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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 and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (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: Convertible Preferred Stock Purchase Agreement (Capstead Mortgage Corp), Merger Agreement (Autocorp Equities Inc), Merger Agreement (Richmont Marketing Specialists 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 and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then;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: Stock Purchase Agreement (Batteries Batteries Inc), Asset Purchase Agreement (Batteries Batteries Inc), Stock 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 hereof and such illegalityhereof, invalidity or unenforceability does not result in a material failure of consideration, then; (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 2 contracts

Samples: Purchase and Sale Agreement (Metromedia International Group Inc), Purchase and Sale Agreement (Landmark Theatre Corp)

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 and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (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) , and the legality, validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

Appears in 2 contracts

Samples: Stock Purchase Agreement (Cinemark Inc), Stock Purchase Agreement (Cinemark 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 and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; (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 1 contract

Samples: Stockholders' Agreement (Cinemark 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 and such illegality, invalidity or unenforceability does not result in a material failure of consideration, then; 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 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: Note Purchase and Purchase Rights Agreement (Millennium Ethanol, LLC)