Common use of Agreements and Waivers Clause in Contracts

Agreements and Waivers. The Guarantor hereby (a) agrees (i) to any modifications of any terms or conditions of any Guaranteed Debt and/or to any extensions or renewals of time of payment or performance by any Employee Borrower or the Guarantor; and (ii) that it shall not be necessary for the Agent to resort to legal remedies against any Employee Borrower, or against any collateral, before proceeding against the Guarantor; (b) waives notice of any election, acceptance, demand, protest, notice of protest and notice of default, presentment for payment, diligence in collection, and waives, to the extent permitted by law, all benefit of valuation, appraisement, and all exemptions under the laws of the North Carolina, and/or any other state or territory of the United States; (c) agrees, if any Guaranteed Debt is not paid in accordance with the terms hereof, to pay, in addition to all other sums of money due, all costs of collection including costs of suit and (whether or not suit is brought) the Agent's and the Banks' reasonable attorneys' fees and disbursements; (d) agrees that the Agent and the Banks shall have no obligation to verify the signature of the Employee Borrower on any note, pledge agreement or other document delivered in connection with any Guaranteed Debt; and (e) agrees that the Guarantor's liability hereunder shall in no way be affected or impaired by the failure of such note, pledge agreement or other document to be valid, binding or enforceable as against such Employee Borrower.