Priority Obligations or any Priority Lien Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any such information to the Note Debt Trustee or any holder of Note Obligations, or Note Liens, it shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, to undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential.
Appears in 1 contract
Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights. (a) To the fullest extent permitted by law, the Holders of Notes, the Note Debt Trustee Notes and the Collateral Agent Trustee agree not to assert or enforce at any time any Priority Obligations exist that have not been Dischargedprior to the Discharge of Credit Agreement Indebtedness:
(1) any right of subrogation to the rights or interests of holders of Priority Liens (in respect of any Credit Agreement Priority Lien Collateral or any claim or defense based upon impairment of any such right of subrogation);
(2) any right of marshalling accorded to a junior lienholder, as against the holders of Priority Liens (as a priority lienholders)lienholder, under equitable principlesprinciples in respect of any Credit Agreement Priority Lien Collateral; or
(3) any statutory right of appraisal or valuation accorded under any applicable state law to a junior lienholder in respect of any Credit Agreement Priority Lien Collateral in a proceeding to foreclose a senior Lien thereon, that otherwise may be enforceable in respect of any Lien securing Note Obligations as against any holder of Priority Lien.Liens upon any Credit Agreement Priority Lien Collateral. To the fullest extent permitted by law, the holders of Credit Agreement Obligations and the Credit Agreement Agent agree not to assert or enforce at any time prior to the release, in whole, of all Liens securing Note Obligations:
(b1) any right of subrogation to the rights or interests of holders of Priority Liens in respect of any Note Priority Lien Collateral or any claim or defense based upon impairment of any such right of subrogation;
(2) any right of marshalling accorded to a junior lienholder, as against a priority lienholder, under equitable principles in respect of any Note Priority Lien Collateral; or
(3) any statutory right of appraisal or valuation accorded to a junior lienholder in respect of any Note Priority Lien Collateral in a proceeding to foreclose a senior Lien thereon, that otherwise may be enforceable in respect of any Lien securing Credit Agreement Obligations as against any holder of Priority Liens upon any Note Priority Lien Collateral. Without in any way limiting the generality of the foregoing, each holder of Priority Liens or Obligations or secured by Priority Liens may at any time and from time to time, without the consent of or notice to any holder of Note Subordinate Liens or Obligations or Note Lienssecured thereby, without incurring any responsibility or liability to any holder of Note Subordinate Liens or Obligations or Note Liens, secured thereby and without in any manner prejudicing, affecting or impairing the ranking agreements and other obligations set forth in this Article 310:
(1) make loans and advances to the Borrower, JII Holdings Company or any of their respective its Subsidiaries or issue, guaranty or obtain letters of credit for account of JII Holdings the Company or any of its Subsidiaries or otherwise extend credit to the Borrower, JII Holdings Company or any of their respective its Subsidiaries, in any amount (subject to the provisions of the Indenture relating to the maximum amount of the Priority Debt) and on any terms, whether pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing;
(2) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or refinance, any Obligation secured by a Priority Obligations Lien or any agreement, guaranty, Lien or obligation of the Borrower, JII Holdings Company or any of their respective its Subsidiaries or any other person or entity in any manner related thereto, or otherwise amend, supplement or change in any manner any Priority Obligations Lien or Priority Liens Obligation secured thereby or any such agreement, guaranty, lien Lien or obligation;
(3) increase or reduce the amount of any Obligation secured by a Priority Lien Obligation (subject up to the provisions of the Indenture relating to the maximum amount of the Priority DebtMaximum Credit Agreement Indebtedness Amount) or the interest, premium, fees or other amounts payable in respect thereof;
(4) release or discharge any Obligation secured by a Priority Lien Obligation or any guaranty thereof or any agreement or obligation of the Borrower, JII Holdings Company or any of their respective its Subsidiaries or any other person or entity with respect thereto;
(5) take or fail to take any Priority Lien or any other collateral security for any Priority Lien Obligation or take or fail to take any action which may be necessary or appropriate to ensure that any Priority Lien or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any other Lien or to ensure that any proceeds of any property subject to any Lien are applied to the payment of any Priority Lien Obligation or any other obligation secured thereby;
(6) release, discharge or permit the lapse of any or all Priority Liens or any other Liens upon any property at any time securing any Priority Lien ObligationLiens;
(7) exercise or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Borrower, JII Holdings Company or any other Obligor or any collateral security or any other person, entity or property in respect of any Priority Lien Obligation or any Priority Lien or other Lien securing any Priority Lien Obligation or any right or power under this Article 3Section 10.01 hereof, and apply any payment or proceeds of collateral in any order of application; or
(8) sell, exchange, release, foreclose upon or otherwise deal with any property that may at any time be subject to any Priority Lien or any other Lien securing any Priority Lien Obligation.
