Common use of Remedies Modifications Clause in Contracts

Remedies Modifications. The Borrower shall not be released from the obligations contained herein by the granting of time or any other indulgence to the Borrower or by any other act or thing whatsoever or whereby the Borrower is and has been so released and no failure to exercise nor any delay in exercising on the part of the Bank any right or remedy hereunder and/or the other Security Documents or by law shall operate as a waiver thereof nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other rights or remedy. No modification or waiver by the Bank of any provision of this Agreement or of any of the other Security Documents nor any consent by the Bank to any departure therefrom by the Borrower shall be effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given. No notice to or demand on any such party in any such case shall entitle such party to any other or further notice or demand in similar or other circumstances.