Spanish term (edited): benficios de excusión, división y orden

Ya

Hope this to be the meaning.

Excussion being the right of a guarantor to force a creditor to make use of legal remedies of seizure and attachment against the principal debtor before enforcing. See the AVH Legal, pages 616 and 742.

Although "benefit of discussion/excussion, division and order" is a standard rendering, I am not sure that these civil law concepts are readily understood in common law jurisdictions. Therefore I have always preferred to define these concepts whenever I have had to translate them:

guarantor’s right to compel the creditor to sue the principal first (discusión), to be liable only for his proportionate share of the debt (división) and to have all remedies first exhausted against the principal before resorting to the surety (orden)

Thus your translation might read:

“Guarantors understand and agree that their rights to compel the creditors to sue the principal first, to be liable only for their proportionate share of the debt and to have all remedies first exhausted against the principal, or any other rights, powers or exceptions that may prevent or delay payment of the guaranteed obligations to the credit institutions do not apply to this joint and several guarantee, and do hereby waive the aforesaid rights and any other rights, powers or exceptions to which they may be entitled.”