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-19- 200111898 or cause to be ratified and confirmed, any such sale or sales by executing and delivering, or by causing to be executed and delivered, to the Trustee or the Beneficiary or to such purchaser or purchasers all such instruments as may be advisable, in the judgment of the Trustee or the Beneficiary, for such purpose, and as may be designated in such request. Any sale or sales made under or by virtue of this Deed of Trust, to the extent not prohibited by law, shall operate to divest all the estate, right, title, interest, property, claim and demand whatsoever, whether at law or in equity, of the Trustor in, to and under the Trust Estate, or any portions thereof so sold, and shall be a perpetual bar both at law and in equity against the Trustor and against any and all persons claiming or who may claim the same, or any part thereof, by, through or under the Trustor. The powers and agency herein granted are coupled with an interest and are irrevocable. (e) Possession of Loan Instruments Not Necessary. All rights of action under the Loan Instruments and this Deed of Trust may be enforced by the Trustee or the Beneficiary without the possession of the Loan Instruments and without the production thereof at any trial or other proceeding relative thereto. Any such suit or proceeding instituted by the Trustee shall be brought in its name and as trustee of an express trust, and any recovery of judgment shall, subject to the rights of the Trustee, be for the benefit of the Beneficiary and the Lenders. Section 4.03. Application of Proceeds. (a) Application of Proceeds Generally. The proceeds of any sale made either under the power of sale hereby given or under a judgment, order or decree made in any action to foreclose or to enforce this Deed of Trust, or of any monies held by the Trustee or the .Beneficiary hereunder shall, to the maximum extent permitted by law, be applied: (i) first to the payment of all costs and expenses of such sale, including the Trustee's and the Beneficiary's attorneys' fees and disbursements; (ii) then to the payment of all charges, expenses and advances incurred or made by the Trustee or the Beneficiary in order to protect the Lien and estate of this Deed of Trust or the security afforded hereby; (iii) then to the payment in full of the Obligations, ratably in accordance with the respective amounts then due and owing or as the Lenders and the Swingline Lenders may otherwise agree; and after payment in full of all Obligations any surplus remaining shall be paid to the Trustor or to whomsoever may be lawfully entitled to receive the same. Deed of Trust NY I : #3303402v2