Events of Default and Waiver. One or more Events of Default (the “Existing Defaults”) exist or will exist as a consequence of Borrowers’ (i) default under that certain Loan and Security Agreement, dated as of February 8, 2013 by and among Advanced Photonix, Inc., Picometrix, LLC and Partners for Growth III, L.P.; (ii) failure to comply with Section 6.9(b) of the Agreement for the periods ending December 31, 2013 and January 31, 2014; and (iii) failure to comply with Section 6.9(a) of the Agreement for the period ending January 31, 2014. Subject to the terms and conditions set forth herein, Bank waives the Existing Defaults. This Amendment does not constitute a waiver or release by Bank of any Obligations or of any Event of Default other than the Existing Defaults.
Events of Default and Waiver. The Trust Indenture will provide that an event of default (“Event of Default ”) in respect of the Offered Securities will occur if any one or more of the following described events has occurred and is continuing with respect to such Offered Securities: (a) failure for 10 days to pay interest on such Offered Securities when due; (b) failure to pay principal of such Offered Securities when due, whether at maturity, upon redemption, by declaration or otherwise; (c) default in the observance or performance of any material covenant or condition of the Trust Indenture and continuance of such default for a period of 30 days after notice in writing has been given by the Debenture Trustee to the Fund specifying such default and requiring the Fund to rectify the same; or (d) certain events of bankruptcy, insolvency or reorganization of the Fund under bankruptcy or insolvency laws. If an Event of Default has occurred and is continuing, the Debenture Trustee may, in its discretion, and shall upon request of holders of not less than 25% of the principal amount of the Offered Securities then outstanding, declare the principal of and interest on all outstanding Offered Securities to be immediately due and payable. In certain cases, the holders of more than 50% of the principal amount of such Offered Securities then outstanding may, on behalf of the holders of all such Offered Securities, waive any Event of Default and/or cancel any such declaration upon such terms and conditions as such holders shall prescribe.
Events of Default and Waiver. As of the date hereof, certain ---------------------------- Events of Default exist (the "Current Defaults"), namely, in respect of ---------------- Borrower's continuing compliance with Sections 6.6 (Leverage Ratio) and 6.7 (Senior Leverage Ratio) for the fiscal quarter ended November 2, 2001 (the "Second Fiscal Quarter"). Agent hereby waives the Current Defaults.
Events of Default and Waiver. 4.1 The Borrowers acknowledge that Event of Defaults have occurred because the Borrowers have failed to comply with Sections 5.2(a), (b) and (c) of the Credit Agreement (the "Previously Existing Defaults"). The Borrowers acknowledge that the Required Lenders have the ability to accelerate all indebtedness and exercise all of their rights and remedies under the Credit Agreement and that the Lenders do not have any obligation to make any Advances under the Credit Agreement. In consideration of the execution of this Amendment and subject to the satisfaction of all conditions required by Article III hereof, the Agents and the Required Lenders agree to waive the Previously Existing Defaults, provided that such waiver shall waive only the Previously Existing Defaults on or prior to the date hereof, and does not waive any other Default, including without limitation any Default caused by any violation of Section 5.2(a), (b) and (c) at any time on or after the date hereof, and this waiver shall not be deemed to be a waiver, or a consent to any modification or amendment, of any other term or condition of the Credit Agreement or any term or condition of any other Loan Document, or to prejudice any present or future right or rights which the Agents or any of the Lenders now have or may have thereunder.
Events of Default and Waiver. (a) Borrower has requested that Bank waive certain Events of Default which have occurred as a result of that certain violation of Section 2. of Addendum A to Business Loan Agreement occurring as a result of Borrower’s pre-tax net income of Three Hundred Sixty Eight Thousand Dollars ($368,000) for the fiscal year ending December 31, 2007 as reported in Borrower’s company prepared financial statements delivered to Bank in accordance with the Agreement, which failed to meet the required minimum pre-tax Net Income of One Million Dollars ($1,000,000) (the “Non-Compliant Item”).
Events of Default and Waiver
