No Implied Waivers; Cumulative Remedies. No delay or failure of ▇▇▇▇▇▇▇▇ in exercising any right or remedy under this Guaranty shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right or remedy preclude any further exercise thereof or of any other right or remedy. The rights and remedies of ▇▇▇▇▇▇▇▇ under this Guaranty are cumulative and not exclusive of any rights or remedies which he might otherwise have under applicable law. Any waiver, permit, consent or approval of any kind or character on the part of ▇▇▇▇▇▇▇▇ of any Event of Default or any such waiver of any provision of this Guaranty must be in writing and shall be effective only to the extent specifically set forth in writing. Guarantor acknowledges and agrees that the exercise by ▇▇▇▇▇▇▇▇ of his rights under this Section 7 will not operate to release Guarantor from its personal obligation to pay the Coil Tubing Debt until full payment of any deficiency on the Coil Tubing Debt has been made in cash. Furthermore, Guarantor acknowledges and agrees that ▇▇▇▇▇▇▇▇ is not obligated to exercise any of the rights or remedies provided by this Section 7.
Appears in 2 contracts
Sources: Guaranty (Coil Tubing Technology, Inc.), Intellectual Property Purchase Agreement (Coil Tubing Technology, Inc.)
No Implied Waivers; Cumulative Remedies. No delay or failure of ▇▇▇▇▇▇▇▇ Payee in exercising any right or remedy under this Guaranty shall operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right or remedy preclude any further exercise thereof or of any other right or remedy. The rights and remedies of ▇▇▇▇▇▇▇▇ Payee under this Guaranty are cumulative and not exclusive of any rights or remedies which he it might otherwise have under applicable law. Any waiver, permit, consent or approval of any kind or character on the part of ▇▇▇▇▇▇▇▇ Payee of any Event of Default or any such waiver of any provision of this Guaranty must be in writing and shall be effective only to the extent specifically set forth in writing. Guarantor acknowledges and agrees that the exercise by ▇▇▇▇▇▇▇▇ Payee of his its rights under this Section 7 will not operate to release Guarantor from its personal obligation to pay the Coil Tubing Maker Debt until full payment of any deficiency on the Coil Tubing Maker Debt has been made in cash. Furthermore, Guarantor acknowledges and agrees that ▇▇▇▇▇▇▇▇ Payee is not obligated to exercise any of the rights or remedies provided by this Section 7.
Appears in 1 contract