Common use of Waivers of Defenses Clause in Contracts

Waivers of Defenses. Guarantor waives any defense based upon or arising by reason of: (a) any disability or other defense of Borrower or any other Person; (b) the cessation of liability or limitation from any cause whatsoever of the Liabilities or any portion thereof, other than payment in full; (c) any lack of authority of any agent or other person acting or purporting to act on behalf of Borrower, or any defect in the formation of Borrower; (d) the application by Borrower of the proceeds of the Liabilities or any other obligation of Borrower to Lender for purposes other than the purposes represented to, or intended or understood by Lender; (e) any act or omission by Lender that directly or indirectly results in or aids the discharge of Borrower or any portion of the Liabilities or any other obligation of Borrower to Lender by operation of law or otherwise; or (f) any modification of the Liabilities or any other obligation of Borrower to Lender in any form whatsoever, including the renewal, extension, acceleration or other change in time for payment of the Liabilities, or other change in the terms of the Liabilities or any part thereof, including increase or decrease of the rate of interest thereon.

Waivers of Defenses. Except as provided in Section 2.2(f)(i) and ------------------- ----------------- (ii), such Guarantor waives any defense based upon or arising by reason of: (a) ---- any disability or other defense of Borrower or any other Person; (b) the cessation of liability or limitation from any cause whatsoever of the Liabilities Obligations or any portion thereof, other than payment in fullthe occurrence of the Guaranty Termination Date; (c) any lack of authority of any agent or other person acting or purporting to act on behalf of Borrower, or any defect in the formation of Borrower; (d) the application by Borrower of the proceeds of the Liabilities or any other obligation of Borrower to Lender Obligations for purposes other than the purposes represented to, or intended or understood by Lenderby, Bank or such Guarantor; (e) any act or omission by Lender Bank that directly or indirectly results in or aids the discharge of Borrower or any portion of the Liabilities or any other obligation of Borrower to Lender Obligations by operation of law or otherwise; or (f) any modification of the Liabilities or any other obligation of Borrower to Lender Obligations in any form whatsoever, including the renewal, extension, acceleration or other change in time for payment of the LiabilitiesObligations, or other change in the terms of the Liabilities Obligations or any part thereof, including increase or decrease of the rate of interest thereon.