Joint and Several Obligations of Borrowers; Additional Waivers Clause Samples

Joint and Several Obligations of Borrowers; Additional Waivers. The Obligations and additional liabilities of the Borrowers under this Agreement are joint and several obligations of the Borrowers, and each Borrower hereby waives to the full extent permitted by law any defense it may otherwise have to the payment and performance of the Obligations that its liability hereunder is limited and not joint and several. Each Borrower acknowledges and agrees that the foregoing waivers and those set forth below serve as a material inducement to the agreement of the Banks to make the Loans, and that the Agent and the Banks are relying on each specific waiver and all such waivers in entering into this Agreement. The undertakings of each Borrower hereunder secure the obligations of itself and the other Borrowers. Each Borrower further agrees that: (a) the Agent and the Banks may do any of the following without notice to any Borrower and without adversely affecting the validity or enforceability of this Agreement or any of the Obligations: (i) release, surrender, exchange, compromise or settle the Obligations or any part thereof with respect to any other Borrowers; (ii) change, renew or waive the terms of the Obligations, or any part thereof with respect to any other Borrowers; (iii) change, renew or waive the terms of any of the Loan Documents or any other agreements relating to the Obligations with respect to any other Borrowers; (iv) grant any extension or indulgence with respect to the payment or performance of the Obligations or any part thereof with respect to the other Borrowers; (v) enter into any agreement of forbearance with respect to the Obligations or any part thereof with respect to the other Borrowers; and (vi) release, surrender, exchange, impair or compromise any security of the other Borrowers held by the Agent or the Banks for any of the Obligations. Each Borrower agrees that the Agent and any Bank may do any of the above as the Agent or any Bank deems necessary or advisable, in the Agent's or such Bank's sole discretion, without giving notice to the other Borrowers, and that the other Borrowers will remain liable for full payment and performance of the Obligations. (b) Each Borrower waives and agrees not to enforce any of the rights of the Agent or any Bank against any other Borrower or any Guarantor or any other obligor of any of the Obligations or any Collateral securing the same unless and until all Obligations shall have been indefeasibly paid in full and the Borrowers' right to borrow hereunder have terminat...