Limited Waiver of Defaults Sample Clauses

Limited Waiver of Defaults. Lender hereby waives any Default or Event of Default existing under any of the Loan Documents immediately prior to the execution and delivery of this Amendment. Notwithstanding the previous sentence, however, NOTHING IN THIS AMENDMENT WILL BE CONSTRUED TO CONSTITUTE A WAIVER BY LENDER OF ANY FUTURE DEFAULT OR EVENT OF DEFAULT BY BORROWER OR ANY OTHER PERSON UNDER THE CREDIT AGREEMENT (AS AMENDED HEREBY) OR ANY OF THE OTHER LOAN DOCUMENTS. NOTHING HEREIN SHALL BE CONSTRUED TO WAIVE ANY RIGHTS OR REMEDIES AVAILABLE TO LENDER OR ITS AFFILIATES PURSUANT TO THE CREDIT AGREEMENT, OTHER LOAN DOCUMENTS, THE COMPANY AGREEMENT, OR BY OPERATION OF LAW OR OTHERWISE (WHICH RIGHTS SHALL BE CUMULATIVE) AS A RESULT OF ANY FUTURE DEFAULT OR EVENT OF DEFAULT.
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Limited Waiver of Defaults. Events of Default have occurred and currently exist under the Loan Agreement as a result of Borrower's breach of Sections 9.3.2 and 9.3.5 of the Loan Agreement (collectively the "Designated Defaults"). The Designated Defaults exist because of Borrower's failure to maintain a Debt Coverage Ratio of not less than 4.50 to 1 for the Fiscal Quarter ending September 30, 2003, and Borrower's failure to maintain an Interest Coverage Ratio of 2.2 to 1.0 for the Fiscal Quarter ending September 30, 2003. 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 paragraph 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 Default 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 on and after the date hereof.
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Limited Waiver of Defaults. Events of Default have occurred and currently exist under the Loan Agreement as a result of (i) Borrowers' failure to comply with the financial covenants set forth in Section 9.3 of the Loan Agreement for the periods ended September 31, 2000, and December 31, 2000, (ii) Borrowers' failure to deliver to Lender annual audited financial statements and accountants letter within 90 days of the close of Borrowers' Fiscal Year 2000 as required by Section 9.1.3 of the Loan Agreement, (iii) Borrowers' entering into an affiliate transaction with Sterling Advisors pursuant to a management agreement dated October 1, 2000, in violation of Section 9.2.4 of the Loan Agreement, (iv) Borrowers' defaults under the Seller Notes owing by Borrowers to Franxxxx Xxxx xxx Allex Xxxxx xx violation of Sections 11.1.5 and 11.1.8 of the Loan Agreement and (v) defaults under the Banc One Documents in violation of Section 11.1.7 of the Loan Agreement (collectively, the "Designated Defaults"). Borrowers represent and warrant 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) 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 agrees that they shall be required strictly to comply with all of the terms of the Loan Documents on and after the date hereof. In addition, Lender agrees that an Event of Default shall not occur under the terms of the Loan Agreement due solely to Borrowers' failure to make principal payments under the Seller Notes
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Limited Waiver of Defaults. Upon Lender's execution of this Second Amendment, Borrower's payment in full of all fees, costs and expenses hereunder required to be paid by Borrower including without limitation the Forbearance and Waiver Fee and Borrower's satisfaction of all conditions precedent described in section 9 of this Second Amendment to the satisfaction of Lender in its sole discretion, Lender hereby waives the Existing Defaults and its right to collect interest at the Default Rate, provided Borrower remains in compliance with the terms of the Loan Agreement as modified by this Second Amendment. Nothing contained in this Second Amendment shall constitute or be construed as a waiver of any other Default or Event of Default except as expressly provided in this Paragraph 4.
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Limited Waiver of Defaults. Prior to giving effect to this Amendment, the Borrowers are in default of Sections 6.2(b) (Minimum Net Income) and 6.2(d) (Debt Service Coverage Ratio) of the Credit Agreement as of and for the fiscal year ending on December 31, 2008 (the “Existing Defaults”). Upon the terms and subject to the conditions set forth in this Amendment, the Lender hereby waives the Existing Defaults. This waiver shall be effective only in this specific instance and for the specific purpose for which it is given, and this waiver shall not entitle the Borrower to any other or further waiver in any similar or other circumstances.
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Limited Waiver of Defaults. Upon the terms and subject to the conditions set forth in this Agreement, the Lender hereby waives the Existing Defaults (“Waiver of Defaults”). This Waiver of Defaults shall be effective only in this specific instance and solely with respect to the Existing Defaults. This Waiver of Defaults shall not entitle the Borrower to any other or further waiver in any similar or other circumstances. Except as expressly set forth herein with respect to the Existing Defaults, by entering into this Agreement, Lender is not waiving any other default that may exist at this time under the Loan Agreement, and Lender reserves all rights and remedies available to it.
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Limited Waiver of Defaults. Upon Lender's execution of this First Amendment and Borrower's payment in full of all fees, costs and expenses hereunder required to be paid by Borrower including without limitation the Restructure Fee, Lender will waive Defaults existing on the effective date hereof arising in connection with paragraph 10.1 of the Loan agreement. Nothing contained in this First Amendment shall constitute or be construed as a waiver of any Default or Event of Default except as expressly provided in this Paragraph 8.
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Limited Waiver of Defaults. Effective as of the date hereof, and in consideration of the Shares to be issued to the Holders in accordance with the terms and conditions set forth herein, each Holder (for itself and its predecessors, successors and assigns) hereby agrees, severally and not jointly, to waive any Event of Default existing under any of the Purchase Agreements or Debentures (including any documents ancillary thereto) immediately prior to the execution and delivery of this Agreement (each, a “Default;” collectively, the “Defaults”). Notwithstanding the previous sentence, however, NOTHING IN THIS AGREEMENT WILL BE CONSTRUED TO CONSTITUTE A WAIVER BY THE HOLDERS OF ANY FUTURE DEFAULT OR FUTURE EVENT OF DEFAULT BY THE COMPANY UNDER THE PURCHASE AGREEMENTS (AS AMENDED HEREBY) OR THE DEBENTURES. NOTHING HEREIN SHALL BE CONSTRUED TO WAIVE ANY RIGHTS OR REMEDIES AVAILABLE TO THE HOLDERS OR THEIR AFFILIATES PURSUANT TO THE PURCHASE AGREEMENTS OR DEBENTURES, OR BY OPERATION OF LAW OR OTHERWISE (WHICH RIGHTS SHALL BE CUMULATIVE) AS A RESULT OF ANY FUTURE DEFAULT OR FUTURE EVENT OF DEFAULT.
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Limited Waiver of Defaults. Borrower has advised Bank that Borrower has failed to comply with the Quick Ratio Financial Covenant set forth in Section 6.9(a) of the Loan Agreement for each of the compliance periods ending April 30, 2010, May 31, 2010 and June 30, 2010 (the “Existing Quick Ratio Defaults”). Bank and Borrower agree that the Existing Quick Ratio Defaults are hereby waived. It is understood by the parties hereto, however, that such waiver does not constitute a waiver of any other provision or term of the Loan Agreement or any related document, nor a waiver of this covenant as of any other date, nor an agreement to waive in the future this covenant or any other provision or term of the Loan Agreement or any related document.
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Related to Limited Waiver of Defaults

