Common use of Waiver of Defenses Clause in Contracts

Waiver of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether or not known to it or any Lender Creditor) including: (i) any time, waiver or consent granted to, or composition with, any Credit Party or other person; (ii) the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party or any other person; (v) any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vi) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security; or (vii) any insolvency or similar proceedings.

Waiver of Defenses. The obligations of the each Guarantor under this Section 15 Clause 17 will not be affected by an act, omission, matter or thing which, but for this Section 15Clause, would reduce, release or prejudice any of its obligations under this Section 15 Clause 17 (without limitation and whether or not known to it or any Lender CreditorFinance Party) including: (ia) any time, waiver or consent granted to, or composition with, any Credit Party Obligor or other person; (iib) the release of any other Credit Party Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iiic) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (ivd) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party an Obligor or any other person; (ve) any amendment, novation, supplement, extension extension, restatement (however fundamental and whether or not more onerous) or replacement of a Credit any Finance Document or any other document or security including, including without limitation, limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Credit Finance Document or other document or security; (vif) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Finance Document or any other document or security; or (viig) any insolvency or similar proceedings.

Waiver of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether or not known to it or any Lender Creditor) including: (i) any time, waiver or consent granted to, or composition with, any Credit Party or other person; (ii) the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party or any other person; (v) any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vi) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security; or (vii) any insolvency or similar proceedings.. ​ ​ -120- ​ ​ ​

Waiver of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether or not known to it or any Lender Creditor) including: (i) any time, waiver or consent granted to, or composition with, any Credit Party or other person; (ii) the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party or any other person;; ​ (v) any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vi) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security; or (vii) any insolvency or similar proceedings.

Waiver of Defenses. The obligations provisions of the Guarantor under this Section 15 will Agreement shall not be affected by an act, omission, matter or thing whichthat, but for this Section 15Section, would reduce, release or prejudice any of its obligations under the subordination and priorities expressed to be created by this Section 15 Agreement including (without limitation and whether or not known to it or any Lender Creditor) including:Party): (ia) any time, waiver or consent granted to, or composition with, any Credit Party Debtor or other personPerson; (iib) the release of any other Credit Party Debtor or any other person Person under the terms of any composition or arrangement with any creditor of any member of the NCLC GroupGroup Member; (iiic) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party Debtor or other person Person or any non-non presentation or non-non observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (ivd) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party any Debtor or any other personPerson; (ve) any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of whatsoever nature, and whether or not more onerous) or replacement of a Credit Debt Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vif) any unenforceability, illegality or invalidity of any obligation of any person Person under any Credit Debt Document or any other document or security; (g) any intermediate Payment of any of the Liabilities owing to the Primary Creditors in whole or in part; or (viih) any insolvency Bankruptcy Event or similar proceedingsproceeding.

Waiver of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether or not known to it or any Lender Creditor) including: (i) any time, waiver or consent granted to, or composition with, any Credit Party or other person; (ii) the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group;; ​ ​ (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party or any other person; (v) any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Credit Document or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vi) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security; or (vii) any insolvency or similar proceedings.

Waiver of Defenses. The obligations of the each Guarantor under this Section 15 Clause 17 will not be affected by an act, omission, matter or thing which, but for this Section 15Clause, would reduce, release or prejudice any of its obligations under this Section 15 Clause 17 (without limitation and whether or not known to it or any Lender CreditorFinance Party) including: (ia) any time, waiver or consent granted to, or composition with, any Credit Party Obligor or other person; (iib) the release of any other Credit Party Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iiic) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (ivd) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party an Obligor or any other person; (ve) any amendment, novation, supplement, extension restatement amendment (however fundamental and whether or not more onerousfundamental) or replacement of a Credit Document Finance Document, a Master Agreement or any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vif) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document Finance Document, any Master Agreement or any other document or security; or (viig) any bankruptcy, insolvency or similar proceedings; or (h) any other circumstance whatsoever that might otherwise constitute a defense available to, or a legal or equitable discharge of, any Obligor.

Waiver of Defenses. The obligations of the Guarantor under this Section 15 will not be affected by an act, omission, matter or thing which, but for this Section 15, would reduce, release or prejudice any of its obligations under this Section 15 (without limitation and whether or not known to it or any Lender Creditor) including: (i) any time, waiver or consent granted to, or composition with, any Credit Party or other person; (ii) the release of any other Credit Party or any other person under the terms of any composition or arrangement with any creditor of any member of the NCLC Group; (iii) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Credit Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; (iv) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Credit Party or any other person; (v) any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Credit Document or any other document or security including, without limitation, any change in the purpose of, ​ any extension of or increase in any facility or the addition of any new facility under any Credit Document or other document or security; (vi) any unenforceability, illegality or invalidity of any obligation of any person under any Credit Document or any other document or security; or (vii) any insolvency or similar proceedings.