Common use of Third Party Waivers Clause in Contracts

Third Party Waivers. (a) Debtor authorizes Secured Party without notice or demand and without affecting its liability hereunder, from time to time to: (i) renew, compromise, extend, accelerate, or otherwise change the time for payment, or otherwise change the terms, of the Borrower's Obligations or any part thereof, including increase or decrease of the rate of interest thereon, or otherwise change the terms of any documents relating to the Borrower's Obligations; (ii) receive and hold security for the payment of the Borrower's Obligations and exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any such security; (iii) apply such security and direct the order or manner of sale thereof as Secured Party in its discretion may determine; and (iv) release or substitute the Borrower or any guarantor or any one or more of the endorsers or other guarantor of any of the Borrower's Obligations.