Common use of Waivers by Loan Parties Clause in Contracts

Waivers by Loan Parties. Each Loan Party expressly waives all rights it may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel Administrative Agent or Lenders to mxxxxxxx assets or to proceed in respect of the Obligations guaranteed hereunder against any other Loan Party, any other party or against any security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding against, such Loan Party. It is agreed among each Loan Party, Administrative Agent and Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Article 11 and such waivers, Administrative Agent and Lenders would decline to enter into this Agreement. Without limiting the effect of the foregoing, if and to the extent that North Carolina law is applicable, the Loan Parties hereby expressly waive the provisions of N.C. Gen. Stat. ss.ss.26-7 through 26-9, inclusive.

Waivers by Loan Parties. Each Loan Party expressly waives all rights it may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel Administrative Agent or Lenders to mxxxxxxx xxxxxxxx assets or to proceed in respect of the Obligations guaranteed hereunder against any other Loan Party, any other party or against any security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding against, such Loan Party. It is agreed among each Loan Party, Administrative Agent and Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Article 11 and such waivers, Administrative Agent and Lenders would decline to enter into this Agreement. Without limiting the effect of the foregoing, if and to the extent that North Carolina law is applicable, the Loan Parties hereby expressly waive the provisions of N.C. Gen. Stat. ss.ss.26xx.xx. 26-7 through 26-9, inclusive.