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2000 Global Master Repurchase Agreement
A Jolly Contrarian owner’s manual™
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Paragraph 18 in a Nutshell™
Use at your own risk, campers!
18. No Waivers, etc.
Just because a party waives one Event of Default does not mean it has waived any others Event of Default. Similarly, the exercise of any remedy under this Agreement does not prevent a party exercising any others. Amendments of (and waivers of rights under) this Agreement will not be effective unless in writing and duly executed by both parties. Neglecting to give a notice under paragraph 4(a) is not a waiver of the right to do so at a later date.
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Full text of Paragraph 18
18. No Waivers, etc.
No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such modification, waiver or consent shall be in writing and duly executed by both of the parties hereto. without limitation on any of the foregoing, the failure to give a notice pursuant to paragraph 4(a) hereof will not constitute a waiver of any right to do so at a later date.
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Related agreements and comparisons
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Related agreements: Click here for the same clause in the 1996 MRA, when we get round to finding out the first thing about it.
Comparison: Knowing and, really, caring very little about other kinds of repo agreement, we have nothing presently to compare the Global Master Repurchase Agreement with.
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Content and comparisons
Summary
Somewhere, once upon a time, there must have been some dispute whereby one side, by not promptly exercising its rights, lost some ability to do so later, and this nightmarish scenario has haunted commercial lawyers ever since. Waiver generally does not extinguish rights, but may postpone them, and even Lord Denning’s most thrilling advances in inventing I mean uncovering the sacred law of promissory estoppel do not really do much more than codify good egg behaviour, and commercial lawyers should not be suspicious of those, right?
This really ought to be an “I never said you couldn’t” sort of affair, but finance contracts of every stripe are shot through with this kind of boilerplate. More in our “no waiver” article. In any case, harmless, goes-without-saying stuff.
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References