4 (e) any other circumstances which might otherwise constitute a defense available to or a discharge of Guarantors in respect of its obligations or liabilities hereunder or any defenses which the Borrower may have or assert with respect to any of the Guaranteed Obligations (including, without limitation, discharge in bankruptcy, confirmation of a plan or reorganization, composition with creditors, failure of consideration, breach of warranty, statute of frauds, statute of limitations
, accord and satisfaction, waiver, estopel, release, usury, fraud or misrepresentation)
5. (a) The Guarantors hereby irrevocably waives all rights of subrogation (whether contractual, under Section 509 of the Bankruptcy Code, under common law, or otherwise) to the claims of the Lender against the Borrower and all contractual, statutore or common law rights of contribution, reimbursement, indemnification and similar rightsand claims against Borrower which arise in connection with, or as a result of the Guaranty.
(b) The Guarantors hereby postpones and and subordinates all obligations and liabilities of the Borrower to the Guarantors to the Guaranteed Obligations until such time as the Guaranteed Obligations are indefeasibly paid in full, and agrees to hold in trust for the benefit on the Lender, and to turn over to the Lender upon the Guarantor's receipt of the same for application towards the Guaranteed Obligations, all payments received by the Guarantor in respect of any such obligations and liabilities of the Borrower to the Guarantors.