Common use of Waiver of Suretyship Defenses Clause in Contracts

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 shall not be impaired or affected by any modification, supplement, extension or amendment or any contract or Agreement to which the other Borrowers may hereafter agree (other than an Agreement signed by the Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the indulgence granted by the Agent with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any other Borrower or with anyone else, and each Borrower hereby waives all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, hereby consenting to be bound thereby as fully and effectively as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Agent first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, or any other Loan Document, and any requirement that the Agent protect, secure, marsxxxx, xxrfect or insure any lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Goodys Family Clothing Inc /Tn)

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Waiver of Suretyship Defenses. Each Borrower Seller agrees that the joint and several liability of the Borrowers Sellers provided for in SECTION 4.14 this Agreement shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the one or more other Borrowers Sellers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders Purchaser specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent Purchaser with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with one or more other Sellers or with any other Borrower or with anyone elsePerson, and each Borrower Seller hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower Seller is direct and unconditional as to all of the Secured Obligations, Obligations and may be enforced without requiring the Agent Purchaser first to resort to any other right, remedy or security. Each Borrower Seller hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, or any other Loan Document, Agreement and any requirement that the Agent Purchaser protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower Seller or any other Person or any collateralCollateral, including any rights which any Seller may be conferred otherwise have under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsChosen Law.

Appears in 1 contract

Samples: Revolving Purchase and Security Agreement (Cardiff Lexington Corp)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 this Agreement shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the one or more other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with one or more other Borrowers or with any other Borrower or with anyone elsePerson, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, Obligations and may be enforced without requiring the Agent first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Agent protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsCollateral.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Capital Growth Systems Inc /Fl/)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 subsection 2.13 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by DIP Agent and, if applicable, the Agent and all of the DIP Lenders specifically releasing or limiting such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the DIP Agent or any DIP Lender with respect to any of the Secured DIP Obligations, nor by any other agreements or arrangements whatever with any the other Borrower or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured DIP Obligations, and may be enforced without requiring the DIP Agent or any DIP Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured DIP Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the DIP Agent or any DIP Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Farmland Industries Inc

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 shall Section 4.1 will not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein) with respect to any of the Secured Obligations, the Revolving Credit Term Loan Notes, the Security Documents or this Agreement, or any other Loan Document, Agreement and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsCollateral. SECTION 4.4.

Appears in 1 contract

Samples: www.sec.gov

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 Section 7(B) shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders Lender specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent Lender with respect to any of the Secured Loan Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Loan Obligations, and may be enforced without requiring the Agent Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Loan Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Agent Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Agreement (Cadiz Inc)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 shall Section 4.1 will not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein) with respect to any of the Secured Obligations, the Revolving Credit Term Loan Notes, the Security Documents or this Agreement, or any other Loan Document, Agreement and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsCollateral.

Appears in 1 contract

Samples: Credit Agreement (Safety Components International Inc)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 Section 2.15 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower or with anyone elseBorrowers, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Documents and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Credit Agreement (Gci Inc)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 this Agreement shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the one or more other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders Lender specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with one or more other Borrowers or with any other Borrower or with anyone elsePerson, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, Obligations and may be enforced without requiring the Agent Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Agent Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateralCollateral, including any rights which any Borrower may be conferred otherwise have under applicable law permitting O.C.G.A. § 10-7-24 or any Person after successor statute or any analogous statute in any jurisdiction under the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure laws of which by the Agent to commence such proceedings would discharge such Person from its obligationsany Borrower is incorporated or in which any Borrower conducts business.

Appears in 1 contract

Samples: Loan and Security Agreement (Greenhold Group Inc)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 5.19 shall not be impaired or affected by any modification, supplement, extension or amendment or any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document (other than notices expressly required in this Agreement or by any of the Loan Documents) and any requirement that the Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsCollateral.

Appears in 1 contract

Samples: Loan and Security Agreement (Ridgeview Inc)

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Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 subsection 2.11 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of and, if applicable, the Lenders specifically releasing or limiting such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Amf Bowling Worldwide Inc)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 subsection 2.11 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers Borrower may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of and, if applicable, the Lenders specifically releasing or limiting such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Credit Agreement (La Quinta Corp)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 subsection 2.13 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of and, if applicable, the Lenders specifically releasing or limiting such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligations.

Appears in 1 contract

Samples: Credit Agreement (Farmland Industries Inc)

Waiver of Suretyship Defenses. Each U.S. Borrower agrees that the joint and several liability of the U.S. Borrowers provided for in SECTION 4.14 Section 4.11 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which any of the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Agent or any Lender with respect to any of the Secured Obligations, nor by any other agreements or arrangements whatever with any of the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Obligations, and may be enforced without requiring the Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Documents and any requirement that the Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsCollateral.

Appears in 1 contract

Samples: Credit Agreement (United Rentals Inc /De)

Waiver of Suretyship Defenses. Each Borrower agrees that the joint and several liability of the Borrowers provided for in SECTION 4.14 Section 2.23 shall not be impaired or affected by any modification, supplement, extension or amendment or of any contract or Agreement agreement to which the other Borrowers may hereafter agree (other than an Agreement agreement signed by the Administrative Agent and all of the Lenders specifically releasing such liability), nor by any delay, extension of time, renewal, compromise or the other indulgence granted by the Administrative Agent or any Lender with respect to any of the Secured Loan Obligations, nor by any other agreements or arrangements whatever with any the other Borrower Borrowers or with anyone else, and each Borrower hereby waives waiving all notice of such delay, extension, release, substitution, renewal, compromise or other indulgence, and hereby consenting to be bound thereby as fully and effectively effectually as if it had expressly agreed thereto in advance. The liability of each Borrower is direct and unconditional as to all of the Secured Loan Obligations, and may be enforced without requiring the Administrative Agent or any Lender first to resort to any other right, remedy or security. Each Borrower hereby expressly waives promptness, diligence, notice of acceptance and any other notice (except to the extent expressly provided for herein or in another Loan Document) with respect to any of the Secured Loan Obligations, the Revolving Credit Notes, this Agreement, Agreement or any other Loan Document, Document and any requirement that the Administrative Agent or any Lender protect, secure, marsxxxx, xxrfect perfect or insure any lien Lien or any property subject thereto (except to the extent required by Applicable Law or this Agreement) or exhaust any right or take any action against any Borrower or any other Person or any collateral, including any rights which may be conferred under applicable law permitting any Person after the Secured Obligations become due, to demand that the Agent first commence proceedings against any other obligor to collect such amounts, the failure of which by the Agent to commence such proceedings would discharge such Person from its obligationsING Collateral.

Appears in 1 contract

Samples: Credit Agreement (Cadiz Inc)

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