Limited Waiver of Default. An Event of Default has occurred and currently exists under the Credit Agreement as a result of Borrower’s breach of Section 8.01(w) of the Credit Agreement (the “Designated Default”). The Designated Default exists because the CHOW with respect to the Healthcare Facility of Mountain Trace was not approved in accordance with Section 8.01(w) of the Credit Agreement on or before April 30, 2011. Borrowers represent and warrant that the Designated Default is the only Unmatured Event of Default or Event of Default that exists under the Credit Agreement and the other Loan Documents as of the date hereof. Subject to the satisfaction of the conditions precedent set forth in Section 7 hereof, Lender hereby waives the Designated Default in existence on the date hereof. In no event shall such waiver be deemed to constitute a waiver of (a) any Unmatured Event of Default or Event of Default other than the Designated Default in existence on the date of this Agreement or (b) Borrowers’ obligation to comply with all of the terms and conditions of the Credit Agreement and the other Loan Documents from and after the date hereof. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, Borrowers hereby agree that they shall be required strictly to comply with all of the terms of the Loan Documents on and after the date hereof.
Limited Waiver of Default. Events of Default have occurred and currently exist under the Loan Agreement as a result of Borrower’s breach of Section 8.9 of the Loan Agreement as a result of (a) Borrower having a Fixed Charge Coverage Ratio of less than 1.10 to 1.00 for the period of 4 fiscal quarters ending December 31, 2012 (the “FCCR Default”) and (b) Borrower having EBITDA of less than $800,000 for the period of 4 fiscal quarters ending December 31, 2012 (the “EBITDA Default”; together with the FCCR Default, collectively, the “Designated Defaults”). Borrower represents and warrants that the Designated Defaults are the only Defaults or Events of Default that exist under the Loan Agreement and the other Loan Documents as of the date hereof. Subject to the satisfaction of the conditions precedent set forth in Section 10 hereof, Lender hereby waives the Designated Defaults in existence on the date hereof. In no event shall such waiver be deemed to constitute a waiver of (a) any Default or Event of Default other than the Designated Defaults in existence on the date of this Amendment or (b) Borrower’s obligation to comply with all of the terms and conditions of the Loan Agreement and the other Loan Documents from and after the date hereof. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, Borrower hereby agrees that it shall be required strictly to comply with all of the terms of the Loan Documents, as amended hereby, on and after the date hereof.
Limited Waiver of Default. To the extent that the Borrowers designated Silver Hunter as an Immaterial Subsidiary by inadvertently failing to designate Silver Hunter as a Material Subsidiary on the Disclosure Schedule on the Effective Date, any and all Defaults or Events of Default that may have arisen prior to the date hereof due to:
Limited Waiver of Default. Subject to Lender's receipt of the Waiver and Amendment Fee and a duly executed counterpart of this letter from Northwest, Bonterra/Parkview and ADK, Lender hereby waives the Designated NW Defaults and the Designated Bonterra/Parkview Defaults. In no event shall such waiver be deemed to constitute a waiver of (a) any Unmatured Event of Default or Event of Default other than the Designated NW Defaults in existence on the date of this agreement, (b) Northwest's obligation to comply with all of the terms and conditions of the NW Credit Agreement and the other Loan Document s from and after the date hereof, including, without limitation, Sections 6.06(a) and 8.01(y) of the NW Credit Agreement, (c) any Bonterra/Parkview Unmatured Event of Default or Bonterra/Parkview Event of Default other than the Designated Bonterra/Parkview Defaults in existence on the date of this agreement , or Bonterra/Parkview's obligation to comply with all of the terms and conditions of the Bonterra/Parkview Credit Agreement and the other Bonterra/Parkview Loan Documents from and after the date hereof, including, without limitation , Sections 6.06(a) and 8.01(y) of the Bonterra/Parkview Credit Agreement. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, (i) Northwest hereby agrees that Northwest shall be required to strictly comply with all of the terms of the Loan Documents on and after the date hereof, and (ii) Bonterra/Parkview hereby agrees that Bonterra/Parkview shall be required to strictly comply with all of the terms of the Bonterra/Parkview Loan Documents on and after the date hereof. Northwest hereby ratifies and reaffirm s the Obligations, each of the Loan Documents and all of Northwest's covenants, duties, indebtedness and liabilities under the Loan Documents. Bonterra/Parkview hereby ratifies and reaffirms the Obligation s (as defined in the Bonterra/Parkview Credit Agreement), each of the Bonterra/Parkview Loan Documents and all of Bonterra/Parkview's covenants, duties, indebtedness and liabilities under the Bonterra/Parkview Loan Documents. In addition, Northwest and Bonterra/Parkview each represents and warrants that Xxxx X. Xxxxxx is president and chief executive officer of ADK and Manager of each of Northwest and Bonterra/Parkview ,and, as applicable, an Authorized Officer of Northwest or an Authorized Officer (as defined in the Bonterra/Parkview Credit Agreement) of Bonterra/Parkview. In consideration of Lender's...
