Common use of Waiver; Effect of Waiver or Consent Clause in Contracts

Waiver; Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound thereby; provided, however, that (x) Teekay LNG MLP and Teekay LNG OLLC may not, without the prior approval of Teekay LNG General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay LNG General Partner, will adversely affect the holders of common units of Teekay LNG MLP and (y) Teekay Offshore MLP, Teekay Offshore Operating General Partner and Teekay Offshore OLP may not, without the prior approval of Teekay Offshore General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay Offshore General Partner, will adversely affect the holders of common units of Teekay Offshore MLP. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run.

Waiver; Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound thereby; provided, however, that (x) Teekay LNG MLP and Teekay LNG OLLC may not, without the prior approval of Teekay LNG General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay LNG General Partner, will adversely affect the holders of common units of Teekay LNG MLP and (y) Teekay Offshore MLP, Teekay Offshore Operating General Partner and Teekay Offshore OLP may not, without the prior approval of Teekay Offshore General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay Offshore General Partner, will adversely affect the holders of common units of Teekay Offshore MLP. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall AMENDED AND RESTATED OMNIBUS AGREEMENT not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run.

Waiver; Effect of Waiver or Consent. Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound thereby; provided, however, that (x) Teekay LNG MLP and Teekay LNG OLLC may not, without the prior approval of Teekay LNG General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay LNG General Partner, will adversely affect the holders of common units of Teekay LNG MLP and (y) Teekay Offshore MLP, Teekay Offshore Operating General Partner and Teekay Offshore OLP may not, without the prior approval of Teekay Offshore General Partner's Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of Teekay Offshore General Partner, will adversely affect the holders of common units of Teekay Offshore MLP. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run.. 8.6