(c) Lien. No exercise, delay in exercising or failure to exercise any right set forth in or arising under the provisions described in this Article 310, no act or omission of any holder of Priority Liens or Priority Obligations secured thereby in respect of the Borrower, JII Holdings Company or any of their respective its Restricted Subsidiaries or any other person or entity or any Collateral collateral security for any Obligation or any right arising under this Article 3such provisions, no change, impairment, or suspension of any right or remedy of any holder of any Priority Liens Lien or Priority ObligationsObligations secured thereby, and no other lawful act, failure to act, circumstance, occurrence or event which, but for this provisionsentence, would or could act as a release or exoneration of any obligation set forth in or arising under this Article 3 such provisions will in any way affect, decrease, diminish or impair any of the ranking agreements or any of the other rights and other obligations of the Holders holders of Notes, Secured Obligations and the Note Debt Trustee and the Collateral Credit Agreement Agent set forth in or arising under such provisions. Except for the contractual obligations set forth in or arising under the provisions described in this Article 3.
(d) The Lenders10, the Priority Lien Collateral Credit Agreement Agent and the other holders of Priority Liens or Priority Credit Agreement Obligations will not have any duty whatsoeverduty, express or implied, fiduciary or otherwise, to any holder of Note Obligations or Note Liens.
(e) To the maximum extent permitted by lawTrustee, each of and the Holders of Notes, the Note Debt Trustee and the Collateral Agent waives holders of Note Obligations will not have any claim it may at any time have against the Lendersduty, the Priority Lien Collateral Agent express or any other holder of Priority Liens implied, fiduciary or Priority Obligations with respect otherwise, to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Obligations or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the Priority Liens or the Priority Obligations or under the Priority Lien Documents or any transaction relating to the Collateral. Neither any Lender nor any Priority Lien Collateral Agent nor any other holder of Priority Liens or Priority Obligations nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct (as determined by a final judgment of a court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent or other holder or its directors, officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of JII Holdings or any other Obligor or upon the request of any holder of Note Obligations, Credit Agreement Obligations or Note Liens or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
(f) Credit Agreement Agent. The holders of Priority Liens and Priority Credit Agreement Obligations, on the one hand, and the holders of Note Obligations, or Note Liens, on the other hand, shall each be responsible for keeping themselves informed of the financial condition of the Borrower, JII Holdings Company and their respective its Subsidiaries and all other circumstances bearing upon the risk of nonpayment of the Priority Obligations or Note their outstanding Obligations. The Credit Agreement Agent and holders of Priority Liens and Priority Credit Agreement Obligations and the Priority Lien Collateral Agent shall will have no duty to advise the Note Debt Trustee or any holder of Note Obligations, and the Trustee and holders of Note Liens Obligations will have no duty to advise the Credit Agreement Agent or any holder of Credit Agreement Obligations, of information regarding such condition or circumstances or as to any other matter. If any holder of Priority Liens or Priority Obligations or any Priority Lien Collateral Agent, in its sole discretion, them undertakes at any time or from time to time to provide any such information to the Note Debt Trustee or any holder of Note Obligations, or Note Liensinformation, it shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, to undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential.
Appears in 1 contract
Sources: Indenture (Osullivan Industries Inc)
Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights. (a) To the fullest extent permitted by law, so long as there are any Priority Lien Obligations that have not been Discharged, the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent agree not to assert or enforce at any time any (provided that upon Discharge of all Priority Obligations exist that have not been Discharged:Lien Obligations, to the extent available under applicable law, the ability to enforce such rights shall be automatically reinstated):
(1) any right of subrogation to the rights or interests of holders of Priority Liens (or any claim or defense based upon impairment of any such right of subrogation);
(2) any right of marshalling accorded to a junior lienholder, as against the holders of Priority Liens (as priority lienholders), under equitable principles; or
(3) any statutory right of appraisal or valuation accorded under any applicable state law to a junior lienholder in a proceeding to foreclose on a Priority Lien.
