Common use of Waivers of the Guarantors Clause in Contracts

Waivers of the Guarantors. (a) Guarantor hereby waives any right, whether legal or equitable, statutory or non-statutory, to require Seller to proceed against or take any action against or pursue any remedy with respect to the Buyer or any other person or to resort to any security, liens or collateral thereto appertaining, or make presentment or demand for performance; provided that Seller shall give notice within a reasonable time after such default to Guarantor of the Buyer's nonperformance of any of the Obligations and Guarantor shall have the right to cure, or procure the cure of, such nonperformance within fifteen (15) days from and after receipt of such notice before Seller may enforce rights against Guarantor hereunder. The unconditional obligation of Guarantor hereunder will not be affected, impaired or released by any extension, waiver, amendment or thing whatsoever which would release a guarantor (other than performance). (b) The Guarantor hereby waives irrevocably any defense based upon or arising by reason of any disability or incapacity of the Buyer or lack of authority of any officer or director of the Buyer, and any immunity (whether on the basis of sovereignty or otherwise) from the jurisdiction, attachment or execution to which it or its property might otherwise be entitled in any action arising out of or based upon this Guaranty which may be instituted in the courts of the State of New Jersey, the United States of America, or any other domestic or foreign jurisdiction where personal jurisdiction may attach under law.