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86-- 103226 liabtltty of the Borrower or any other party or parties for or upon the Superior Indebtedness may, from time to time, in whole or in part, be renewed,_ extended, modified, prematur.ed, compromised or released by the Bank as it may deem - advisable; I(c) that any collateral and /or lien or liens for the Superior Indebtedness, or any part of them, from time to ttme, in whole or in part, be exchanged, sold or surrendered by the Bank as it may deem advisable and that any balance of funds with the Bank at' any , time standing to the credit of the Borrower may , from 'tim'e to= time, in whole or in part be surrendered or released by the °Bank as it may deem advisable; and (d) to waive, and do 'hereby' waI've', all presentment for payment, protest and notice of nonpayment and protest of negotiable or other instruments to which Creditors may be parties. 9. The Borrower agrees that It will render to the Bank, upon $' demand, from time to time, a statement of the account of any of the Creditors with the Borrower; and that the Bank may have access, from time to time, to the books of the Borrower in order to make a full and free examination of the state of said accounts. The Borrower and the Creditors severally agree, that proper notations will be made in their respective books and records indicating that the Subordinated Indebtedness is subject to this agreement. 10. No waiver shall be deemed to have been made by the Bank of any of its rights hereunder unless the same shall be in writing and duly signed by its duly authorized officers and each waiver, If any shall be a waiver only with respoat to the specific instance involved and shall in no way impair the rights of the Bank in any other respect at any time. No exectory agreement shall be effective to change or modify or to discharge, in whole or in part, this agreement, unless such executory agreement is in writing and duly signed by the duly authorized officers of the Bank. Borrower and the Creditors jointly and severally waive a trail by jury and the right to interpose any counterclaim or offset of any nature or description in any litigation arising out of or relating to the Subordinated Indebtedness or this agr eement. 11. The terms "Borrower" and "Creditors" as used in this agreement shall include the individuals, firms or corporations named therein as Borrower or Creditors and (a) any successor individual or individuals, firms or corporations to which all or substantially all of the business or assets of either of them shall have been transferred; (b) in the case of a partnership, any new partnership which shall have been created by reason of the admission of any new partner or partners therin or the dtsolutton of the then existing partnership by death, resignation or withdrawal of a partner, and (c) in the case of a corporation, any other corporation into or with which the corprate Borrower or any corporate Creditor shall have been merged, consolidated, reorganized or absored. 12. If any representation or warrany of the Borrower or Creditors hereunder shall prove to be materially false or in the event of a breach by either the Creditors or any of them or the Borrower in the performance of any of the terms of this u