(b) Without in any way limiting the generality of the foregoingforegoing and subject to the provisions of the Loan Agreement or, if applicable, the Replacement Loan Agreement, each holder of Priority Lien Obligations or Priority Liens may at any time and from time to time, without the consent of or notice to any holder Holder of Note Obligations Obligations, or Note Liens, without incurring any responsibility or liability to any holder Holder of Note Obligations Obligations, or Note Liens, and without in any manner prejudicing, affecting or impairing the ranking agreements and other obligations set forth in this Article 3:
(1) make loans and advances to the Borrower, JII Holdings AMERCO or any of their respective its Subsidiaries or issue, guaranty or obtain letters of credit for account of JII Holdings AMERCO or any of its Subsidiaries or otherwise extend credit to the Borrower, JII Holdings AMERCO or any of their respective its Subsidiaries, in any amount (subject to the provisions of the Indenture relating up to the maximum principal amount of the Priority Lien Debt) and on any terms, whether pursuant to a commitment or as a discretionary advance and whether or not any default or event of default Default or failure of condition is then continuing;
(2) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or refinance, any Priority Lien Obligations or any agreement, guaranty, Lien or obligation of the Borrower, JII Holdings AMERCO or any of their respective its Subsidiaries or any other person or entity in any manner related thereto, or otherwise amend, supplement or change in any manner any Priority Lien Obligations or Priority Liens or any such agreement, guaranty, lien or obligation;
(3) increase or reduce the amount of any Priority Lien Obligation (subject to the provisions of the Indenture relating up to the maximum principal amount of the Priority Lien Debt) or the interest, premium, fees or other amounts payable in respect thereof;
(4) release or discharge any Priority Lien Obligation or any guaranty thereof or any agreement or obligation of the Borrower, JII Holdings AMERCO or any of their respective its Subsidiaries or any other person or entity with respect theretothereto (provided, however, that such release or discharge of a Priority Lien shall not require the release or discharge of the corresponding Note Lien except as provided in Section 3.6);
(5) take or fail to take any Priority Lien or any other collateral security for any Priority Lien Obligation or take or fail to take any action which may be necessary or appropriate to ensure that any Priority Lien or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any other Lien or to ensure that any proceeds of any property subject to any Priority Lien are applied to the payment of any Priority Lien Obligation or any other obligation secured therebyObligation;
(6) release, discharge or permit the lapse of any or all Priority Liens or any other Liens upon any property at any time securing any Priority Lien ObligationLiens;
(7) exercise or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Borrower, JII Holdings or any other Obligor Grantor or any collateral security or any other person, entity or property in respect of any Priority Lien Obligation or any Priority Lien or other Lien securing any Priority Lien Obligation or any right or power under this Article 3, and apply any payment or proceeds of collateral Collateral to the Priority Lien Obligations in any order of application; or
(8) sell, exchange, release, foreclose upon or otherwise deal commence any Enforcement Action with any property that may at any time be subject to any Priority Lien or any other Lien securing any Priority Lien ObligationLien.
(c) No exercise, delay in exercising or failure to exercise any right arising under this Article 3, no act or omission of any holder of Priority Liens or Priority Lien Obligations in respect of the Borrower, JII Holdings AMERCO or any of their respective its Subsidiaries or any other person or entity or any Collateral collateral security for any Priority Lien Obligation or any right arising under this Article 3, no change, impairment, or suspension of any right or remedy of any holder of any Priority Liens or Priority Lien Obligations, and no other lawful act, failure to act, circumstance, occurrence or event which, but for this provision, would or could act as a release or exoneration of any obligation under this Article 3 will in any way affect, decrease, diminish or impair any of the ranking agreements and other obligations of the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent set forth in this Article 3.
(d) The Lenders, the Priority Lien Collateral Agent and the other holders of Priority Liens or Priority Lien Obligations will not have any duty whatsoever, express or implied, fiduciary or otherwise, to any holder Holder of Note Obligations or Note Liens.
