Common use of Duration and Benefit Clause in Contracts

Duration and Benefit. The undertakings in this Agreement are given for the benefit of the Agent and each Bank and shall remain in force from and after the date of this Agreement and so long as any amount is or may be outstanding under this Agreement or any Commitment is in force. The Agent (acting at the direction of the Majority Banks) may waive compliance with any undertaking contained in this clause 17 either for a specific purpose or generally by providing the Borrower with a letter in writing specifying the waiver being granted.

Duration and Benefit. The undertakings in this Agreement are given for the benefit of the Agent Agents and each Bank and shall remain in force from and after the date of this Agreement and so long as any amount is or may be outstanding under this Agreement or any Commitment is in force. The Facility Agent (acting at the direction of the Majority Banks) may waive compliance with any undertaking contained in this clause 17 either for a specific purpose or generally by providing the Borrower with a letter in writing specifying the waiver being granted.