Common use of Mutual Understanding Regarding Amendments Clause in Contracts

Mutual Understanding Regarding Amendments. (a) The Parties mutually agree that if a Party proposes any amendment to this Agreement, the other Parties shall act reasonably in considering such amendment and, if the other Parties and their shareholders are not prejudiced by reason of such amendment, the Parties shall co-operate in a reasonable fashion so that such amendment can be effected, subject to applicable Laws and the rights of the Canadian Arrow Shareholders. (b) At any time prior to the Canadian Arrow Meeting, Tartisan shall be entitled to propose to Canadian Arrow modifications to the Arrangement in order to facilitate the Tax or other planning objectives of Tartisan, provided, in each case that: (i) any such proposal is not likely to prejudice Canadian Arrow or the Canadian Arrow Shareholders; (ii) any such proposal would not impede or delay the completion of the Arrangement or any other transactions contemplated by this Agreement; (iii) Tartisan has provided notice of such proposal to Canadian Arrow not less than fifteen (15) Business Days prior to the date of the Canadian Arrow Meeting; and

Appears in 2 contracts

Sources: Arrangement Agreement, Arrangement Agreement