Common use of Waivers by the Borrowers Clause in Contracts

Waivers by the Borrowers. Each Borrower 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 either Agent or the Lenders to marshal assets or to proceed in respect of the Obligations hereunder against any other Credit Party, any other Person or against any security for the payment, performance and observance of the Obligations before proceeding against, or as a condition to proceeding against, such Borrower. It is agreed among each Borrower, each Agent and the Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Financing Documents and that, but for the provisions of this Article XIII and such waivers, the Agents and the Lenders would decline to enter into this Agreement.

Waivers by the Borrowers. Each Borrower 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 either the Agent or the Lenders to marshal assets or to proceed in respect of the Obligations hereunder against any other Credit Party, any other Person or against any security for the payment, performance and observance of the Obligations before proceeding against, or as a condition to proceeding against, such Borrower. It is agreed among each Borrower, each Agent and the Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Financing Documents and that, but for the provisions of this Article XIII and such waivers, the Agents Agent and the Lenders would decline to enter into this Agreement.