Guaranty of Payment Waiver of Defenses Etc. This Guaranty is a guaranty of payment and not of collection. This Guaranty is an absolute and independent obligation of the Guarantor, and Guarantor therefore waives any right to require that any action be brought against the Applicant/Buyer, another guarantor or any other person or entity which is liable for all or any part of the Guarantied Obligations, or to require that resort be had at any time to any security for the Guarantied Obligations or to any right of setoff or similar right. The Guarantor's obligations hereunder shall be payable on demand and shall be absolute and unconditional irrespective of (and the Guarantor hereby expressly waives any defense or claim of discharge based on): (i) the alteration or modification from time to time (whether material or otherwise) of the Guarantied Obligations, including the date, time, and place of payment, an increase or decrease in the rate or rates of interest accruing on the Guarantied Obligations, the period during which the Guarantied Obligations may be made, the amount of the Guarantied Obligations; (ii) the waiver by Creditor of the Applicant/Buyer's compliance with any of the terms and conditions of the Credit Agreement or other contracts; (iii) the forbearance by Creditor from exercising any right or remedy it may have under the Credit Agreement or under law; (iv) any inability, failure, neglect or omission to obtain, perfect, maintain, enforce, or realize upon any collateral for the Guarantied Obligations, or to pursue or obtain any deficiency judgment against the Applicant/Buyer following any foreclosure of any security interest, mortgage or deed of trust; (v) the loss or impairment of any collateral, the subordination or release of Creditor's lien thereon, or the sale, pledge, surrender, exchange or substitution of any collateral; (vi) Creditor releasing, waiving, discharging, or modifying the obligations of one or more other guarantors (whether a party hereto or to a separate agreement with Creditor); (vii) the acceptance by Creditor of any partial payment on the Guarantied Obligations or any collateral therefor, or Creditor settling, subordinating, compromising, discharging, or releasing the Guarantied Obligations or any collateral therefor; (viii) the enforceability of the Credit Agreement; (ix) any defenses or counterclaims assertable by the Applicant/Buyer, including any defense or counterclaim based on failure of consideration, fraud, statute of frauds, bankruptcy, statute of limitations, ...
Guaranty of Payment Waiver of Defenses Etc
