The Trustee is hereby authorized in accordance with the Indenture, without notice or demand and without affecting the liability of the Guarantor hereunder, at any time and from time to time to (a) renew, extend, accelerate or otherwise change the time for payment of, or other terms relating to, the Obligations or otherwise modify, amend or change the terms of the Notes or other agreement, document or instrument now or hereafter executed by the Issuer or any other guarantor and delivered to the Trustee; (b) accept partial payments on the Obligations; (c) take and hold security or collateral for the payment of the Obligations guaranteed hereby, or for the payment of this Guarantee, or for the payment of any other guaranties of the Obligations, and exchange, enforce, waive and release any such security or collateral; (d) apply such security or collateral and direct the order or manner of sale or other disposition thereof as in its discretion it may determine; (e) take any action under or in respect of the Transaction Documents in the exercise of any remedy, power or privilege contained therein or available to it at law, equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges and (f) settle, release, compromise, collect or otherwise liquidate the Obligations with respect to any security or collateral therefor in any manner, without affecting or impairing the obligations of the Guarantor hereunder. The time and manner of application of any payments or credits, whether received from the Issuer or any other source, shall be made by the Trustee in accordance with the Indenture. All such payments and credits may be applied, reversed and reapplied, in whole or in part, to any of the Obligations as the Trustee shall determine in its discretion without affecting the validity or enforceability of this Guarantee.