Except for the termination of a Pledgor’s Second-Out Obligations hereunder as provided in Article XIII , each Pledgor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Pledgor and without notice to or further assent by any Pledgor, (a) any demand for payment of any of the Second-Out Obligations made by the Collateral Agent or any other Second-Out Secured Party may be rescinded by such party and any of the Second-Out Obligations continued, (b) the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Collateral Agent or any other Second-Out Secured Party, (c) the Second-Out Credit Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, in accordance with the terms of the applicable Second-Out Credit Document, and (d) any collateral security, guarantee or right of offset at any time held by the Collateral Agent or any other Second-Out Secured Party for the payment of the Second-Out Obligations may be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any other Second-Out Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Second-Out Obligations or for this Agreement or any property subject thereto. When making any demand hereunder against any Pledgor, the Collateral Agent or any other Second-Out Secured Party may, but shall be under no obligation to, make a similar demand on the Borrower or any Pledgor or any other person, and any failure by the Collateral Agent or any other Second-Out Secured Party to make any such demand or to collect any payments from the Borrower or any Pledgor or any other person or any release of the Borrower or any Pledgor or any other person shall not relieve any Pledgor in respect of which a demand or collection is not made or any Pledgor not so released of its several obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent or any other Second-Out Secured Party against any Pledgor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.