Common use of Waiver of Past Default Clause in Contracts

Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount of the outstanding Securities may, on behalf of all Holders, waive any past default hereunder and its consequences, except a default (A) in the payment of the principal of, premium, if any, or interest on, any Security as specified in clauses (1) and (2) of Section 6.1 and not yet cured, or (B) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) in respect of any provision hereof which, under Article IX, cannot be modified, amended or waived without the consent of the Holders of 66-2/3% of the aggregate principal amount of the Securities at the time outstanding; provided, that any such waiver may be effected with the consent of the Holders of 66-2/3% of the aggregate principal amount of the Securities then outstanding. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 3 contracts

Samples: Indenture (HMH Properties Inc), Indenture (HMH Properties Inc), Indenture (HMH Properties Inc)

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Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount Value of the outstanding Securities Notes may, on behalf of all Holders, prior to the declaration of the maturity of the Notes, waive any past default hereunder and its consequences, except a default (Aa) in the payment of the principal of, premium, if any, or interest on, any Security Note as specified in clauses (1a) and (2b) of Section 6.1 and not yet cured6.1, or (Bb) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) Note affected or 662/3% in respect of any provision hereof which, under Article IX, cannot be modified, amended or waived without the consent aggregate Value of the Holders of 66-2/3% of the aggregate principal amount of the Securities Notes at the time outstanding, as the case may be; provided, provided that any such waiver a default may be effected with waived by the consent of the Holders of 66-2/3each outstanding Note affected or 662/3% in aggregate value of the aggregate principal amount of Notes outstanding, as the Securities then outstandingcase may be. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Transamerican Refining Corp)

Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount of the outstanding Securities Notes may, on behalf of all Holders, prior to the declaration of the maturity of the Notes, waive any past default hereunder and its consequences, except a default: (Aa) in the payment of the principal of, premium, if any, or interest on, any Security Note as specified in clauses (1a) and (2b) of Section 6.1 and not yet cured6.1, or (Bb) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) in respect of any provision hereof which, under Article IX, cannot be modified, amended Note affected or waived without the consent of the Holders of 66-66 2/3% of the in aggregate principal amount of the Securities Notes at the time outstanding, as the case may be; provided, however, that any such waiver a default may be effected with waived by the consent of the Holders of 66-each outstanding Note affected or 66 2/3% of the in aggregate principal amount of the Securities then Notes outstanding, as the case may be. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Transtexas Gas Corp)

Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount of the outstanding Securities Notes may, on behalf of all Holders, prior to the declaration of the maturity of the Notes, waive any past default hereunder and its consequences, except a default: (Aa) in the payment of the principal of, premium, if any, or interest on, any Security Note as specified in clauses (1a) and (2b) of Section 6.1 and not yet cured6.1, (b) which arises because of a violation of the provisions of Section 9.2, or (Bc) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) in respect of any provision hereof which, under Article IX, cannot be modified, amended Note affected or waived without the consent of the Holders of 66-66 2/3% of the in aggregate principal amount of the Securities Notes at the time outstanding, as the case may be; provided, however, that any such waiver a default may be effected with waived by the consent of the Holders of 66-each outstanding Note affected or 66 2/3% of the in aggregate principal amount of the Securities then Notes outstanding, as the case may be. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Transtexas Gas Corp)

Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount of the Securities then outstanding Securities may, on behalf of the Holders of all Holdersof the Securities, waive any past default hereunder under this Indenture or the Securities and its consequences, except a default (A) in the payment of the principal of, premium, if any, or interest on, or Liquidated Damages, if any, with respect to any Security as specified in clauses (1) and (2) of Section 6.1 and not yet cured, orSecurities; (B) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected.; or (C) in respect of any provision hereof which, under Article IX, cannot be modified, amended or waived without the consent of the Holders of 66-2/3at least 662/3% of the aggregate principal amount of the Securities at the time outstanding; provided, that any such waiver may be effected with the consent of the Holders of 66-2/3at least 662/3% of the aggregate principal amount of the Securities then outstanding. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Quality Food Centers Inc)

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Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority 66 2/3% in aggregate principal amount of the outstanding Securities Notes may, on behalf of all Holders, prior to the declaration of the maturity of the Notes, waive any past default hereunder and its consequences, except a default: (Aa) in the payment of the principal of, premium, if any, or interest on, any Security Note as specified in clauses (1a) and (2b) of Section 6.1 and not yet cured6.1, (b) which arises because of a violation of the provisions of Section 9.2, or (Bc) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) Note affected or 75% in respect of any provision hereof which, under Article IX, cannot be modified, amended or waived without the consent of the Holders of 66-2/3% of the aggregate principal amount of the Securities Notes at the time outstanding, as the case may be; provided, however, that any such waiver a default may be effected with waived by the consent of the Holders of 66-2/3each outstanding Note affected or 75% of the in aggregate principal amount of the Securities then Notes outstanding, as the case may be. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Transtexas Gas Corp)

Waiver of Past Default. Subject to Section 6.8, the Holder or Holders of not less than a majority in aggregate principal amount of the outstanding Securities Notes may, on behalf of all Holders, prior to the declaration of the maturity of the Notes, waive any past default hereunder and its consequences, except a default: (Aa) in the payment of the principal of, premium, if any, or interest on, any Security Note as specified in clauses (1a) and (2b) of Section 6.1 and not yet cured6.1, (b) which arises because of a violation of the provisions of Section 9.2, or (Bc) in respect of a covenant or provision hereof which, under Article IX, cannot be modified or amended without the consent of the Holder of each outstanding Security affected. (C) Note affected or 662/3% in respect of any provision hereof which, under Article IX, cannot be modified, amended or waived without the consent of the Holders of 66-2/3% of the aggregate principal amount of the Securities Notes at the time outstanding, as the case may be; provided, however, that any such waiver a default may be effected with waived by the consent of the Holders of 66-2/3each outstanding Note affected or 662/3% of the in aggregate principal amount of the Securities then Notes outstanding, as the case may be. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair the exercise of any right arising therefrom.

Appears in 1 contract

Samples: Indenture (Transtexas Gas Corp)

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