No failure or delay on the part of Secured Party in exercising any right, power or privilege under this Agreement or any applicable law shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver or modification of any right, power or privilege of Secured Party or of any obligation of Grantor shall be effective unless such waiver or modification is in writing, and signed by Secured Party and then only to the extent set forth therein. A waiver by Secured Party of any right, power, or privilege hereunder on any one occasion shall not be construed as a bar to, or waiver of, the exercise of any such right, power or privilege which Secured Party otherwise would have on any subsequent occasion.