Common use of Waiver of Past Events of Default Clause in Contracts

Waiver of Past Events of Default. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Required Noteholders may waive any past Event of Default and its consequences except an Event of Default resulting from a default (a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder, or (c) an Event of Default under Section 5.01(v). Any waiver of a Default or an Event of Default of a type set forth in (a) through (c) of the preceding sentence shall require the consent of all Noteholders. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, for every purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.

Appears in 1 contract

Samples: Indenture (General Motors Financial Company, Inc.)

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Waiver of Past Events of Default. Prior to the declaration of the acceleration of the maturity of the New Notes as provided in Section 5.029.01, the Required Noteholders Majority New Holders may on behalf of the holders of all the New Notes waive any past Indenture Default or Event of Default hereunder and its consequences consequences, except an Event of Default resulting from a default (a) in the payment of principal of or interest on any of the Notes, New Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the New Holder of each Noteholder, or (c) an Event of Default under Section 5.01(v). Any waiver of a Default or an Event of Default of a type set forth in (a) through (c) of the preceding sentence shall require the consent of all NoteholdersNew Note affected. In the case of any such waiver, the IssuerIssuers, the Guarantor, the New Indenture Trustee and the Noteholders New Holders of the New Notes shall be restored to their former positions and rights hereunder, respectively; provided that no such waiver shall extend to any subsequent or other Event of , and the relevant Indenture Default or impair any right consequent thereto. Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, occurred for every purpose of this New Indenture; provided that but no such waiver shall extend to any subsequent or other Indenture Default or Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: Indenture (El Paso Corp/De)

Waiver of Past Events of Default. Prior to the declaration of the acceleration of the maturity of the Senior Notes as provided in Section 5.029.01, the Required Majority Noteholders may may, on behalf of the Holders of all the Senior Notes, waive any past Indenture Default or Event of Default hereunder and its consequences consequences, except an Event of Default resulting from a default (a) in the payment of principal of or interest on any of the Notes, Senior Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Noteholder, or (c) an Event of Default under Section 5.01(v). Any waiver of a Default or an Event of Default of a type set forth in (a) through (c) of the preceding sentence shall require the consent of all NoteholdersSenior Note affected. In the case of any such waiver, the IssuerIssuers, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively, and the relevant Indenture Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred for every purpose of this Indenture; provided that but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, for every purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: Indenture (Williams Companies Inc)

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Waiver of Past Events of Default. Prior to the declaration of the acceleration of the maturity of the New Limestone Notes as provided in Section 5.029.01, the Required Noteholders Majority New Holders may on behalf of the holders of all the New Limestone Notes waive any past Indenture Default or Event of Default hereunder and its consequences consequences, except an Event of Default resulting from a default (a) in the payment of principal of or interest on any of the Notes, New Limestone Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the New Holder of each Noteholder, or (c) an Event of Default under Section 5.01(v). Any waiver of a Default or an Event of Default of a type set forth in (a) through (c) of the preceding sentence shall require the consent of all NoteholdersNew Limestone Note affected. In the case of any such waiver, the IssuerIssuers, the Guarantor, the New Indenture Trustee and the Noteholders New Holders of the New Limestone Notes shall be restored to their former positions and rights hereunder, respectively, and the relevant Indenture Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred for every purpose of this New Indenture; provided that but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, for every purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent theretothereon.

Appears in 1 contract

Samples: Indenture (El Paso Corp/De)

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