Common use of Modifications, Consents and Waivers Clause in Contracts

Modifications, Consents and Waivers. Except as allowed or limited by the remainder of this section, the Bank Group Majority may in specific instances modify the terms and conditions of this Agreement, grant consents requested by the Contran Companies, waive compliance by the Contran Companies with the terms and conditions of this Agreement but any such modifications, consent, or waiver must be in writing to be effective. Notwithstanding any other term or conditions of the Loan Documents, no modification, consent, or waiver may, unless such modification, consent, waiver, release, or termination is in writing and is signed by all members of the Bank Group: 1. Waive any of the conditions precedent specified in Article III of this Agreement; 2. Increase or decrease the individual commitment of any member of the Bank Group, or otherwise subject any member of the Bank Group to any additional obligations without such bank's consent 3. Reduce the amount payable on any Note (including principal, interest, or fees); 4. Extend the Expiry Date or the Maturity Date; 5. Change the definition of "Bank Group Majority" or modify this section; or 6. Authorize the release or termination of any Guaranty or the security interest of the Bank Group in any material or essential part of or interest in the Pledged Securities. Notwithstanding the foregoing, the Bank Group Majority will have the right to authorize the Agent to release parts of and/or interests in Pledged Securities from time to time to accommodate ordinary course of business transactions by the Contran Companies and the Agent may release additional pledged securities as provided in 'II.B.10 of this Agreement as long as the LTV is maintained at or above 50%.

Modifications, Consents and Waivers. Except as allowed or limited by the remainder of this section, the Bank Group Majority may in specific instances modify the terms and conditions of this Agreement, grant consents requested by the Contran Companies, waive compliance by the Contran Companies with the terms and conditions of this Agreement but any such modifications, consent, or waiver must be in writing to be effective. Notwithstanding any other term or conditions of the Loan Documents, no modification, consent, or waiver may, unless such modification, consent, waiver, release, or termination is in writing and is signed by all members of the Bank Group: 1. Waive any of the conditions precedent specified in Article III of this Agreement; 2. Increase or decrease the individual commitment of any member of the Bank Group, or otherwise subject any member of the Bank Group to any additional obligations without such bank's consent 3. Reduce the amount payable on any Note (including principal, interest, or fees); 4. Extend the Expiry Date or the Maturity Date; 5. Change the definition of "Bank Group Majority" or modify this section; or 6. Authorize the release or termination of any Guaranty or the security interest of the Bank Group in any material or essential part of or interest in the Pledged Securities. Notwithstanding the foregoing, the Bank Group Majority will have the right to authorize the Agent to release parts of and/or interests in Pledged Securities from time to time to accommodate ordinary course of business transactions by the Contran Companies and the Agent may release additional pledged securities as provided in 'II.B.10 of this Agreement as long as the LTV is maintained at or above 50below 40%.