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GMRA Anatomy™
In a Nutshell™ Clause 18:
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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Global Master Repurchase Agreement full text of Clause 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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