Common use of Security; Waiver Clause in Contracts

Security; Waiver. The Guarantor agrees that the Bank may (i) take and hold security for the payment of this guarantee and/or the Obligations and exchange, enforce, waive and release or fail to perfect any such security, (ii) apply such security and direct the order or manner of sale thereof as it in its sole discretion may determine, and (iii) release or substitute any one or more endorsees, other guarantors or other obligors or any collateral. The Bank may, at its election, foreclose on any security held by it by one or more judicial or non-judicial sales, or exercise any other right or remedy available to it against the Company or the Guarantor, or any security, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent that the Obligations have been fully, finally and indefeasibly paid in cash. The Guarantor waives any defense arising out of any such election even though such election operates to impair, reduce or extinguish any right of reimbursement, contribution or subrogation or other right or remedy of the Guarantor against the Company or any other guarantor, as the case may be, or any security.

Security; Waiver. The Guarantor agrees that authorizes the Bank may Lender to (i) take and hold security for the payment of this guarantee and/or the Obligations and exchange, enforce, waive and release or fail to perfect any such security, (ii) apply such security and direct the order or manner of sale thereof as it in its sole discretion may determine, determine and (iii) release or substitute any one or more endorsees, other guarantors or other obligors or any collateral. The Bank Lender may, at its election, foreclose on any security held by it by one or more judicial or non-judicial sales, or exercise any other right or remedy available to it against the Company Borrowers or the Guarantorany guarantor, or any security, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent that the Obligations have been fully, finally and indefeasibly paid in cash. The Guarantor waives any defense arising out of any such election even though such election operates to impair, reduce impair or to extinguish any right of reimbursement, contribution reimbursement or subrogation or other right or remedy of the Guarantor against the Company Borrowers or any other guarantor, as the case may be, or any security.