Common use of Waivers, Amendment and Remedies Clause in Contracts

Waivers, Amendment and Remedies. No course of dealing by the Purchasers and no failure by the Collateral Agent or the Purchasers to exercise, or delay by the Collateral Agent or any Purchaser in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right, remedy or power of the Collateral Agent or any Purchaser. No amendment, modification or waiver of any provision of this Guaranty and no consent to any departure by Guarantor therefrom, shall, in any event, be effective unless contained in a writing signed by the holders of a majority of the outstanding Notes or the Holder or Holders against whom such amendment, modification or waiver is sought, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The rights, remedies and powers of the Collateral Agent and the Purchasers, not only hereunder, but also under any instruments and agreements evidencing or securing the Obligations and under applicable law are cumulative, and may be exercised by the Collateral Agent and the Purchasers from time to time in such order as they may elect.