(e) To the maximum extent permitted by law, each of the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent waives any claim it may at any time have against the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the Priority Liens or the Priority Lien Obligations or under the Priority Lien Documents or any transaction relating to the Collateral. Neither any Lender nor any Priority Lien Collateral Agent nor any other holder of Priority Liens or Priority Lien Obligations nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct (as determined by a final judgment of a court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent or other holder or its directors, officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of JII Holdings AMERCO or any other Obligor Grantor or upon the request of any holder Holder of Note Obligations, or Note Liens or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
(f) The holders of Priority Liens and Priority Lien Obligations, on the one hand, and the holders Holders of Note Obligations, or Note Liens, on the other hand, shall each be responsible for keeping themselves informed of the financial condition of the Borrower, JII Holdings AMERCO and their respective its Subsidiaries and all other circumstances bearing upon the risk of nonpayment of the Priority Lien Obligations or Note Obligations. The Neither the holders of Priority Liens and Priority Obligations and Lien Obligations, nor the Priority Lien Collateral Agent Agent, on the one hand, nor the Holders of Note Obligations or Note Liens, nor the Trustee, on the other hand, shall have no any duty to advise the Note Debt Trustee or any holder of Note Obligations, Note Liens other party of information regarding such condition or circumstances or or, except as otherwise expressly provided herein, as to any other matter. If any holder of Priority Liens or Priority Lien Obligations or any Priority Lien Collateral AgentAgent on the one hand, or the Holders of Note Obligations or Note Liens , on the other hand, in its sole their respective discretion, undertakes undertake at any time or from time to time to provide any such information to the Note Debt Trustee or any holder of Note Obligationsother party, or Note Liens, it such first party shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, to undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential.
Appears in 1 contract
Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights. (a) To the fullest extent permitted by law, the Holders of Notes, the Note Debt Trustee and the Collateral Agent agree not to assert or enforce at any time any Priority Lien Obligations exist that have not been Discharged:
(1) any right of subrogation to the rights or interests of holders of Priority Liens (as priority lienholders) (or any claim or defense based upon impairment of any such right of subrogation);
(2) any right of marshalling accorded to a junior lienholder, as against the holders of Priority Liens (as priority lienholders), under equitable principles; or
(3) any statutory right of appraisal or valuation accorded under any applicable state law to a junior lienholder in a proceeding to foreclose a Priority Lien.
(b) Without in any way limiting the generality of the foregoing, each holder of Priority Obligations or Priority Liens may at any time and from time to time, without the consent of or notice to any holder of Note Obligations or Note Liens, without incurring any responsibility or liability to any holder of Note Obligations or Note Liens, and without in any manner prejudicing, affecting or impairing the ranking agreements and other obligations set forth in this Article 3:
(1) make loans and advances to the Borrower, JII Holdings or any of their respective Subsidiaries or issue, guaranty or obtain letters of credit for account of JII Holdings or any of its Subsidiaries or otherwise extend credit to the Borrower, JII Holdings or any of their respective Subsidiaries, in any amount (subject to the provisions of the Indenture relating to the maximum amount of the Priority Debt) and on any terms, whether pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing;
(2) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or refinance, any Priority Obligations or any agreement, guaranty, Lien or obligation of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity in any manner related thereto, or otherwise amend, supplement or change in any manner any Priority Obligations or Priority Liens or any such agreement, guaranty, lien or obligation;
(3) increase or reduce the amount of any Priority Lien Obligation (subject to the provisions of the Indenture relating to the maximum amount of the Priority Debt) or the interest, premium, fees or other amounts payable in respect thereof;
(4) release or discharge any Priority Lien Obligation or any guaranty thereof or any agreement or obligation of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity with respect thereto;
(5) take or fail to take any Priority Lien or any other collateral security for any Priority Lien Obligation or take or fail to take any action which may be necessary or appropriate to ensure that any Priority Lien or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any other Lien or to ensure that any proceeds of any property subject to any Lien are applied to the payment of any Priority Lien Obligation or any other obligation secured thereby;
(6) release, discharge or permit the lapse of any or all Priority Liens or any other Liens upon any property at any time securing any Priority Lien Obligation;
(7) exercise or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Borrower, JII Holdings or any other Obligor or any collateral security or any other person, entity or property in respect of any Priority Lien Obligation or any Priority Lien or other Lien securing any Priority Lien Obligation or any right or power under this Article 3, and apply any payment or proceeds of collateral in any order of application; or
(8) sell, exchange, release, foreclose upon or otherwise deal with any property that may at any time be subject to any Priority Lien or any other Lien securing any Priority Lien Obligation.
(c) No exercise, delay in exercising or failure to exercise any right arising under this Article 3, no act or omission of any holder of Priority Liens or Priority Obligations in respect of the Borrower, JII Holdings or any of their respective Subsidiaries or any other person or entity or any Collateral or any right arising under this Article 3, no change, impairment, or suspension of any right or remedy of any holder of any Priority Liens or Priority Obligations, and no other lawful act, failure to act, circumstance, occurrence or event which, but for this provision, would or could act as a release or exoneration of any obligation under this Article 3 will in any way affect, decrease, diminish or impair any of the ranking agreements and other obligations of the Holders of Notes, the Note Debt Trustee and the Collateral Agent set forth in this Article 3.
