Common use of Time and Waiver Clause in Contracts

Time and Waiver. Time shall be the essence of this Agreement and the Security Documents but no failure or delay on the part of the Bank in exercising nor any omission to exercise any right power privilege or remedy accruing to the Bank upon any default on the part of the Borrower and/or the Security Party shall affect or impair any such right power privilege or remedy or be construed to be a waiver thereof or any acquiescence to such default; nor shall any waiver or action of the Bank in respect of any default or any acquiescence to any such default affect or impair any right power privilege or remedy of the Bank in respect of any other or subsequent default.

Time and Waiver. Time shall be of the essence of this Agreement and the Security Documents Assignment but no failure or delay on the part of the Bank in exercising nor any omission to exercise any right power right, power, privilege or remedy accruing to the Bank upon any default on the part of the Borrower and/or the Security Party Assignor shall affect or impair any such right power right, power, privilege or remedy or be construed to be as a waiver thereof or any an acquiescence to such default; nor shall any waiver or action of the Bank in respect of any default or any acquiescence to in any such default default, affect or impair any right power right, power, privilege or remedy of the Bank in respect of any other or subsequent default.