Common use of Reformation and Severability Clause in Contracts

Reformation and Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof: (a) in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable; and (b) the legality, validity, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 6 contracts

Samples: Asset Purchase Agreement (Megawest Energy Corp.), Asset Purchase Agreement (Medsolutions Inc), Asset Purchase Agreement (Medsolutions Inc)

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Reformation and Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof:hereof and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 6 contracts

Samples: Convertible Preferred Stock Purchase Agreement (Fortress Investment Corp), Convertible Preferred Stock Purchase Agreement (Capstead Mortgage Corp), Merger Agreement (Autocorp Equities Inc)

Reformation and Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof: (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 6 contracts

Samples: Stock Purchase Agreement (Batteries Batteries Inc), Stock Purchase Agreement (Batteries Batteries Inc), Asset Purchase Agreement (Batteries Batteries Inc)

Reformation and Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereofhereof and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then: (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (American Realty Trust Inc), Merger Agreement (American Realty Trust Inc)

Reformation and Severability. If any provision of this ------------------------------ Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof:hereof and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 1 contract

Samples: Merger Agreement (Murdock Communications Corp)

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Reformation and Severability. If any provision of this Agreement ----------------------------- is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereofhereof and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then: (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 1 contract

Samples: Acquired Asset Agreement (Worldwide Wireless Networks Inc)

Reformation and Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof:hereof and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (a) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, valid, valid and enforceable; and and (b) the legality, validity, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 1 contract

Samples: Merger Agreement (Autocorp Equities Inc)

Reformation and Severability. If Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws Laws effective during the term hereof: , then (ai) in lieu of such illegal, invalid, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid, invalid or unenforceable provision as may be possible and be legal, validvalid and enforceable, and enforceable; and (bii) the legality, validity, validity and enforceability of the remaining provisions hereof of this Agreement shall not in any way be affected or impaired therebythereby provided that such invalidity of any clause does not substantially adversely affect the interest of either party.

Appears in 1 contract

Samples: License Agreement (Food Lion Inc)

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