(d) The Lenders, the Priority Lien Collateral Agent and the other holders of Priority Liens or Priority Lien Obligations will not have any duty whatsoever, express or implied, fiduciary or otherwise, to any holder of Note Obligations or Note Liens.
(ec) Any holder of Note Obligations or Note Liens will not have any duty whatsoever, express or implied, fiduciary or otherwise, to the Lenders, the Priority Lien Collateral Agent and the other holders of Priority Liens or Priority Lien Obligations.
(d) To the maximum extent permitted by law, each of the Holders of Notes, the Note Debt Trustee and the Collateral Agent waives any claim it may at any time have against the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the Priority Liens or the Priority Lien Obligations or under the Priority Lien Documents or any transaction relating to the Collateral. Neither any Lender nor any .
(e) To the maximum extent permitted by law, each of the Lenders, the Priority Lien Collateral Agent nor or any other holder of Priority Liens or Priority Lien Obligations nor waives any claim it may at any time have against any holder of Note Obligations or Note Liens, the Trustee and the Collateral Agent with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of any holder of Note Obligations or Note Liens, the Trustee and the Collateral Agent or their respective directors, officers, employees or agents will be liable for failure with respect to demand, collect any exercise of rights or realize upon any remedies in respect of the Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct (as determined by a final judgment of a court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent or other holder or its directors, officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of JII Holdings or any other Obligor or upon the request of any holder of Note Obligations, or Note Liens or under the Note Documents or any other Person or to take any other action whatsoever with regard transaction relating to the Collateral or any part thereofCollateral.
(f) The holders of Priority Liens and Priority Obligations, on the one hand, and the holders of Note Obligations, or Note Liens, on the other hand, shall each be responsible for keeping themselves informed of the financial condition of the Borrower, JII Holdings and their respective Subsidiaries and all other circumstances bearing upon the risk of nonpayment of the Priority Obligations or Note Obligations. The holders of Priority Liens and Priority Obligations and the Priority Lien Collateral Agent shall have no duty to advise the Note Debt Trustee or any holder of Note Obligations, Note Liens of information regarding such condition or circumstances or as to any other matter. If any holder of Priority Liens or Priority Obligations or any Priority Lien Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any such information to the Note Debt Trustee or any holder of Note Obligations, or Note Liens, it shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, to undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential.
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Waiver of Certain Subrogation, Marshalling, Appraisal and Valuation Rights. (a) To the fullest extent permitted by law, the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent agree not to assert or enforce at any time any Priority Lien Obligations exist that have not been Discharged:
(1) any right of subrogation to the rights or interests of holders of Priority Liens (or any claim or defense based upon impairment of any such right of subrogation);
(2) any right of marshalling accorded to a junior lienholder, as against the holders of Priority Liens (as priority lienholders), under equitable principles; or
(3) any statutory right of appraisal or valuation accorded under any applicable state law to a junior lienholder in a proceeding to foreclose a Priority Lien.
