Common use of Reconfirmation and Approval Clause in Contracts

Reconfirmation and Approval. Reconfirmation To become effective, this Agreement must be reconfirmed and approved by a resolution passed by a majority of greater than 50% of the votes cast by all holders of Voting Shares who vote in respect of such reconfirmation at the 1998 annual meeting of the Corporation. Notwithstanding such reconfirmation, this Agreement must be reconfirmed by a resolution passed by a majority of greater than 50% of the votes cast by all holders of Voting Shares who vote in respect of such reconfirmation at every third annual meeting following the 1998 annual meeting. If the Agreement is not so reconfirmed or is not presented for reconfirmation at such meeting, this Agreement and all outstanding Rights shall terminate and be of no further force and effect on and from the date of termination of the annual meeting; provided, that termination shall not occur if a Flip-in Event has occurred (other than a Flip-in Event which has been waived pursuant to subsection 6.1(b) or (c) hereof) prior to the date upon which this Agreement would otherwise terminate pursuant to this section 6.16.