Common use of Waiver and Release by Borrower Clause in Contracts

Waiver and Release by Borrower. Each Borrower (A) waives protest of all commercial paper at any time held by the Agent on which such Borrower is in any way liable, notice of nonpayment at maturity of any and all accounts of such Borrower and, except where required hereby or by law, notice of action taken by the Agent, and (B) releases the Agent and the Banks from all claims for loss or damage caused by any failure to collect any account or by any act or omission on the part of the Agent or its officers, agents and employees, except gross negligence and willful misconduct.