(b) Without in any way limiting the generality of the foregoing, each holder of Priority Lien Obligations or Priority Liens may at any time and from time to time, without the consent of or notice to any holder of Note Obligations or Note Liens, without incurring any responsibility or liability to any holder of Note Obligations Obligations, or Note Liens, Liens and without in any manner prejudicing, affecting or impairing the ranking agreements and other obligations set forth in this Article 3:
(1) make loans and advances to the Borrower, JII Holdings Company or any of their respective its Subsidiaries or issue, guaranty or obtain letters of credit for account of JII Holdings the Company or any of its Subsidiaries or otherwise extend credit to the Borrower, JII Holdings Company or any of their respective its Subsidiaries, in any amount (subject to the provisions of the Indenture relating to the maximum amount of the Priority Lien Debt) and on any terms, whether pursuant to a commitment or as a discretionary advance and whether or not any default or event of default or failure of condition is then continuing;
(2) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, compromise, accelerate, extend or refinance, any Priority Lien Obligations or any agreement, guaranty, Lien or obligation of the Borrower, JII Holdings Company or any of their respective its Subsidiaries or any other person or entity in any manner related thereto, or otherwise amend, supplement or change in any manner any Priority Lien Obligations or Priority Liens or any such agreement, guaranty, lien or obligation;
(3) increase or reduce the amount of any Priority Lien Obligation (subject to the provisions of the Indenture relating to the maximum amount of the Priority Lien Debt) or the interest, premium, fees or other amounts payable in respect thereof;
(4) release or discharge any Priority Lien Obligation or any guaranty thereof or any agreement or obligation of the Borrower, JII Holdings Company or any of their respective its Subsidiaries or any other person or entity with respect thereto;
(5) take or fail to take any Priority Lien or any other collateral security for any Priority Lien Obligation or take or fail to take any action which may be necessary or appropriate to ensure that any Priority Lien or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any other Lien or to ensure that any proceeds of any property subject to any Lien are applied to the payment of any Priority Lien Obligation or any other obligation secured thereby;
(6) release, discharge or permit the lapse of any or all Priority Liens or any other Liens upon any property at any time securing any Priority Lien Obligation;
(7) exercise or enforce, in any manner, order or sequence, or fail to exercise or enforce, any right or remedy against the Borrower, JII Holdings Company or any other Obligor or any collateral security or any other person, entity or property in respect of any Priority Lien Obligation or any Priority Lien or other Lien securing any Priority Lien Obligation or any right or power under this Article 3, and apply any payment or proceeds of collateral in any order of application; or
(8) sell, exchange, release, foreclose upon or otherwise deal with any property that may at any time be subject to any Priority Lien or any other Lien securing any Priority Lien Obligation.
(c) No exercise, delay in exercising or failure to exercise any right arising under this Article 3, no act or omission of any holder of Priority Liens or Priority Lien Obligations in respect of the Borrower, JII Holdings Company or any of their respective its Restricted Subsidiaries or any other person or entity or any Collateral collateral security for any Priority Lien Obligation or any right arising under this Article 3, no change, impairment, or suspension of any right or remedy of any holder of any Priority Liens or Priority Lien Obligations, and no other lawful act, failure to act, circumstance, occurrence or event which, but for this provision, would or could act as a release or exoneration of any obligation under this Article 3 will in any way affect, decrease, diminish or impair any of the ranking agreements and other obligations of the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent set forth in this Article 3.
(d) The Lenders, the Priority Lien Collateral Agent and the other holders of Priority Liens or Priority Lien Obligations will not have any duty whatsoever, express or implied, fiduciary or otherwise, to any holder of Note Obligations or Note Liens.
(e) To the maximum extent permitted by law, each of the Holders of Notes, the Note Debt Trustee and the Note Collateral Agent waives any claim it may at any time have against the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations with respect to or arising out of any action or failure to act or any error of judgment or negligence on the part of the Lenders, the Priority Lien Collateral Agent or any other holder of Priority Liens or Priority Lien Obligations or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies in respect of the Priority Liens or the Priority Lien Obligations or under the Priority Lien Documents or any transaction relating to the Collateral. Neither any Lender nor any Priority Lien Collateral Agent nor any other holder of Priority Liens or Priority Lien Obligations nor any of their respective directors, officers, employees or agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, except to the extent arising out of the gross negligence or willful misconduct (as determined by a final judgment of a court of competent jurisdiction) of such Lender, Priority Lien Collateral Agent or other holder or its directors, officers, employees or agents, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of JII Holdings the Company or any other Obligor or upon the request of any holder of Note Obligations, or Note Liens or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
(f) The holders of Priority Liens and Priority Lien Obligations, on the one hand, and the holders of Note Obligations, or Note Liens, on the other hand, shall each be responsible for keeping themselves informed of the financial condition of the Borrower, JII Holdings Company and their respective its Subsidiaries and all other circumstances bearing upon the risk of nonpayment of the Priority Lien Obligations or Note Obligations. The holders of Priority Liens and Priority Lien Obligations and the no Priority Lien Collateral Agent shall have no duty to advise the Note Debt Trustee or any holder of Note Obligations, Note Liens of information regarding such condition or circumstances or as to any other matter. If any holder of Priority Liens or Priority Lien Obligations or any Priority Lien Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any such information to the Note Debt Trustee or any holder of Note Obligations, or Note Liens, it shall be under no obligation to provide any similar information on any subsequent occasion, to provide any additional information, to undertake any investigation, or to disclose any information which, pursuant to accepted or reasonable commercial finance practice, it wishes to maintain confidential.
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