Common use of Covenant Waiver Clause in Contracts

Covenant Waiver. Borrower acknowledges that there is an existing and uncured Event of Default arising from Borrower’s failure to comply with Section 6.9(b) of the Loan and Security Agreement for the period ended December 31, 2015 (the “Covenant Defaults”). Subject to the conditions contained herein and performance by Borrower of all of the terms of the Loan and Security Agreement after the date hereof, Bank waives the Covenant Defaults. Bank does not waive Borrower’s obligations under such section after the date hereof, and Bank does not waive any other failure by Borrower to perform its Obligations under the Loan Documents.

Covenant Waiver. Borrower acknowledges that there is an existing and uncured Event of Default arising from Borrower’s failure to comply with Section 6.9(b) 6.3 of the Loan and Security Agreement for regarding the period ended December 31, 2015 delivery of its 2013 audited financial statements (the “Covenant DefaultsDefault”). Subject to the conditions contained herein and performance by Borrower of all of the terms of the Loan and Security Agreement after the date hereof, Bank waives the Covenant DefaultsDefault. Bank does not waive Borrower’s obligations under such section after the date hereof, and Bank does not waive any other failure by Borrower to perform its Obligations under the Loan Documents.

Covenant Waiver. Borrower acknowledges that there is an existing and uncured Event of Default arising from Borrower’s failure to comply with Section 6.9(b) of the Loan and Security Agreement for the period periods ended December 31June 30, 2015 and September 30, 2015 (the “Covenant Defaults”). Subject to the conditions contained herein and performance by Borrower of all of the terms of the Loan and Security Agreement after the date hereof, Bank waives the Covenant Defaults. Bank does not waive Borrower’s obligations under such section after the date hereof, and Bank does not waive any other failure by Borrower to perform its Obligations under the Loan Documents.

Covenant Waiver. Borrower acknowledges that there is an existing and uncured Event of Default arising from Borrower’s failure to comply with Section 6.9(b) of the Loan and Security Agreement for the period ended December 31September 30, 2015 2014 (the “Covenant Defaults”). Subject to the conditions contained herein and performance by Borrower of all of the terms of the Loan and Security Agreement after the date hereof, Bank waives the Covenant DefaultsDefault. Bank does not waive Borrower’s obligations under such section sections after the date hereof, and Bank does not waive any other failure by Borrower to perform its Obligations under the Loan Documents.