BOWERS MUSEUM - 2006 GUARANTY AGMT FOR EXPANSION-2006

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insufficient to pay in full the amount of such interest and principal, then such amounts shall be applied in the following order of priority: (a) first, to the payment of interest on the Obligation Amount then due and unpaid; and (b) unpaid. second, to the payment of principal of the Obligation Amount then due and SECTION 6.04. No Waiver. Nothing in this Article VI or in any other provision of this Guaranty Agreement shall affect or impair the obligation of the Agency, which is absolute and unconditional, to pay from the Pledged Tax Revenues and other amounts pledged hereunder, all payments due hereunder, or affect or impair the right of action, which is also absolute and unconditional, of the Bank to institute suit to enforce such payment by virtue of the contract embodied in this Guaranty Agreement. A waiver of any default by the Bank shall not affect any subsequent default or impair any rights or remedies on the subsequent default. No delay or omission of the Bank to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy conferred upon the Bank by this Article VII may be enforced and exercised from time to time and as often as shall be deemed expedient by the Bank. If a suit, action or proceeding to enforce any right or exercise any remedy shall be abandoned or determined adversely to the Bank, the Agency and the Bank shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken. SECTION 6.05. Remedies Not Exclusive. No remedy herein conferred upon or reserved to the Bank is intended to be exclusive of any other remedy. Every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by law. ARTICLE VII MISCELLANEOUS SECTION 7.01. Venue. The Bank and the Agency hereby agree that any action arising out of this Guaranty Agreement shall be filed and maintained in the Superior Court in and for the County of Orange, California, or in the United States District Court in and for the Central District of California. SECTION 7.02. Assignment. The Bank may assign this Guaranty Agreement and the Agency hereby consents to such assignment. SECTION 7.03. Benefits Limited to Parties. Nothing in this Guaranty Agreement, expressed or implied, is intended to give to any person other than the Agency and the Bank, any 9