Common use of Waiver of Other Suretyship Defenses Clause in Contracts

Waiver of Other Suretyship Defenses. Each Guarantor waives each and every defense and setoff of any nature which, under principles of suretyship, guaranty or otherwise, would operate to impair or diminish in any way the obligation of any Guarantor under this Guaranty, and acknowledges that each such waiver is by this reference incorporated into each security agreement, collateral assignment, pledge and/or other document from any Guarantor now or later securing this Guaranty and/or the Obligations, and acknowledges that as of the date of this Guaranty no such defense or setoff exists. Each Guarantor acknowledges that the effectiveness of this Guaranty is subject to no conditions of any kind. Each Guarantor acknowledges and agrees that this is a knowing and informed waiver of such Guarantor’s rights as discussed above and that the Beneficiary is relying on this waiver in extending credit to the Borrower.

Waiver of Other Suretyship Defenses. Each Guarantor waives each and every defense and setoff of any nature which, under principles of suretyship, guaranty or otherwise, would operate to impair or diminish in any way the obligation of any Guarantor under this Guaranty, and acknowledges that each such waiver is by this reference incorporated into each security agreement, collateral assignment, pledge and/or other document from any Guarantor now or later securing this Guaranty and/or the Obligations, and acknowledges that as of the date of this Guaranty no such defense or setoff exists. Each Guarantor acknowledges that the effectiveness of this Guaranty is subject to no conditions of any kind. Each Guarantor acknowledges and agrees that this is a knowing and informed waiver of such Guarantor’s rights as discussed above and that the Beneficiary is relying on this waiver in extending credit to the Parent or the Borrower.