Waiver of Covenant Violation. It is acknowledged that Borrowers Coffee Holding and Organic Products failed to comply with the minimum net profit covenant prescribed in the Existing Loan Documents. The Borrowers have requested that the Bank waive such covenant violations, and the Bank has agreed to do so hereunder. By execution of this Agreement, the Bank is waiving such non-compliance as being an Event of Default under the Existing Loan Documents for this instance of non-compliance only. Borrowers acknowledge that this waiver is singular in nature; that it does not apply to any other instance of covenant non-compliance; that no promise has been made by the Bank that it will waive any other covenant non-compliance, now or in the future; and that Borrowers are aware that they are fully obligated to satisfy all covenants under the Loan Documents. No other covenant waiver shall in any event be effective unless the same shall be in writing and signed by the Bank, and then such waiver shall be effective only in the specific instance and for the purpose for which given. ANNEX 3 SCHEDULE OF BORROWER INFORMATION AND RELATED MATTERS
Waiver of Covenant Violation. Bank waives Borrower’s existing default under the Loan Agreement consisting of Borrower’s failure to comply with the Fixed Charge Coverage covenant as of June 30, 2008. To the extent Borrower was required to provide to Bank a Borrowing Base Certificate, aged listings of accounts receivable and accounts payable and a list of all Deferred Revenue due to such failure to comply with the Fixed Charge Coverage covenant, Bank also waives such requirement due to the failure to comply with the Fixed Charge Covenant as of June 30, 2008. As of September 30, 2008, Borrower shall be required to comply with the Fixed Charge Coverage covenant and the other financial covenants set forth in the Loan Agreement. Bank’s agreement to waive the default (1) is not an agreement to waive Borrower’s compliance with the covenants for other dates and (2) will not limit or impair the Bank’s right to demand strict performance of these covenants as of all other dates and (3) does not limit or impair the Bank’s right to demand strict performance of all other covenants as of any date.
Waiver of Covenant Violation. The Banks hereby waive Borrower's violation of Section 5.7(b) [Senior Secured Debt Ratio] as of September 30, 2002 and agree not to enforce their rights and remedies under the Loan Agreement with respect to the resulting Events of Default; provided, however, that: (i) as of the effective time of this waiver, in all other respects Borrower shall be in full compliance with the Loan Agreement and (ii) the foregoing waiver shall not extend to or prejudice any rights of the Agent and the Banks in respect of any other breach, if any, by Borrower of any other provisions of the Loan Agreement. The execution of this Amendment by Borrower shall serve as an acknowledgment (i) that the foregoing waiver shall not affect the continued legality, validity and binding effect of the Loan Agreement in its entirety and (ii) that the Loan Agreement continues to be fully enforceable, in each case, except as otherwise waived herein.
Waiver of Covenant Violation. Bank acknowledges that it has waived Borrower’s default under the Loan Agreement consisting of Borrower’s failure to comply with the Tangible Net Worth covenant as of March 31, 2007. As of April 1, 2007, Borrower shall be required to comply with the Tangible Net Worth covenant set forth in Section 2.1 of this Amendment and the other financial covenants set forth in the Loan Agreement. Borrower acknowledges that Bank’s agreement to waive the default (1) does not serve as an agreement to waive Borrower’s compliance with the covenants for other dates and (2) will not limit or impair the Bank’s right to demand strict performance of these covenants as of all other dates and (3) does not limit or impair the Bank’s right to demand strict performance of all other covenants as of any date.
Waiver of Covenant Violation. Lender hereby waives the EBITDA Covenant Violation. Section 6(b)(i) of the Loan Agreement is hereby deleted in its entirety and amended and restated as follows:
Waiver of Covenant Violation. Bank waives Borrower’s failure to maintain the debt coverage ratio required by Section 8.3 of the Agreement as of December 31, 2002, and as of the end of each month thereafter through March 31, 2003. This waiver applies only to the Covenant described herein.
Waiver of Covenant Violation. In reliance upon the representations, warranties, agreements and covenants of the Companies set forth herein and in the Agreement, as amended hereby, the Lender waives any default that has occurred under SECTION 8.13 of the Agreement as of January 31, 2001 (the "Specified Default"). However, the Lender reserves all of its rights and remedies at all times with respect to any Default or Event of Default, other than the Specified Default, whether presently existing or occurring hereafter.
Waiver of Covenant Violation. In reliance upon the representations, warranties, agreements and covenants of Borrower set forth herein and in the Loan Agreement, as amended hereby, Lender herby waives any Event of Default arising solely out of Borrower's failure to have as of March 31, 2003 the Consolidated Tangible Net Worth required by Section 6.7(ii) of the Loan Agreement.
Waiver of Covenant Violation. Lenders hereby waive violations by ---------------------------- the Borrower of Section 6.8 of the Loan Agreement (Tangible Net Worth) for the period (the "Waiver Period") 12/31/00 through and including 3/30/01, provided that Borrowers agree to maintain Tangible Net Worth during the Waiver Period of not less than $1,000,000,000. Borrowers will be in compliance with Section 6.8 as of 3/31/01 and thereafter.
Waiver of Covenant Violation. In consideration for the terms of this Amendment No. 2 and the agreements in the Letter Agreement dated February 1, 1998, between Lender, Borrower and Recoveries, Inc., an affiliate of Borrower, Lender agrees and hereby does waive, effective as of January 1, 1998, compliance by Borrower with the Maximum Delinquency Measurement provisions set forth in Exhibit 13.6 of the Agreement for the period January 1, 1998 through and including January 31, 1998. From and after February 1, 1998, Borrower must be in compliance with the Maximum Deficiency Measurement established in this Amendment No. 2.