Limited Waiver of Default. An Event of Default has occurred and currently exists under the Loan Agreement as a result of Borrowers' breach of Sections 10.3.1 and 12.1.18 of the Loan Agreement (the "Designated Defaults"). The Designated Defaults exist because of (i) Borrowers' failure to maintain the required Consolidated Tangible Net Worth set forth in Section 10.3.1 for Borrower's Fiscal Quarter ended July 3, 1999 and (i) Borrower's default under the
Limited Waiver of Default. Agent and each Lender hereby waives any Default or Event of Default in existence on or after the date hereof existing or arising solely as a result of the commencement of an Insolvency Proceeding by Xxxxxxx Sealing, Xxxxxxxx or Anchor, including, without limitation, due to any default or event of default under any intercompany Debt of Xxxxxxx Sealing, Xxxxxxxx or Anchor resulting from the commencement of such Insolvency Proceeding (the “Designated Default”) and Agent and each Lender agree that the 524(g) Proceeding shall not constitute a Material Adverse Effect. In no event shall such waiver be deemed to constitute a waiver of (a) any Default or Event of Default other than the Designated Default or (b) Borrowers’ obligation to comply with all of the terms and conditions of the Loan Agreement and the other Loan Documents from and after the date hereof. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, Borrowers hereby agree that they shall be required strictly to comply with all of the terms of the Loan Documents on and after the date hereof.
Limited Waiver of Default. To the extent that the Parent failed to cause each Reclassified Subsidiary to execute and deliver to the Administrative Agent a supplement to the Subsidiary Guaranty for the benefit of the Secured Parties, and to the extent that the Borrowers and the Parent designated each Reclassified Subsidiary as an Immaterial Subsidiary by failing to designate such Reclassified Subsidiary as a Material Subsidiary at any time after such Reclassified Subsidiary satisfied the criteria for a Material Subsidiary, any and all Defaults or Events of Default that may have arisen prior to the date hereof due to:
Limited Waiver of Default. If at any time prior to December 31, 2003, the Minimum Availability Condition is not satisfied, Lenders hereby waive any Event of Default that may occur or exist as a result of the Borrowers’ Average Consolidated Net Funded Debt to EBITDA Ratio as of September 30, 2003 having been more than 6.0 to 1.0, but only so long as the Average Consolidated Net Funded Debt to EBITDA Ratio as of September 30, 2003, did not exceed 7.0 to 1.0. The foregoing waiver is limited to its express terms and shall not be deemed to be a waiver of any other Event of Default or Default which may have existed on or prior to the date hereof or any Event of Default or Default which may hereafter arise under any provision of the Credit Agreement or any of the other Credit Documents. Further, the granting of this waiver shall not be construed as an agreement or understanding by the Lenders to grant any other waiver or other accommodation in the future with respect to any provision of the Credit Agreement or any of the other Credit Documents.
Limited Waiver of Default. Each Borrower acknowledges that Events of Default have occurred and currently exist under the Loan Agreement as a result of Borrowers' breach of Section 10.3.1 of the Loan Agreement (the "Designated Defaults"). The Designated Defaults exist because of Borrowers’ failure to maintain a Fixed Charge Coverage Ratio of not less than 1.05 to 1.00 for the twelve consecutive months periods ending on July 31, 2020 and August 31, 2020. Each Borrower represents and warrants that the Designated Defaults are the only Defaults or Events of Default that exists under the Loan Agreement and the other Loan Documents as of the date hereof. Subject to the satisfaction of the conditions precedent set forth in Section 9 hereof, Lender waives the Designated Defaults as in existence on the date hereof. In no event shall such waiver be deemed to constitute a waiver of (a) any Default or Event of Default other than the Designated Defaults in existence on the date of this Amendment or
Limited Waiver of Default. Events of Default have occurred and currently exist under the Loan Agreement as a result of Borrower’s failure to achieve a Fixed Charge Coverage Ratio of at least 1.10 to 1.00 for each of the twelve (12) calendar month periods ending March 31, 2018, April 30, 2018, May 31, 2018 and June 30, 2018, in each case as required under Section 8.21 of the Loan Agreement (collectively, the “Specified Defaults”). The Specified Defaults are the only Defaults or Events of Default that exist under the Loan Agreement and the other Loan Documents as of the date hereof. Subject to the satisfaction of the conditions precedent set forth in Section 9 hereof, Lender hereby waives the Specified Defaults. In no event shall such waiver be deemed to constitute a waiver of (a) any Default or Event of Default other than the Specified Defaults or (b) Borrower’s obligation to comply with all of the terms and conditions of the Loan Agreement and the other Loan Documents from and after the date hereof. Notwithstanding any prior, temporary mutual disregard of the terms of any contracts between the parties, Borrower hereby agrees that it shall be required strictly to comply with all of the terms of the Loan Documents on and after the date hereof.
