Common use of Waivers Concerning Liens Clause in Contracts

Waivers Concerning Liens. In the event that all or any part of the Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens on any interests in Real Estate, each of the Borrowers authorizes the Agent and the Banks, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Guaranteed Obligations under this Agreement, or the validity or enforceability of any Liens of the Agent and the Banks on any collateral securing the Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens created by the Loan Documents secure the Guaranteed Obligations of other Persons (a) each of the Borrowers expressly waives any defenses to the enforcement of this Agreement or the other Loan Documents or any Liens created or granted hereby or by the other Loan Documents or to the recovery by the Agent and the Banks against any other Borrower or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each of the Borrowers expressly waives any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Agent, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each of the Borrowers expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure Sections 580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. In the event that all or any part of the Guaranteed Joint and Several Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens or Encumbrances on any interests in Real Estatereal estate, each of the Borrowers Borrower authorizes the Agent and the BanksLender, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Guaranteed Joint and Several Obligations under this Agreement, or the validity or enforceability of any Liens and Encumbrances of the Agent and the Banks Lender on any collateral securing the Guaranteed Joint and Several Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens and Encumbrances created by the Loan Documents secure the Guaranteed Joint and Several Obligations of other Persons (a) each of Borrower expressly waives, to the Borrowers expressly waives full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents or any Liens and Encumbrances created or granted hereby or by the other Loan Documents or to the recovery by the Agent and the Banks Lender against any other Borrower or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each of Borrower expressly waives, to the Borrowers expressly waives full extent permitted by law, any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by AgentLender, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each of Borrower expressly waives, to the Borrowers expressly waives full extent permitted by law, any defenses or benefits that may be derived from California Code of Civil Procedure Sections §§580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. Each Guarantor waives all rights and defenses that it may have because the Obligations are secured by real property. This means, among other things: (i) the Beneficiaries may collect from any Guarantor without first foreclosing on any real or personal property Collateral pledged by Issuer or any other Guarantor; and (ii) if the Beneficiaries foreclose on any real property Collateral pledged by Issuer or any Guarantor: (A) the amount of the Obligations may be reduced only by the price for which that Collateral is sold at the foreclosure sale, even if the Collateral is worth more than the sale price; and (B) the Beneficiaries may collect from the other Guarantors even if the Beneficiaries, by foreclosing on the real property Collateral, have destroyed any right the Guarantors may have to collect from Issuer or any other Guarantor. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. In the event that all or any part of the Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens on any interests in Real EstateEstate Assets, each of the Borrowers Guarantors authorizes the Agent and the BanksBeneficiaries, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Guaranteed Obligations under this AgreementGuaranty, or the validity or enforceability of any Liens of the Agent and the Banks Beneficiaries on any collateral Collateral securing the Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens created by the Loan Collateral Documents secure the Guaranteed Obligations of other Persons (a) Persons, each of the Borrowers Guarantors expressly waives any defenses to the enforcement of this Agreement Guaranty or the other Loan Note Documents or any Liens created or granted hereby or by the other Loan Note Documents or to the recovery by the Agent and the Banks Beneficiaries against Issuer, any other Borrower Guarantor or any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower Guarantor and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each of the Borrowers expressly waives any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Agent, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each of the Borrowers expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure Sections 580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.

Waivers Concerning Liens. Each Guarantor waives all rights and defenses that it may have because the Obligations are secured by real property. This means, among other things: (i) the Beneficiaries may collect from any Guarantor without first foreclosing on any real or personal property Collateral pledged by Company or any other Guarantor; and (ii) if the Beneficiaries foreclose on any real property Collateral pledged by Company or any Guarantor: (A) the amount of the Obligations may be reduced only by the price for which that Collateral is sold at the foreclosure sale, even if the Collateral is worth more than the sale price; and (B) the Beneficiaries may collect from the other Guarantors even if the Beneficiaries, by foreclosing on the real property Collateral, have destroyed any right the Guarantors may have to collect from Company or any other Guarantor. This is an unconditional and irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure. In the event that all or any part of the Guaranteed Obligations at any time are secured by any one or more deeds of trust, security deeds or mortgages creating or granting Liens on any interests in Real EstateEstate Assets, each of the Borrowers Guarantors authorizes the Agent and the BanksBeneficiaries, upon the occurrence of and during the continuance of any Event of Default, at their sole option, without notice or demand and without affecting any Obligations, the enforceability of the Guaranteed Obligations under this AgreementGuaranty, or the validity or enforceability of any Liens of the Agent and the Banks Beneficiaries on any collateral Collateral securing the Guaranteed Obligations, to foreclose any or all of such deeds of trust, security deeds or mortgages by judicial or nonjudicial sale. Insofar as the Liens created by the Loan Collateral Documents secure the Guaranteed Obligations of other Persons (a) Persons, each of the Borrowers Guarantors expressly waives any defenses to the enforcement of this Agreement Guaranty or the other Loan Credit Documents or any Liens created or granted hereby or by the other Loan Credit Documents or to the recovery by the Agent and the Banks Beneficiaries against Company, any other Borrower Guarantor or any other Person liable therefor therefore of any deficiency after a judicial or nonjudicial foreclosure or sale, even though such a foreclosure or sale may impair the subrogation rights of such Borrower Guarantor and may preclude any of them from obtaining reimbursement or contribution from any other Person; and (b) each of the Borrowers expressly waives any defenses to the enforcement of this Agreement or the other Loan Documents based upon an election of remedies by Agent, including any election to proceed by judicial or nonjudicial foreclosure of any security, whether real or personal property security, or by deed in lieu thereof, and whether or not every aspect of any foreclosure sale is commercially reasonable; and (c) each of the Borrowers expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure Sections 580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other suretyship defenses it otherwise might or would have under California law or other applicable law.