Definition for : Waiver

In relation to a contractual arrangement, such as a loan or a Bond, a "waiver" is the action for one party (generally the lenders or Investors) to allow the other party (generally the borrower or issuer) not to comply with a given Provision, either temporarily or permanently. This generally follows a "breach" of "covenant".
(See Chapter 22 Shares of the Vernimmen)
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