Common use of Rights of Collateral Agent Clause in Contracts

Rights of Collateral Agent. The Guarantor consents and agrees that the Collateral Agent, or the Secured Parties may, at any time and from time to time, without notice (except as provided in Section 4 below) or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Collateral Agent and Secured Parties may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Senior Secured Obligations. Without limiting the generality of the foregoing but subject to any applicable provisions of the other Financing Documents, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.

Rights of Collateral Agent. The Guarantor consents and agrees that the Collateral Agent, or the Secured Parties may, at any time and from time to time, without notice (except as provided in Section 4 below) or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Collateral Agent and Secured Parties may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Senior Secured Obligations. Without limiting the generality of the foregoing but subject to any applicable provisions of the other Financing Documents, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor.