Common use of Waiver of Past Breaches Clause in Contracts

Waiver of Past Breaches. (a) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION 8.1, the Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences except a breach in respect of a covenant or provisions hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (b) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 4 contracts

Samples: Contingent Value Rights Agreement (Wright Medical Group Inc), Contingent Value Rights Agreement (Wright Medical Group Inc), Contingent Value Rights Agreement (Biomimetic Therapeutics, Inc.)

AutoNDA by SimpleDocs

Waiver of Past Breaches. (a) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION 8.1, the Majority Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences except a breach in respect of a covenant or provisions hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (b) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 4 contracts

Samples: Contingent Value Rights Agreement, Contingent Value Rights Agreement (Community Health Systems Inc), Contingent Value Rights Agreement (Health Management Associates, Inc)

Waiver of Past Breaches. (a) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION Section 8.1, the Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences except a breach in respect of a covenant or provisions hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (b) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 2 contracts

Samples: Contingent Value Rights Agreement (Sanofi-Aventis), Contingent Value Rights Agreement (Genzyme Corp)

Waiver of Past Breaches. (a) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION Section 8.1, the Majority Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences consequences, except a breach in respect of a covenant or provisions hereof which cannot be modified or amended without the consent of the Holder of each Security CVR affected. In the case of any such waiver, the Company, the Trustee Rights Agent and the Holders of the Securities CVRs shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (b) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 1 contract

Samples: Contingent Value Rights Agreement (Sirius International Insurance Group, Ltd.)

AutoNDA by SimpleDocs

Waiver of Past Breaches. (ai) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION Section 8.1, the Majority Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences consequences, except a breach in respect of a covenant or provisions hereof which cannot be modified or amended without the consent of the Holder of each Security CVR affected. In the case of any 1006108252v8 such waiver, the Company, the Trustee Rights Agent and the Holders of the Securities CVRs shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (bii) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 1 contract

Samples: Contingent Value Rights Agreement (Third Point Reinsurance Ltd.)

Waiver of Past Breaches. (a) In the case of a breach or a Breach specified in clause (b), (c) or (d) of SECTION Section 8.1, the Holders of at least a majority of the Outstanding CVRs may waive any such Breach, and its consequences except a breach in respect of a covenant or provisions provision hereof which cannot be modified or amended without the consent of the Holder of each Security affected. In the case of any such waiver, the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other breach or impair any right consequent thereon. (b) Upon any such waiver, such breach shall cease to exist and be deemed to have been cured and not to have occurred, and any Breach arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this CVR Agreement; but no such waiver shall extend to any subsequent or other Breach or other breach of any kind or impair any right consequent thereon.

Appears in 1 contract

Samples: Contingent Value Rights Agreement (Alliancebernstein L.P.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!