Common use of Waiver of Impairment Defenses Clause in Contracts

Waiver of Impairment Defenses. Each Guarantor understands and acknowledges that if the Beneficiary forecloses, either by judicial foreclosure or by exercise of power of sale, any deed of trust or mortgage securing the Obligations, that foreclosure could impair or destroy any ability the Guarantors may have to seek payment, reimbursement, contribution or indemnification from the Borrower or others based on any right the Guarantors may have of subrogation, reimbursement, contribution, or indemnification for any amounts paid by the Guarantors under this Guaranty, and each Guarantor waives any defense based on any such impairment or destruction.

Waiver of Impairment Defenses. Each Guarantor understands and acknowledges that if the Beneficiary forecloses, either by judicial foreclosure or by exercise of power of sale, any deed of trust or mortgage securing the Obligations, that foreclosure could impair or destroy any ability the Guarantors may have to seek payment, reimbursement, contribution or indemnification from the Parent or the Borrower or others based on any right the Guarantors may have of subrogation, reimbursement, contribution, or indemnification for any amounts paid by the Guarantors under this Guaranty, and each Guarantor waives any defense based on any such impairment or destruction.