  • Waiver of Defaults By a written notice, the Purchaser may waive any default by the Company in the performance of its obligations hereunder and its consequences. Upon any waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived.

  • Nonwaiver of Defaults Neither party's failure or delay in exercising any of its rights or remedies or other provisions of this Lease shall constitute a waiver thereof or affect its right thereafter to exercise or enforce such right or remedy or other provision. No waiver of any default shall be deemed to be a waiver of any other default. Landlord's receipt of less than the full rent due shall not be construed to be other than a payment on account of rent then due, nor shall any statement on Tenant's check or any letter accompanying Tenant's check be deemed an accord and satisfaction. No act or omission by Landlord or its employees or agents during the Lease Term shall be deemed an acceptance of a surrender of the Leased Premises, and no agreement to accept such a surrender shall be valid unless in writing and signed by Landlord.

  • Waiver of Default Upon the happening of any default hereunder:

  • No Waiver of Defaults Except as expressly set out above, this Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Amendment, or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

  • Waiver of Defaults and Events of Default (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

  • Amendment; Waiver of Past Defaults (a) This Agreement may be amended from time to time by the Servicer, the Transferor, the Administrator and the Issuer, by a written instrument signed by each of them, without the consent of the Indenture Trustee, any Collateral Agent or any of the Noteholders; provided that (i) each Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an Officer's Certificate, dated the date of any such amendment, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied. Additionally, notwithstanding the preceding sentence, this Agreement will be amended by the Servicer, the Administrator and the Issuer at the direction of the Transferor without the consent of the Indenture Trustee or any of the Noteholders to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Trust (i) to qualify as, and to permit an election to be made to cause the Trust to be treated as, a "financial asset securitization investment trust" as described in the provisions of Section 860L of the Internal Revenue Code, and (ii) to avoid the imposition of state or local income or franchise taxes imposed on the Trust's property or its income; provided, however, that (i) each Transferor delivers to the Indenture Trustee, the Owner Trustee and the applicable Collateral Agent an Officer's Certificate to the effect that the proposed amendments meet the requirements set forth in this subsection and (ii) such amendment does not affect the rights, duties, benefits, protections, privileges or immunities of the Indenture Trustee, the Owner Trustee (as such or in its individual capacity) or the applicable Collateral Agent hereunder. This Agreement may also be amended from time to time by the Servicer, the Transferor, the Administrator and the Issuer by a written instrument signed by each of them, without the consent of the Indenture Trustee or any of the Noteholders and without satisfaction of the Note Rating Agency Condition to add, modify or eliminate such provisions as may be necessary to satisfy accounting requirements under SFAS 140 and any related or successor accounting interpretations or requirements hereto for off-balance sheet treatment for the Collateral of the Issuer. Any amendments regarding the addition to or removal of Collateral Certificates or Receivables from the Trust as provided in Sections 2.12 and 2.13, executed in accordance with the provisions hereof, shall not be considered amendments to this Agreement for the purpose of subsections 12.01(a) and (b).

  • Waiver of Events of Default The Holders representing at least 66% of the Voting Rights affected by a default or Event of Default hereunder may waive such default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights affected by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Waiver of Existing Defaults Holders of not less than a majority in aggregate principal amount of the then outstanding Notes of any series by notice to the Trustee may on behalf of the Holders of all of the Notes of such series waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes of such series (including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes of such series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • No Waiver of Default The waiver by Landlord of any Event of Default or of any other breach of any term, covenant, or condition of this Lease shall not be deemed a waiver of such term, covenant, or condition or of any subsequent breach of the same or any other term, covenant, or condition. Acceptance of Rent by Landlord subsequent to any Event of Default or breach hereof shall not be deemed a waiver of any preceding Event of Default or breach other than the failure to pay the particular Rent so accepted, regardless of Landlord’s knowledge of any breach at the time of such acceptance of Rent. Landlord shall not be deemed to have waived any term, covenant, or condition of this Lease, unless Landlord gives Tenant written notice of such waiver. Tenant should not rely upon Landlord’s failure or delay in enforcing any right or remedy hereunder.

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