Common use of Change of Obligation Clause in Contracts

Change of Obligation. Guarantors authorize Obligee, (whether or not after revocation or termination of this guaranty) without notice or demand (except any notice or demand that is required by statute and cannot be waived) and ,without affecting or impairing their liability hereunder, from time to time to (a) renew, compromise, extend, or otherwise change the time for performance of, or otherwise change the terms of the obligation or any part thereof; (b) take and hold security for the performance of this guaranty or the obligation guaranteed, and exchange, enforce, waive, and release any such security; (c) apply such security and direct the order or manner of sale thereof as Obligee in its discretion may determine; and (d) release or substitute any one or more of the Guarantors. Obligee may without notice assign this guaranty in whole or in part.

Change of Obligation. Guarantors authorize Obligee, Guarantor authorizes Obligee (whether or not after revocation or nor termination of this guarantyGuaranty) without notice or demand (except any notice or demand that is required by statute and cannot be waived) and ,without affecting or impairing their liability hereunderliability, from time to time to (a) renew, compromise, extend, accelerate, or otherwise change the time for performance of, or otherwise change the terms of the obligation (including increase or any part thereof; (b) decrease the rate of interest): take and hold security for the performance of this guaranty Guarantor or the obligation guaranteed, and exchange, enforce, waive, waive and release any such security; (c) apply such security and direct the order or manner of sale thereof of security as Obligee in its discretion may determine; and (d) release or substitute any one or more of the Guarantors. Obligee may without notice assign this guaranty Guaranty in whole or in part.