Common use of Guarantor Defenses Clause in Contracts

Guarantor Defenses. Guarantor reserves to itself those defenses and rights to set off that Obligor is or may be entitled to that arise out of the Project Documents, except for any of those defenses that are based upon: (a) the insolvency, bankruptcy, reorganization, dissolution, liquidation, or similar proceeding involving Obligor; (b) ultra xxxxx, lack of good standing, authority, authorization or capacity, or similar, relating to Obligor; (c) any neglect, delay, or omission of Beneficiaries to take or prosecute any action in connection with any lien or right of security (including perfection thereof) existing or to exist in connection with, or as security for, any of the Guaranteed Obligations; or (d) any defense otherwise expressly waived or excluded in this Guaranty. Guarantor hereby waives, to the maximum extent permitted by law, all defenses of a surety to which it may be entitled by statute or otherwise. Guarantor acknowledges that time is of the essence with respect to Guarantor’s obligations under this Guaranty.

Guarantor Defenses. Guarantor reserves to itself those defenses and rights to set off that Obligor is or may be entitled to that arise out of the Project Documents, except for any of those defenses that are based upon: (a) the insolvency, bankruptcy, reorganization, dissolution, liquidation, or similar proceeding involving Obligor; (b) ultra xxxxx, lack of good standing, authority, authorization or capacity, or similar, relating to Obligor; (c) any neglect, delay, or omission of Beneficiaries Beneficiary to take or prosecute any action in connection with any lien or right of security (including perfection thereof) existing or to exist in connection with, or as security for, any of the Guaranteed Obligations; or (d) any defense otherwise expressly waived or excluded in this Guaranty. Guarantor hereby waives, to the maximum extent permitted by law, all defenses of a surety to which it may be entitled by statute or otherwise. Guarantor acknowledges that time is of the essence with respect to Guarantor’s obligations under this Guaranty.